What is a Super Top-up health insurance policy?
Health insurance is the most important investment one can make in today’s times. The recent event of the COVID-19 pandemic has taught us that medical emergencies can knock on our door anytime, and with given rising costs of treatments, one must be prepared to face them. A Super top-up policy is the best way to strengthen your existing health cover and be safe from all kinds of factors that can have a financial impact on you and your family due to medical expenses. This policy offers an additional coverage amount for the existing health insurance policy and also serves as a financial backup plan if your current health policy cover is lower than the medical expenses incurred.
How does a Super top-up health insurance policy work?
This policy works on the principle of policy deductible. Which means that you will have to pay a pre-defined amount from your pocket in case of a medical situation. The insurance company will bear the rest up to the sum insured.
What are factors affecting a Super Top-up insurance policy that you must know?
A super top-up health insurance policy works as a financial backup to your existing health insurance policy. It helps you meet your immediate expenses and saves you from going through a financial crunch when your medical expenses are more than the medical cover you opted for. Here are a few factors affecting a Super top-up policy that you must know about before opting for it.
1. Sum Insured – While finalising the sum insured, remember to consider the rate of medical inflation and the need of securing health. A higher sum insured can save you from going through a financial crunch in future.
2. Deductible –The deductible you choose has a direct impact on the cost of premium you pay for the policy. Choosing a lower deductible means paying a higher premium. For a higher deductible, you can get an affordable premium rate.
3. Premium – The premium is calculated based on various factors. Make sure you select the right deductible amount for the Super top-up health insurance policy to get an affordable rate of premium.
4. Co-payment –While selecting the policy, make sure to check the co-payment policy so that you don’t have to bear the higher amount.
5. Cashless hospitalisation – This is the best feature offered by a super top-up policy. Check the list of network hospitals while selecting the policy.
6. Benefits – Read the policy document thoroughly while selecting the policy to choose the best offer.
Why do you need a Super Top-up health insurance policy plan?
Rapidly rising medical costs – The overall medical inflation and high risk of health have caused a continuous and steady rise in the cost of medical treatments and health care. A super top-up health insurance policy acts as a shield in keeping your savings safe during medical emergencies by providing financial aid.
Enhances your health cover – Opting for a super top-up policy is the easiest and most affordable way to enhance your current health insurance policy. It lets you increase your sum insured without increasing the rate of premiums.
Financial backup during medical emergencies – Not every individual has a medical plan that is sufficient to take care of any kind of major medical emergency. In such cases, a super top-up policy can come to the rescue and provide medical aid without affecting the financial health of the person.
Financial support during critical illness – There are some illnesses that require intense health care services, which come at a very high cost. To cover these expenses, a super top-up policy can play a major role.
Best option for ageing parents –Post-retirement age is the time when there is hardly any income. In such times, a medical emergency can create a sudden crunch of money. To avoid this, senior citizens must opt for the super top-up health insurance policy.
Tax benefits – The premiums paid for this policy are subject to income tax deduction under Section 80D of the Income Tax Act.