Health insurance is crucial, and we have now understood it better than ever before due to COVID-19. The virus has brought about uncertainty in our lives regarding our health and the health of our loved ones.
The cost of treatment and hospitalization has been rising. A recent report by PwC’s Health Research Institute has estimated an increase in medical costs by 6.5% in the year 2022, after a 7% rise in the year 2021. When you buy health insurance, you can make a wrong estimate if you do not consider these trends. Let’s assume you already have health insurance coverage. But what to do if you meet an emergency and your hospital expenses go beyond your insurance coverage? Well, this is where Super top-up health insurances come as a saviour.
What is Super Top-Up Health Insurance?
Super top-up health insurance is like a top-up insurance plan. But as the prefix “super” suggests, it comes with additional benefits beyond the capacity of a top-up plan. A super top-up health insurance policy reimburses you for medical expenses that exceed the policy's coverage limit. It pays for all hospitalisation expenses only after the sum insured under your standard health policy has been exhausted or you have paid the costs out of pocket, up to the deductible.
As compared to a top-up plan which covers expenses over policy limit only for once in a year, a super-top up plan gives you cover for multiple claims in a year over your policy limit.
Let’s understand with an example. For example, Nirmal has a health insurance policy of Rs 6 Lakh. A medical emergency happened, and the hospital bill was priced at Rs 8 Lakh. The remaining amount of 2 Lakh will have to be paid by Nirmal out of his pocket.
Nirmal could buy health insurance worth Rs 10 lakhs with a Rs 5 lakhs deductible if he has top up health insurance. The insurer will then cover the whole cost of the treatment. Nirmal's top-up policy, on the other hand, will not kick in if he experiences another medical emergency within the next year. Having a super-top-up health insurance policy would enable Nirmal to utilise the aforementioned benefits for numerous claims throughout the year.
Who Should Opt for a Super-Top Up PLan?
Super top-up plans are highly beneficial for senior citizens, as they are at higher risks of facing hospitalization. The super-top up can also reduce the higher premiums which come with higher age groups with standard health insurance coverage. It is suggested that you get a super top-up plan to augment your group health insurance plan, as the sum insured offered by group health plans is sometimes insufficient to cover escalating medical treatment expenses.
With the super top-up plan, the individual can claim the additional expenses multiple times a year and get uninterrupted benefits if the medical costs go beyond the basic health insurance’s coverage.
Main features of super top-up health insurance plans
The most cost-effective way to increase the health insurance coverage under your current health plan is through a super top-up plan, which is less expensive than paying a higher premium under your current policy. Now that we have understood how the plan works, let us take a look at some of the key features of a super-top up plan:
It is the claim amount that an insured is responsible for, and it is calculated on an annual basis. Only if the total hospital expenditures exceed the deductible will the insurer provide coverage. It's vital to note that the deductible only needs to be paid once.
A super-top up plan helps you to save your hard-earned money to be spent on hiked prices. At the same time, it helps you and your family relax in times of emergency. The policyholder will be reimbursed for expenses such as room rent, nursing bills, ICU fees, and doctor's fees. This coverage will also cover daycare and advanced medical procedures.
3.Pre and Post Hospitalization Cover
The plan covers your expenses not covered under hospitalization, like diagnosis charges, follow-up tests and medication expenses. It also covers medical expenses incurred 30 days prior to hospitalization till 60 days after the hospitalization ends.
A super-top up also covers annual health check-ups for you and your family. This facility can be availed cashless if a check-up is done at a network hospital associated with the insurer.
5.Organ Donor Cover
Super-top-up plans cover organ donor fees, which can be a lifesaver when faced with the massive costs associated with a serious illness.
A super-top up plan also comes in a family floater design and can cover medical expenses for you and your entire family for a single premium.
The expenses of treatment are directly covered by the insurer, without you paying anything from your pocket for later reimbursement, if you avail of services at a network hospital.
8.Free Look Period
It is the period of time, typically 15 days, during which you can assess and return your policy. As indicated in the policy terms and circumstances, a percentage of your premium, including the proportionate risk premium for the period of coverage, will be deducted from your refund.
9.Affordable and Flexible
You should also know that the super top-up plan is flexible, as it allows you to choose your own deductible amount. Reduced deductibles result in lower premiums. Additionally, you may qualify for a rebate under Section 80D of The Income Tax Act. The premium rate is decided by a variety of factors, including the amount covered, the number of insured members, the ages of the insured members, and the period of the policy.
Now you know how super-top can help you when you buy health insurance. It increases health insurance coverage and provides you with a variety of benefits. You can buy the best super-top health insurance plans in India, on Coverfox. With Coverfox, buying the right plan for you is easy. Compare the best super-top up health insurance plans in India and choose the one which meets your requirements. Buying health insurance online is easier than ever without any agent brokerage, on Coverfox. Our customer care team is available 24x7 for your assistance.