With the advancement of technology, health problems are rising. The cost of health care is also increasing rapidly due to progress in medical science. So people have already started buying health insurance plans. These plans cover only the healthcare treatment but what if you suddenly met an accident or have a critical illness and you cannot afford it? This is when you need a top-up health insurance plan.
A top-up health insurance plan is a similar health insurance policy with extra coverage on the sum assured by the base plan. This insurance plan works on the principle of policy deductible. Initially, the coverage of normal health insurance is limited, when this limit crosses the amount paid, it comes under the top-up plan. Suppose your normal plan covers up to Rs. 5 lakhs, but you need Rs. 8 lakhs instead. You can buy another health insurance plan but it will be more than double the rate of a top-up plan.
A standard top-up health insurance plan applies the deductible for each claim whereas a super top-up plan counts all the claims during the policy period towards the deductible. A super top-up plan is more costly in comparison to a standard top-up plan. Top-up health plans create a bridge between the existing base policy and the current rate.
Normally a health insurance plan covers the hospitalization charges that include pre and post hospitalization, health check-ups and organ donor coverage. The features for top-up health insurance plans include longer policy term, buying one policy and covering the entire family, post-hospitalization including medical expenses due to follow-up visits, consultations, therapy, medications, etc. up to 90 days after hospitalization.
Other features include cashless hospitalization for network hospitals. In case of no network hospitals, you need to directly call the insurer and they will process the claim for you. Some insurers will provide you with a 15 day free-look period and if you find the purchase unsuitable, immediately cancel and return the policy.
If more than two members of your family are covered individually then a 10% family discount is offered by the insurer. For selecting two years of the policy, a 5% discount is provided. On each cashless claim, you will get a guaranteed 6 hour response. For members above 55 years of age, no medical test is required if they are not having any pre-existing illness. Tax benefits under section 80D are also offered.
There are certain disadvantages as well. Few companies don't provide coverage to senior citizens. Insurance seekers need to pay a large amount of money as a premium for a long time health insurance policy.
The most cost-effective way to increase the health insurance cover is a top-up plan. The top-up plans should not exceed the amount insured by the base health insurance policy. While buying a good top-up plan, it is advisable to check the waiting period for pre-existing conditions and ensure that it is covering all the family members as well.
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