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Why Should You Purchase a Super Top-Up Health Insurance Policy?

Benefits of purchasing a Super Top-Up Health Insurance Policy

Treatment and hospitalization costs have been growing. Medical expenditures are expected to climb by 6.5 percent in 2022, according to a recent analysis by PwC’s Health Research Institute, following a 7 percent increase in 2021. If you don’t consider these patterns while purchasing health insurance, you may make an incorrect estimate. Let’s suppose you have a health insurance. But what if you have an accident and your hospital bills exceed your insurance coverage? Super top-up health insurances, on the other hand, can be a lifesaver in this situation.

“Health is Wealth,” as the old saying goes, has never been truer in our fast-paced society, where unhealthy habits are affecting our entire quality of life. With expenses growing daily, failure to protect one’s health can have a negative influence on our money accounts, squeezing our wallets and leaving us broke. This is where health insurance plans come in.

While health insurance policies provide security, they may be costly, with premiums running into the thousands of dollars. Given our proclivity for wanting more out of life, it’s only reasonable that we’d desire additional health care advantages, although at nominal costs.

What Are Top-up Health Insurance Plans?

As the name implies, a top-up health insurance plan is a program that provides additionalcoverage at a lower cost than the existing approved limit. It protects you if you go beyond certain limitations. In a traditional health insurance plan, the insurer pays the amount, but there may be times when expenditures surpass this amount, in which case a top-up plan what you need.

Consider the case of Mr. Rajesh, a bank manager with a Rs. 5 lakh health insurance coverage. He contributes Rs 12,000 each year for this premium. Mr. Rajesh, unfortunately, is hospitalized owing to a heart attack, for which the treatment costs Rs 8 lakh. In normal conditions, his insurance would pay Rs 5 lakh, and he would have to pay the difference out of his own money. Now, if Mr. Rajesh had chosen a Rs 10 lakh Top-up insurance with a Rs 5 lakh deductible limit, his new policy would cover the difference, guaranteeing that he is financially secure.

What Is a Super Top-up Health Insurance Plan?

A top-up insurance policy has several limitations which you may avoid by choosing for a Super Top-Up coverage. Unlike a Top-up plan, which only pays out if a standard policy’s threshold limit is surpassed on a single hospitalization. A Super Top-up plan pays out if the threshold limit exceedes on many occasions.

Let us use Mr. Rajesh as an example once more. After receiving treatment for his heart attack, he has another one six months later, resulting in a cost of Rs 7 lakh, which is outside the scope of his top-up plan because it only allows for one claim. Mr. Rajesh might have paid an extra 2 lakh if he had chosen a Super Top-up plan with a cover of Rs 10 lakh and a threshold of Rs 5 lakh.

In layman’s words, a Super Top-up Health Insurance policy has provisions for numerous claims that a conventional top-up plan does not.

Points to Keep in Mind

Before considering a top-up or upgrade, there are a few crucial considerations to be aware of.

Deductible

In this sense, deductible refers to the basic amount over which a top-up or super top-up insurance kicks in. Mr. Rajesh, for example, has a regular health insurance policy for Rs 3 lakh and a top-up/super top-up policy worth Rs 7 lakh, both having a Rs 3 lakh deductible. His top-up/super-top-up plan will kick in only if the bill totals more than Rs 3 lakhs in this situation. You will not get any benefit under the top-up/super top-up plan if the bill is less than Rs 3 lakh, i.e. below the deductible.

Base plan — To qualify for a top-up/super top-up, you don’t require a base health insurance plan, it is advised that a base plan be in place to cover sums below the deductible.

Cheaper rates

You can purchase a top-up health insurance policy for a lower price, with the premium amount based on the deductible. A lower premium is associated with a greater deductible, and vice versa.

Hospitalization Cover

A super-top-up plan allows you to save money. It helps you and your family calm in the event of a tragedy. The insured will be reimbursed for room and board, nursing bills, ICU fees, and doctor’s fees. This coverage will also cover daycare and advanced medical treatments.

Pre and Post Hospitalization Cover

Your hospitalization insurance doesn’t cover diagnostic fees, follow-up tests, and pharmaceutical costs. Medical expenses spent 30 days prior to admission to the hospital and up to 60 days after release are also covered.

Affordable and Flexible

You should also be aware that the super top-up plan is adaptable, since you may set your own deductible amount. Reduced premiums are the outcome of lower deductibles. You may also be eligible for a reimbursement under Section 80D of the Internal Revenue Code. The premium rate is determined by the amount covered, the number of insured members, the insured members’ ages, and the policy length.

Free Look Period

It’s the time limit, usually 15 days, during which you can evaluate and return your insurance. Insurer will withheld a percentage of your premium including the proportionate risk premium for the duration of coverage from your refund, as stated in the policy terms and conditions.

When Should You Get a Top-up or Super-Top-up Health Insurance Policy?

  • When their usual health insurance policy does not provide sufficient coverage. In this situation, they might choose for one of these plans to boost their security.
  • When people need more coverage but don’t want to pay greater premiums. This plan has a lower cost than a regular plan with the same coverage, allowing them to save money.

Who Should Opt for a Super-Top Up Plan?

Senior citizens, who are at a higher risk of hospitalization, benefit greatly from super top-up insurance. The super-top up can also help to lower the higher costs that occur with older age groups. You get a super top-up plan to supplement your group health insurance plan, as the sum insured provided by group health plans is sometimes insufficient to cover rising medical treatment costs.

Final Words

You now understand how super-top up may assist you in purchasing health insurance. It expands your health insurance coverage and offers a number of perks. On GIBL, you may get the best super-top health insurance policies in India. Choosing the best plan for you is simple with GIBL. Compare the finest super-top-up health insurance plans available in India and select the one that best suits your needs. On GIBL, buying health insurance online is easier than ever before, with no need for an agent. Our customer care team is available 24×7 to assist you.

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