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Top-up Health Insurance Plans
Health insurance is not only essential but it is almost mandatory. It helps stay prepared for health-related uncertainties and unforeseen medical expenses. However, many people underestimate the value of health insurance. They think buying health insurance of one to three lakhs would be sufficient because they might never end up using their health insurance plan. Remember, being underinsured is a significant risk.
With rising medical costs and the incidence of illnesses, having a health insurance plan with a sufficient sum insured is a must. This doesn’t mean one should give away their existing health insurance and buy a new policy with a higher sum insured.
Top-up plans provide additional coverage. Most reputed health insurance companies offer options for top-up plans. Policyholders can buy top-up plans from their existing insurers too. Top-up plans are also an excellent option to enhance the coverage of an insurance policy. In short, if one is not satisfied with their existing health plan, top-up are an excellent solution to make their insurance portfolio better.
Take informed decisions with IIFL Insurance:
What is the top up plan?
A top-up health plan is an additional coverage beyond the deductible of the policyholder’s existing health insurance plan. A deductible is an amount that is not paid by the insurer, but by the insured. The top-up plan is just like a regular health insurance plan, but it only comes into the picture once the deductible limit is crossed.
Top-up plans allow policyholders to make a single claim when the amount is more than the deductible and the sum insured. It is beneficial when the medical bills overshoot the actual health insurance coverage limits. Top-up health insurance plans reimburse expenses above the base cover only for one single hospitalization.
Key features & benefits of Top-up plans
Here are some of the key benefits of these plans summarized.
Cost-effective:
Top-up Mediclaim plans are an excellent way to reduce the cost of policies. The deductible feature makes the policy cheaper as the insurer’s liabilities are reduced, and hence the premium is lower for the insured.
Eases financial stress:
Top-up plans provide extra cushion to health insurance plans. This ensures policyholders are prepared for a significant amount of medical costs. If the sum insured of an existing health plan is less or seems insufficient, buying a top-up can ease financial stress.
Wide coverage:
Top-up plans are just like health insurance plans and provide wide coverage – hospitalization, day-care procedures, pre and post-hospitalization, cashless hospitalization, free health check-up, and organ donor coverage, among others.
Tax benefits:
Like health insurance plans, top-up offer tax benefits. Policyholders can avail of tax deductions of up to Rs.25,000 to Rs.75,000. This makes top-up insurance a sensible option that has multiple benefits in financial planning.
Customize your plans:
Top-up insurance plans are flexible and allow customization to your unique needs. The policyholder can choose the amount of deductible, top-up and sum insured as per their needs and budget.
When do you need a top-up plan?
Top-up health plans have a feature called ‘deductible’. It is a pre-decided limit. Top-up insurance kicks in when the cost of a single hospitalization crosses the deductible limit. Top-up plans can be utilized only for single hospitalization cases and only if the cost exceeds the deductible.
Top-up plans are more beneficial to those who do not have any serious chronic ailments and have a base health plan and require additional coverage just as a back-up in a health emergency.
Why should you buy a top-up plan?
To beat rising medical costs:
With medical costs rising, top-up plans can help be prepared for any unforeseen extra expenses. Top-up plans are designed to fill the gap between the existing policy and the actual costs. A policyholder can buy additional cover at a reasonable cost to ensure sufficient coverage.
Higher sum insured:
Top-up plans are excellent ways to enhance the sum insured value of existing health plans without increasing costs. Having a higher sum insured always helps stay prepared for higher medical bills.
Bigger coverage for senior citizens & parents:
Buying top-up for senior citizens and parents can help meet high medical expenses related to ailments and increased hospitalization frequencies related to aging.
Saviour on a rainy day:
Top-up Mediclaim plans are saviours when there are huge medical expenses. Top-up kick in only when the deductibles limit is utilized, and hence they act as an extra cushion.
Lack of benefits in the existing plan:
All health insurance plans are different. Some plans might not have additional benefits. To avail of other benefits, one can buy top-up insurance.
Additional Tax saving:
Just like the base health insurance plan, top-up plans also offer tax benefits. Policyholders can avail of tax benefits under Section 80D of the Income Tax Act by buying top-up health plans.
What does a Top-up Plan Cover?
Reload of the sum insured:
Top up plans offer to reload or restore the sum insured. When the policyholder makes a claim and uses the sum insured, the insurer automatically reloads or restores the sum insured, which means the policyholder has a financial backup for medical expenses at all times.
