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5 Reasons to Buy Top-Up Health Insurance Plan
Health Insurance Plan

5 Reasons to Buy Top-Up Health Insurance Plan

| @indiablooms | 14 Jun 2023, 10:52 am

Healthcare costs are turning out to be expensive owing to the rising medical inflation. One hefty medical bill or a sudden medical emergency might push people into medical debt. Besides the hospitalisation expenses, doctor consultation fees and outpatient expenses also add to the financial stress. Hospitalisation expenses are hard to manage without having a Health Insurance plan.

The best medical insurance plan will provide comprehensive coverage, protect your savings against hefty medical bills, secure your health and offer financial assistance at needful times. Usually, the maximum coverage of the insured is up to their opted Sum Insured. But what if the medical bills exceeded the opted Sum Insured? If so, the insured is left all alone to pay their exceeding medical bills out-of-pocket. In that case, a Top-up Health Insurance policy can help meet exorbitant medical bills. Thus, affirming you additional financial protection and peace of mind.

As the name suggests, a Top-Up Health Insurance policy works as additional coverage for the standard Health Insurance policy. A Top-Up plan works on the same principle as other indemnity Health Insurance policies. If the Sum Insured of the standard Health Insurance policy gets exhausted, the Top-up plan gets activated and provides extended coverage. The inclusions and exclusions are policy specific and vary from one insurer to another.

A Top-up policy works well with all indemnity plans such as Individual Health Insurance plans, Family Health Insurance plans, Health Insurance for senior citizens, Group Health Insurance, etc.

Here are five reasons to buy a Top-Up Health Insurance policy:

Extended Protection: Top-Up Health Insurance policies are designed to offer additional medical coverage. The medical expenses are covered even when their standard Health Insurance policy meets the threshold limit. Therefore, opting for a Top-Up Health Insurance policy entitles the insured to enhanced Sum Insured, thus providing additional medical coverage and financial protection.

Affordable Premium: Most Top-Up Health Insurance policies are affordable. The deductibles of the policy make it highly economical. The insured can choose the deductible of their choice. The insurer becomes liable to pay the hospitalisation expenses only if the expenses exceed the opted deductible. You can avail up to Rs. 1 Crore coverage limit at an affordable premium.

Pre-existing Diseases:  If you wonder whether pre-existing diseases are covered in a Top-Up Health Insurance policy, the answer is yes. Most of the Top-Up Health Insurance policies cover pre-existing diseases and their complications. But mind the waiting period that is bound with it. Compare and pick out a policy that offers less waiting period for pre-existing diseases so that it might be easy to tide over the waiting period.

Flexible: There is no obligation that a Top-Up Health Insurance policy needs to be purchased from the same insurer as that of your basic Health Insurance policy; you may purchase it from any health insurance provider. It can also be bought along with standard Health Insurance and Group Health Insurance to avail yourself of extended coverage at an affordable premium.

Tax Benefit: Like other Health Insurance policies, the premium paid towards a Top-Up Health Insurance policy is also exempted from Income tax under Section 80D of the Income Tax Act, 1961. It is a double benefit; you can avail extended protection and tax benefits at the same time while opting for a Top-Up Health Insurance policy.

To buy a Top-Up policy one should have a standard Health Insurance plan. The Top-Up Health Insurance policy gets activated only when the claim amount exceeds the sum insured of the standard Health Insurance policy. It enhances your standard Health Insurance coverage and offers various benefits as well.

The Super Surplus Insurance Policy by Star Health And Allied Insurance Co Ltd entitles you to avail yourself of up to one crore Sum Insured at an affordable premium. The policy comes with Gold and Silver variants without any pre-insurance medical screening to undergo. It is wise to have extended coverage that comes to help in times of need.

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