The COVID-19 pandemic has shaken the world to its core and has re-emphasized the significance of having health insurance for your family and you. Critical medical emergencies, particularly in times like these where medical expenses are hitting the roof, can seriously affect your finances. This can easily be avoided by having a proper health insurance plan in place.
Unfortunately, it is difficult to quantify what constitutes a proper health insurance policy. It might be adequate right now, but not in the long term. Sounds ominous, doesn’t it? However, this issue has a simple solution. You can combat this medical inflation and add security to your existing health insurance in a cost-effective manner with the help of super top up health insurance.
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An Introduction to Super Top Up Health Insurance
A super top-up plan pays for your medical expenses once the claim amount exceeds the predetermined threshold limit (also known as deductible amount) of your existing health insurance plan. Once the deductible amount is exceeded, the super top-up plan will cover all your subsequent claims for one policy year.
Now, let’s understand super top-up insurance using an instance. Mr Amir’s super top-up health insurance policy is worth ₹10 lakhs with a deductible limit of ₹5 lakhs. Apart from this, his primary health insurance policy is worth ₹5 lakhs. He was hospitalized thrice in the duration of a policy year, wherein the hospital expenses were ₹4 lakhs, ₹3 lakhs, and ₹4 lakhs, respectively.
His primary health insurance policy covers the first hospital expense. For his 2nd claim, his primary policy will only be able to contribute ₹1 lakh since the remaining was claimed during the first expense. His super top-up plan will settle the remaining ₹2 lakhs. The third claim will solely be settled by the super top-up health insurance plan since the deductible limit has been crossed.
Expenses Covered Under Super Top Up Plans
A super top up plan essentially pays for the cumulative medical expenses once the threshold limit is surpassed. In terms of the expenses, it covers the following:
- Hospitalization Expenses: This includes the surgeon, medical practitioner, doctor, and anesthetic bills. This also covers pre and post-hospitalization expenses, ICU and operation theatre charges, room rent, diagnostic tests, surgical appliances, oxygen, and blood.
- Day Care Treatments: Super top-up plans also include daycare treatments where patients do not require a 24-hour stay in the hospital.
- Annual Health Check-up: This plan also includes the coverage of annual health check-ups and expert opinion consultation.
Why Should You Get Super Top Up Health Insurance?
Purchasing a super top-up health insurance policy makes a lot of sense since it adds to your existing insurance plan and offers greater security. Apart from this, other reasons for getting a super top-up insurance plan encompass:
- Includes Treatment for COVID-19: The current pandemic is unpredictable and you do not know when you might need to get treated for COVID-19. Having a super top up plan in place will offer you additional coverage against this virus.
- Customizable Plans: Super top-up health insurance plans provide you with the freedom to determine the threshold limit and the sum insured.
- One-time Payment for Deductibles: If the need arises, you only have to pay the deductible one time and claim it multiple times during the policy period.
- Enhanced Cover at Lower Premiums: Taking a super top-up health insurance plan makes more sense than opting for another regular health insurance plan. This is because a super top-up plan would offer you enhanced coverage at much lower premiums.
- Tax Saving Benefit: According to Section 80D of the Income Tax Act, you can receive tax benefits on the premium paid for health insurance. The same applies here, and you would be eligible for deductions and benefits up to a certain amount.
What to Do When Getting Super Top Up Health Insurance?
An important aspect to consider when purchasing a super top-up plan is determining the correct threshold limit. Preferably, the threshold limit should have the same limit as your existing health insurance cover.
Additionally, if you are purchasing your super top-up plan from a different insurance provider, make sure to check the network hospitals, the presence of cashless claims, and the claim settlement ratio. Care Health Insurance is one of the credible insurance providers in the country, offering a variety of benefits with their health insurance plans. Make sure you consider a trusted insurer to secure your future well.