Family members covered:
Top-up health plans are available for individuals and also as family floaters. Hence, one can be assured that the family members are also covered at all times.
Room rent expenses:
Top up coverage include room rent expenses. Quite often, room rent can add up to a significant chunk of the hospitalization bills. Having a top-up plan that covers room rent can be beneficial.
Pre & Post Hospitalization:
Top-up coverage includes pre and post-hospitalization expenses. Most often, pre and post hospitalization expenses can add up to a significant sum in hospitalization bills. Having a top-up plan covering these expenses that are often not considered essential can actually be beneficial.
In-patient treatment facilities:
Top-up health insurance offers coverage for in-patient treatments. In-patient treatments could include doctor’s visits, diagnostic tests, surgeries, and more.
Organ donor costs:
Top up Mediclaim plans offer coverage for organ donor costs, including surgeries and organ storage, among other expenses. It is beneficial to buy top-up plans that include organ donor costs as these kinds of treatments are often very expensive.
What is not covered in the Mediclaim policy?
Claim made after exhausted deductible
Top-up Mediclaim plans do not pay for claims made after exhausted deductible. The policyholder must be aware of the amount that they can legitimately claim and the claim clauses as well as the fine print in the policy.
Pre-existing disease
Pre-existing diseases may not be covered under top-up insurance plans. Mediclaim plans have a waiting period for pre-existing conditions as offered by different health insurance companies.
Hospitalization without doctor’s recommendation
Top-up do not cover hospitalization without doctor’s recommendation. To avail of coverage, the policyholder must have a doctor’s prescription for the treatment.
Pre-natal & post-natal expenses
Top-up health insurance plans do not cover pre-natal and post-natal care expenses. Hence, the policyholder must ensure that they go through the policy documents and clauses carefully before signing on the dotted line.
Best top-up plans from IIFL
HDFC Ergo My Health Medisure Super Top Up
- Personal and family floater
- In patient hospitalization
- Pre and post hospitalization
- Day-care procedures
- 24/7 customer service and assistance
- App-based digital processes
- Wide network hospital
Manipal Cigna ProHealth Protect
- Sum insured Rs.3 lakhs to Rs.30 lakhs
- Cashless treatment
- Cumulative bonus benefits
- Wide network hospital
- Easy digital process
- Tax benefits
- Available for individual, family, and multi-individual
ICICI Health Booster
- Sum insured reset to 100%
- Easy claim service
- Tax benefits
- Wide network hospital
- Flexible sum insured and deductible
- Cashless hospitalization
- Reward for fitness
Star Health Super Surplus
Top Up
- Affordable premium
- No pre-policy medical test
- Maternity cover
- Air ambulance
- Organ donor expenses
- Available in Silver and Gold variants of plans
Religare Health insurance
Top Up Plan (Care Insurance)
- Deductible: 1 lakh to 10 lakhs
- Sum insured: 1 lakh to 30 lakhs
- In patient care up to sum insured
- Free health check up
- Organ donor charges covered
- Wide network hospital
Types of Best Health Insurance Plans in India
FAQ
Q. Who is eligible to buy a top-up plan?
A. Top-up plans can be bought by anyone who is between the age of 18 and 65 years. There are no restrictions as long as you are willing to pay the additional premium.
Q. How does this plan boost my sum insured?
A. Super top-up policies function on the concept that they come into the picture only when the deductible amount limit has been crossed. This means that if you have an existing health insurance plan of Rs 5 lakhs and a super top-up plan of Rs 10 lakhs, your total sum insured is Rs 15 lakhs. Super top-up and top-up plans are an excellent way to enhance sum insured when you already have a base cover in place.
Q. What are the factors that will affect my Top-up Health Insurance Premium?
A. Many factors affect health insurance premium cost such as age, location, sum insured, deductible amount, health condition of the policyholder etc.
Q. Is there a specific limit to the Top-up Plan or it is an add-on?
A: Typically, top-up plans are in the range of Rs 50,000 to Rs 15 lakhs. Most health insurance companies offer top-up plans based on limits set by them.
Q. Does this plan provide coverage for accidents also?
A: Yes, top-up and super top-up plans provide insurance coverage for hospitalization due to accidents too.
Q. Have any queries for top-up insurance?
A: Call us now at 18002101330
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