Life is unpredictable and so are medical emergencies. The COVID-19 pandemic was an eye-opener for many people. Until then, many people either did not realise the importance of health insurance or were not aware of it. The pandemic forced several families to dig into their savings to save the life of their loved ones. Some even lost their near and dear ones due to out-of-bounds medical treatment costs. A lesson learnt the hard way, now more and more people are investing in health insurance to secure their future.
Since medical treatment and hospitalisation costs are steadily increasing, having standard health insurance may not suffice at all times. For the times when medical expenses exceed the sum insured, it takes a super top-up health insurance plan to give you sufficient coverage and support.
What is Super Top-up Health Insurance?
Super top-up health insurance is a top-up insurance plan. It is called super top-up as it offers extra benefits compared to a standard top-up health insurance plan.
By signing up for a super top-up health insurance policy, you can claim medical costs that go beyond your policy’s coverage. Super top-up takes care of all hospitalisation costs after you have exhausted the sum assured.
While a top-up health insurance plan offers the aforementioned coverage benefits over your policy limit only once per year, a super top-up plan provides these benefits for multiple claims in a year beyond your policy limit.
Let’s take an example. Assume you take a health insurance policy worth Rs 2 lakh. A medical emergency ensues and your hospitalisation bill totals Rs 5 lakh. Here, you have to shell out the remaining Rs 3 lakh from your pocket.
However, if you purchase health insurance worth Rs 10 lakh with a Rs 5 lakh deductible, the insurer becomes liable to pay the entire cost of treatment. Remember that your top-up health insurance policy does not come into play if you experience another medical emergency in the same year. On the other hand, a super-top-up health insurance policy allows you to avail coverage for several claims all year round.
Super Top-up Plans: Who should opt for them?
Super top-up plans are most beneficial for elderly persons since they are at high risk of being hospitalised.
It is wise to purchase a super top-up health insurance plan to increase your group health insurance benefits. That is because group health plans, many times, do not give adequate coverage for high treatment costs.
The key benefit of a super top-up plan is that you can claim additional costs several times a year. This means you can avail of continuous coverage for the entire year even if the medical treatment costs exceed your regular health insurance coverage.
Features of Super Top-up Health Insurance Plans
Opting for a super top-up plan is an economical way of augmenting the health insurance coverage of your existing plan. Here are some salient features of super top-up health insurance plans.
Deductible refers to the claim amount that your primary insurer has to pay before the super top-up health insurance kicks in. Once the total hospital costs surpass the deductible, the super top-up insurance pays for the rest of the year, notwithstanding the number of times you need hospitalisation during the year.
- Hospitalisation Costs
By purchasing a super top-up plan, you can save yourself from escalating hospitalisation costs. Among the benefits of such plans, you can claim reimbursement for nursing bills, room rent, and doctor’s fees. Moreover, you can avail of coverage for daycare facilities and advanced medical treatment.
- Pre and Post-hospitalisation Medical Coverage
You can claim for medical expenses incurred 30 days before hospitalisation and 60 days after being discharged from the hospital. Hence, you are covered for diagnosis costs, medication bills, and follow-up tests.
- Free Annual Check-ups
Free annual health check-ups are other benefits of buying super top-up plans. The best part is that you can enjoy cashless claims if you go to one of the network hospitals for a check-up.
- Organ Donation Cover
Super top-ups cover organ donor fees. This can be a boon since treatment costs of severe illnesses can cost a fortune.
- Family Floater
You can buy a super top-up plan for a family floater plan. Thus, you can get coverage for medical expenses for you and your family members over the given policy limit for a single premium.
- Cashless Claims
You can avail of cashless claim benefits from a network hospital with a super top-up plan. The treatment costs are directly covered by the insurance company, so you do not pay anything from your pocket.
- Free Look Period
The free look period of a health insurance policy is normally 15 days within which you can apply for a refund. As per the policy terms, a percentage of the premium, including the comparable risk premium for the policy term, is deducted. Check for the free look period of your super top-up plan beforehand.
- Flexible and Economical
Super top-up health insurance plans are flexible, which means you can choose your deductible amount. The lower your deductible, the lesser will be the premium amount.
Moreover, you can become eligible for a rebate as per Section 80D of the Income Tax Act. Also, a range of factors is considered to calculate the premium rate. These include the number of insured persons, the sum assured, the ages of the insured family members, and policy duration.
Super top-up plans increase your health coverage and ensure quality medical care. Even so, make sure to compare different super top-up plans before picking one. Always consider your medical needs and budget before buying a super top-up health insurance plan.