As the medical infrastructure keeps evolving over the years, individuals are opting for the best options to protect themselves medically and financially. There are several options available these days that can help us get the best possible coverage for emergencies. Options like top-up or super top-up health insurance plans are one of the most preferred options amongst customers these days, as they offer benefits above the general health insurance plans. However, it is better to learn about them intensively before you go ahead with the purchase.
What Are Top Up Policies In Health Insurance?
A health insurance top-up plan is a security plan that offers you additional health insurance coverage for your already existing health insurance plan. It allows you to deal with your medical expenses even if you have exhausted the sum insured of your existing health insurance plan. However, a top-up plan comes with a mandatory deductible. The insurance plan would provide you coverage only after you have paid the deductible amount. Top-up health insurance plans are more affordable than regular health insurance. You can get this along with the health insurance coverage provided by your employer.
A regular top-up health insurance will only cover claims when a single claim goes higher than the deductible. However, what about the cumulative bills that go higher than the deductibles? To get the coverage for cumulative bills once it has exceeded the deductibles during a policy term, you can opt for the super top-up health plan.
What Is Super Top-Up Health Insurance?
Super top-up policies are a type of top-up health insurance plan. They also offer you the flexibility to extend the limit when the medical expenses go above the plan’s insurance coverage. However, a super-top health insurance plan allows you to file multiple medical claims and hospitalisations in a policy term.
How Does Super Top-Up Work?
In a super top-up health insurance, you will be able to get additional health insurance coverage if your existing health insurance plan’s coverage is exhausted. For instance, if an individual has a sum insured of ₹5 lakhs, but their medical expenses lead to a bill of ₹7 lakhs. The existing health insurance plan will take care of the initial 5 lakhs. However, they would have to pay for the additional ₹2 lakhs out of their own pocket. If the individual would have purchased the super top-up health insurance policy of ₹10 lakhs, they wouldn’t have to worry about paying the additional ₹2 lakhs, as it would be covered under the super top-up cover. To avail the super-top up health insurance coverage, you will have to pay a deductible amount for the insurance coverage. Once you have paid the deductible, your super top-up health insurance policy would cover any medical expenses that you may face during the rest of the policy’s term.
Features Of The Super Top Up Health Insurance Plan
- Coverage for Covid-19 medical assistance: A super top-up health insurance plan will cover you for the hospistaliation and the medical expenses required for treating Covid-19. It also includes the coverage for other critical illnesses.
- One-time deductible payment: One of the crucial features of the super top-up health insurance plans is that they are set depending on the principle of health insurance deductible. With a super top-up health insurance policy, you will have to pay a deductible only once. Once you have made the deductible payment, you can file a health insurance claim as many times as you want. It is a claim amount that you will have to pay. The health insurance policy will offer coverage only if the medical expenses are higher than the deductible amount.
- Flexibility to customise top-up policy: With a super top-up health insurance policy, you get the option to select ₹1- ₹5 lakh your deductible and select the sum insured between ₹10 lakhs to ₹20 lakhs. This amount of flexibility for your deductible and sum insured can be quite an efficient way to adjust the plan as per your requirements.
- Optional global coverage: If you wish to get treatment in a different country, opting for the super top-up health insurance plan would be optimal for you. With this health insurance coverage, you will be able to take care of the medical expenses in a different country for any illness or disease that you were diagnosed with in India.
- Tax Benefits: As per Section 80D of the Income Tax Act, you can file claims up to ₹75,000 for the premiums paid for maintaining the insurance policy active. This tax-benefit of health insurance also includes premiums paid for super-top up health plans.
- Additional insurance coverage: With the rise in medical expenses, only depending on the health insurance coverage offered by your employer will not be sufficient. However, with a super top-up health insurance plan, you can get the insurance coverage for situations that aren’t covered in your employer’s health insurance plan. For instance, you can include critical illness coverage, AYUSH coverage, etc.
Purchasing health insurance can be helpful for dealing with medical emergencies. However, our health insurance plan’s coverage may be limited at times. To deal with insufficient coverage, you can opt for a super top-up health insurance plan. With a top-up feature, you can get additional coverage apart from your health insurance plan’s basic coverage. Opting for the super top-up plan can be quite beneficial as it comes with several features.