It's definitely possible to get a second or even a third health insurance plan. In fact, it can be a great way to get additional or more comprehensive coverage. Yes, it's perfectly legal to have more than one health insurance plan. With the coordination of benefits, it can be to your advantage.
If you have access to two health insurance plans, you can increase your coverage and save you money. While you may have more than one life insurance policy, the total amount of coverage you can get will be limited. That limit depends, to a large extent, on your income or net worth. Yes, you can have more than one life insurance policy.
There is no law that prevents you from having a combination of different life insurance agreements. Your life insurance premiums are based on the information you disclose about your medical history when taking out a policy. When you make a health insurance claim, your primary insurance plan will act as if you didn't have a secondary plan and will provide you with your benefits. If you have any questions or want help finding a secondary health insurance policy, eHealth is here to help.
Once secondary insurance has paid its share, you may be responsible for any remaining amount that wasn't covered. Keep in mind that you should always send the full bill to your secondary insurance provider, as they'll want to see what your primary insurance has already paid and why it didn't pay the bill in full. Insurers will verify the information you provide by consulting the MIB Group database, which contains files on consumers who have applied for life insurance. So, if you're considering buying additional coverage or are starting to evaluate the amount of life insurance you need, here's what you should know about buying more than one life insurance policy.
Usually, your primary insurance will be billed first, unless there is a rule in the benefit coordination provision that decides which insurance pays first. So, while you can have more than one life insurance policy if you want, there may be better options if you need to review your coverage. The amount of coverage you can buy relative to your income varies by age and may vary from one insurance company to another. For example, if your primary plan doesn't cover a large part of your hospital costs and you think you'll need future hospital care for major surgery or for an extended period of time, secondary hospital care insurance may be right for you.
If you think you could save money with several health insurance plans, think about your current and future medical needs. If you need help understanding the different out-of-pocket expenses you can have with more than one plan, an eHealth licensed insurance agent can explain those costs to you. For example, the current annual income of freelancers, contractors and people with seasonal jobs may not provide an accurate representation of income that should be replaced by life insurance, Pinney says.
