The world was no less surrounded by dreadful diseases and unseen medical emergencies, now that the Covid19 pandemic has supplemented the predicament. With the rise of health issues and declining economic conditions, the human race has woken up to secure their lives in every possible way. In such challenging circumstances, what can give a superior defence than insurance covers? Not surprisingly, as the world suffered the worst in the case of their physical wellness, the need for medical or health insurance has escalated the most. Individuals are now becoming more aware and interrogative regarding the same.
Todayʼs generation is smart masterminds, whose inquisitiveness cannot be easily gratified. Gone are the days when policyholders window-shopped a random health policy. They want to receive the maximum benefits out of everything, which is diligently appreciable. To satiate this thirst, health insurance covers are backed by, amongst other things, certain top-ups. Here in this article, you will get a detailed concept regarding the same.
Health insurance is an agreement between the insurer and the insured, wherein the insured receives full or a part of the medical expenses from the insurer in return for a payment of the premium. It may cover the cost of surgery, prescribed drugs, other medical bills and even dental expenses in some cases as per various health insurance plans. In many organizations, employee health insurance is included in salary packages as a benefit. The premiums are partially paid by the employer and partly abated from the pay checks of employees, or such other agreement as agreed.
Healthcare expenditures are on a rise. The health insurance plan that you choose will pay your medical bills during times of emergency. But there may be unfortunate times when your medical bills exceed the health insurance coverage amount. In such a case, your wallet has to compensate for the additional amount of the bill. In worst cases, this may even leave the policyholder penniless. This is where health insurance top-ups come to your aid. It is additional coverage to your primary health insurance plan that gives you protection when the sum assured of your existing policy gets exhausted.
You should note that top-up plans can be regulated only after you have paid the deductible amount. The premium for the top-up health insurance plans is very affordable. However, your deductibles will determine the premium you have to pay for your top-up plans.
Now, what is a deductible? In terms of insurance, a deductible can be defined as the sum you have decided to pay while selecting your health insurance policy. You need to pay this amount before you fill out the health insurance claim. The bright side of deductible is that it makes your top-up plans inexpensive.
• Top-up Plan
These plans will supplement your sum insured up to a limited limit. You can claim the top-up health insurance policy when your medical expenditure is beyond your deductible amount. But you can claim the policy coverage only once per year.
• Super Top-up Plan
This type of policy supplements you with additional insurance coverage, when your medical expenses cross the deductible limit. In the case of a super top-up plan, you have the advantage of receiving the top-up benefit multiple times in a year, if the need arises during the policy term.
Do remember, in both types of top-up plans, if within 45 days of discharge from the hospital, the disease develops again, it is presumed as a single illness. But if the same develops after 45 days of discharge, it is presumed as a new illness
Health insurance top-up plans are cost-effective plans that help in saving your money. It protects you against increasing medical expenditures at reasonable premiums. For a detailed understanding, let us find out the features and benefits of health insurance top-ups.
Although the coverage differs from insurer to insurer, the following common benefits are covered for the insured:
The rising cost of treatment and the uncertain nature of human ailment keep policyholders on their toes. And these are the two key factors that make health insurance top-ups effective and worth consideration. Top-ups are an ideal way of increasing your health cover when your sum assured doesnʼt seem sufficient enough. Any health insurance policyholder should assess his or her insurance coverage and decide if it is adequate or not. Accordingly, a suitable health insurance top-up should be applied for. Health insurance top-ups fill the bridge between the health insurance plans and medical costs during emergencies to give peace of mind to a great extent.
Medical emergencies can put families through times of great hardship. Money is a key part of this hardship. However, a health insurance ensures that you stay on top of your medical bills, and concentrate on the proper care and well-being of yourselves or your kin. With a top-up, you further accentuate this assurance. If you have any queries on your health insurance, and want to know more about health insurance top-ups, you need not worry. Get in touch with our Relationship Manager and find out all about it. We are committed to provide you the best guidance on your health cover