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Can I claim medical expenses from two insurance companies?
Policyholders can have any number of health insurance plans. However, they cannot claim reimbursement for the same expense from multiple insurers. Say, as a health insurance policyholder, you hold two health insurance policies, then you do have the right to claim either one policy or both.
Health insurance premiums are deductible on federal taxes, as these monthly payments for coverage are classified as a medical expense. The general rule is that if you pay for medical insurance with out-of-pocket money, then you would be allowed to deduct the amount from your taxes.
How do I make a claim for multiple health insurance?
When you make claims under multiple medical insurance policies, you must intimate all the different companies at the time of hospitalization. After this, you may choose the company where you wish to make the first claim. Here is the list of original documents that must be attached with the claims form.
Can I deduct medical expenses?
You may deduct only the amount of your total medical expenses that exceed 7.5\% of your adjusted gross income. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body.
Can I claim from 2 life insurance policies?
It is perfectly legal to buy and hold more than one life insurance policy. Your beneficiary can rightfully claim from all the life insurance policies you hold in the unfortunate event of your death. Multiple policies offer an extra level of protection that a single plan might not necessarily provide you.
Can you insure the same thing twice?
Doubling up and having two insurance policies is actually more common than you might think. However, many insurance policies renew automatically, and if you don’t cancel your original policy before taking out new cover then it’s possible you could pay twice for the same thing.