How many health insurances can you have? Is it okay to have two or more plans? What are the limits? Let’s find out here.
Keep reading to know more.
How Many Health Insurances Can You Have?
It’s perfectly legal to have two or more health insurance plans. There’s no problem with having several policies, as long as you can afford to pay their monthly premiums.
However, it’s important to note that you can’t get reimbursement twice for your doctor’s visit or getting two bottles of medication.
Remember that the total amount that your health plans will pay won’t exceed 100% of the total cost.
Thus, if you are planning to buy more than one plan, you should consider these things:
Primary Health Insurance
This is your plan that pays first. It pays for your coverage limits. But you will still pay for cost-sharing fees.
Secondary Health Insurance
After your primary health plan has completed its share, the remaining bill will go to your secondary health plan. If you buy more than one health plan, the secondary will cover the remaining cost.
If you have a third plan, whatever cost the secondary plan hasn’t paid will be covered by your tertiary plan.
Then again, you must remember that all plans have out-of-pocket costs.
In other words, even if you have five plans, you will still have leftover medical costs that you need to pay out of your own pocket.
Who Pays First?
It depends on the situation. But you’ll be the one to decide what health plan is the primary and the secondary.
When you make a health insurance claim, your primary health plan will act as if you had no other health plans.
In other words, it can provide you with the covered benefits. Then, use the secondary plan to cover the remaining cost, if the medical expense is covered.
What are the Costs of Having Two or More Health Insurance Plans?
Having more than health insurance plans can help you financially. However, you must remember that each plan has corresponding premiums and deductibles.
The secondary plan won’t pay your primary deductible. Plus, there are out-of-pocket costs that you need to handle for both plans.
All plans must follow every policy’s rules. For instance, if your primary plan is PPO, it has to follow the provider network rules.
That is, if you see an out-of-network provider that isn’t covered by your PPO plan, the primary insurance will not cover the costs.
The secondary plan won’t handle the costs either because you didn’t follow the first plan’s rules.
What are the Advantages of Having Multiple Health Insurance Plans?
You can have more than one health plan. Doing so will give you several benefits. With more than one health insurance policy, you have extra help with your medical costs.
Then, if you have more than one coverage plan, you don’t have to worry about being under-insured. You will have a health plan if you lose your job and the insurance that comes with it.
You can receive more coverage by having more than one plan. Plus, you can stay covered under your parent’s or spouse’s insurance at little to no cost to them.
What are the Cons of Having More Than One Coverage?
The combined coverage can’t go beyond 100% of the cost.
Furthermore, you need to handle all out-of-pocket costs for every plan. You are responsible for cost-sharing under each plan’s rules. It means that you pay for the premiums for both plans.
Does Having Many Health Insurance an Advantage?
It can be an advantage to some people. Remember that just because you have several health plans, it doesn’t mean that you won’t be paying any out-of-pocket cost.
If you wish to lower your overall healthcare expenses, you need to study all plans that you’re qualified for.
Opt to hire a licensed insurance broker to help you compare the overall costs and benefits of the plans.
Health insurance costs are regulated. Thus, you pay for the same price no matter where you purchase the plan.
In that case, you should perform comparison shopping to determine the most affordable health plans that can be available to you.
What are the Ways You Can Have Two Plans?
There are different ways you can have more than one health insurance plan. For instance, if you’re an adult but under 26 years with coverage through parents and your own employer.
You can also have two plans if you’re a married couple and each has health insurance through his/her own employer.
How many health insurances can you have? You can have as many plans as you can afford. But each plan has its own associated out-of-pocket costs that you need to handle.