Many employers offer their employees’ health insurance. These same policies are standard ones and might not prove to be sufficient enough for some individuals. On the other hand, some people never buy health insurance because of the high premiums to be paid. If you want to manage the sum insured of your health plan in a better way and not spend enough money as well, try opting top-up or super top-up plans.
- Top-up plans
Your existing health insurance policy might have a specific limit, a top-up plan provides you with additional coverage beyond that. At times, the sum insured of your base policy does not prove to be enough. Uncertainties may arise anytime and you might get hospitalized for a major illness. What will happen if your medical bill rises and goes over the sum insured during the policy term? This is exactly where you will require a top-up plan.
For example, if an employer’s health plan is of Rs. 3.5 Lakhs, which is also the threshold deductible, and he/she has a top-up health cover of Rs. 6 Lakhs. In case she has a medical emergency and the expenses go up to Rs. 6.5 Lakhs, i.e. higher than the threshold coverage of the policy, then your mediclaim policy will pay Rs. 3.5 Lakhs and the remaining amount i.e. 3 Lakhs should be paid by the top up health insurance.
Investing in a top-up plan is beneficial as you can get the plan from any company, and it isn’t necessary to purchase from your existing insurance provider. You can purchase both family floater plans as well as an individual one for this. You also get an option to enhance the policy coverage when you’re renewing it.
- Super top-up plans
When a single claim does not cross the threshold limit of your regular plan, but multiple claims do, then a super top-up insurance plan is the one for you. This plan will help you to extend coverage of your existing base health policy. If the same base cannot meet your medical expenses in one claim, or your sum insured gets exhausted because you made multiple claims in a single year, then you can rely on a super top-up plan.
This acts as an additional benefit to your existing base plan which will be of use to you in case your medical expenses go beyond the sum insured as a result of a single claim or multiple ones in one year. You are allowed to make more than one claims in a year until the sum insured gets exhausted. However, you must have a regular health plan to cover the medical expenses first, up to the deductible that was decided. Before you go for any additional cover, keep all the above-mentioned points in mind.
Also, remember to not make any decision in haste, especially when it comes to selecting a health insurance policy. To help you choose the best medical plan, you can calculate the premium using a health insurance premium calculator. Select the policy based on your requirements and make an informed choice.