Importance Of Super Top-Up Health Insurance Policy
Life and health insurance now have different features and benefits which have become evident because of COVID-19. When it comes to family health, we cannot afford to take any chances. During these trying times, we have clearly understood the importance of being well-prepared. One important way to ensure that you are covered is by buying a health insurance policy.
As medical prices continue to rise, even a Rs. 5 lakh health insurance policy may not be enough in today’s market. Hospitals in Tier 1 and metro cities cost 30% to 40% more than the hospitals in Tier 2 and Tier 3 cities. Even for a mild case of Covid, a 15-day hospitalization in Delhi costs between Rs 1.8-2.5 lakh (estimated) and up to Rs 5 lakh.
If your hospitalization claim exceeds your sum insured limit, you will be left to bear the medical costs on your own. There are two ways in which you can enhance your health cover: 1) Purchasing a separate insurance coverage and paying a higher premium or 2) Upgrading your existing policy. In both cases, the costs are relatively high and are sure to burn a hole in your pocket in the long run. For example, let’s say that you have Rs 3 lakh health insurance coverage and pay a yearly payment of Rs 6,000. The yearly premium might rise by as much as Rs 10,000 if the coverage is increased from Rs 3 lakh to Rs 5 lakh.
But if you had a financial backup in the form of super top-up health insurance, you can still pay all of the medical expenditures. This is a good and affordable option for you and your loved ones in the event of any medical emergencies.
How a super top-up policy helps: In the event of you exhausting all your insurance coverage, super top-up health insurance might serve as a backup you can bet on to get the costs reimbursed for all of your hospital expenses over the amount of your base sum insured. Once your regular health plan exhausts, the super top-up policy is activated automatically.
With significantly cheaper premiums, one can expect to take up the best super top-up health insurance plans in India to cover the sum of all hospitalization costs beyond the threshold level. A single health insurance plan may not be adequate in certain cases, particularly when four members of the same household share the coverage amount. In such a situation, it’s critical to either get two plans or boost the amount of coverage. Health insurance providers have introduced top-up policies to increase the amount insured or overall coverage value.
A super top-up plan might be perfect if your health insurance amount covered is insufficient to cover escalating medical costs. The super top is only activated once a certain threshold limit or a certain bill amount is reached to save premium costs. An additional “super top-up” policy may be useful even if you do not have a primary insurance policy. Because at the price it is offered, the super top-up is a bargain.
Super top-up health insurance’s benefits and features
There are many super top-up health insurance products in the market, and their features are also the same. After reading through this, you may also look for a health insurance top-up plan comparison to understand things better.
- Coverage: Buying a super top-up policy is a low-cost way to increase your basic Sum Insured or Coverage (personal or group).
- Customizable options: There are several options for customizing the super top-up policy. Deductibles may be set by the policyholder based on their existing policy and insured amount. For the same amount insured, you may also choose a higher deductible which lowers the premium.
- Premium cost: The premiums for a higher sum insured are less expensive for policyholders who want to go over and beyond their base plan’s coverage. Their insurance policy will always pay the whole amount owed. However, premiums for health insurance policies for the elderly might be prohibitively expensive. You may get more coverage for less money with a super top-up plan.
- Tax savings: The premium payments for the super top-up health insurance policy are tax-deductible under Section 80D of the Income Tax Act. Hence you get to save on taxes as well in addition to the increased coverage.
Additionally, many company policies do not provide wide coverage or critical illness coverage in their plans. In contrast, with a “super top-up” policy, you obtain additional coverage that your employer’s health insurance policy may not provide. Similarly, on hospitalization, you are eligible to get cashless treatment from hospitals within the network of your insurer. Additionally, you may be able to get compensation for some or all of your costs.
- Choosing the right super top-up health insurance: While choosing the super top-up policy, remember to opt for a policy that provides you with a good deductible limit, as it is very important to determine the purpose of that policy. Also, check the list of hospitals that are covered by the super top-up insurance as well. These may be different from the list of hospitals that are covered by your normal insurance.
There are chances for any of your family members to get involved in any medical emergency at some time. Having proper health insurance coverage is the first step in preparing for such disasters. If your current policy expires or proves inadequate for medical care, a top-up health insurance plan will provide you with extra coverage. To put it simply, a top-up plan is supposed to supplement your current health insurance. top-up plans may be purchased at a reasonable price without sacrificing anything. It’s an optional extra that’s worth the little price increase.
A cost-effective way to expand medical insurance coverage is to purchase a “super top-up” since it assists you in the long run of maintaining peace as it covers the costly hospitalization charges, even if you have used up the sum assured previously for an ailment in a particular year.