If 2020 has taught us anything, it is that health is truly wealth, and needs to be well protected. The COVID-19 pandemic increased the number of people buying health insurance policies for themselves and their families. In fact, research reveals that the year 2020 saw over 500 million Indians buying health insurance policies. In addition to new policies and renewals, the year also witnessed an increase in the number of people looking to enhance their existing policies.
If you already have a health insurance policy but would like to enhance it, top up and super top up health insurances are the way to go. They give you the additional coverage you require, over and above your existing health insurance coverage. Top up health insurance plans are preferred typically as an add on, and if the insured is susceptible to illness that would require additional coverage during the policy period.
For example, imagine that you have an existing health insurance coverage of Rs. 5 lakhs, and a top up health insurance of Rs. 15 lakhs with Rs. 7 lakhs being the threshold limit. Now, you are eligible for claims that exceed your health insurance coverage, as the top up will cover the additional claim amount. In this particular case, you will be eligible to claim up to Rs. 20 lakhs. Simply put, a top up or super top up health insurance plan is a supplement to your pre-existing health insurance plan.
If you are doubtful as to whether you truly need a top up health insurance plan, the following questions will help clear your doubts.
1. You have a family history of illnesses
If multiple people in your family have had a particular illness, suggesting that you are also at-risk of contracting the same in time, then you should definitely consider getting a top up health insurance from a trust worthy company like Care Insurance. This will serve as an added financial support as you grow older, and help you tackle the illness head on.
2. Your existing coverage is not adequate
If your existing health insurance coverage is not adequate, and you wish to enhance your coverage before the policy expires, then, a top up health insurance plan is the best way to go. This will afford a wider coverage of medical expenses, in addition to those already covered by your general health insurance plan. Some of the additional expenses covered includes medications, follow-up visits, consultations, etc.
3. You are looking for premium discounts
Top up health insurances help you secure premium discounts in the long run. When you avail top up plans for over a year, you will receive discounts on your 2- or 3-year health insurance premiums. Moreover, you can also avail tax deductions of up to Rs. 1,00,000 a year, under Section 80D of the Income Tax Act, 1961. The money you save will be a welcome addition to your savings, and you will be better protected financially, against unexpected medical ailments.
4. You have aged people in your family
Health insurance plans for the aged are expensive. But this does not mean they should not be covered adequately for medical emergencies. The best way to ensure that the aged in your family receive adequate coverage is by availing a super top up health insurance plan. This is much more affordable and gives you a greater sum insured. Also Read – What Does an Emergency Medical Technician Do?
5. You rely solely on Employer Mediclaim
Employees usually receive a health insurance coverage for themselves and their families from their employers. However, more often than not, this coverage is not adequate to protect your family from medical liabilities. A top up health insurance plan will add extra coverage to your Employer Mediclaim and ensure that you are protected in the event of any unforeseen medical emergencies.
If you fall within any of the above categories or wish to know more, request call backs from trustworthy insurance providers so you can avail top up health insurance plans and be indemnified against unexpected medical expenses in the future.