Medical expenses are growing at an increasing rate. At times, these expenses are more than what any individual can handle. This makes it necessary to have ample health insurance coverage. To reduce the financial burden, top up health insurance plans can be quite convenient if utilised properly.
What is a top-up cover?
A top-up cover is an additional coverage over the existing coverage of the original medical insurance. In cases when you have medical insurance of a certain amount and still need more cover, a top-up cover can help you meet this addendum.
What is a deductible?
Top up health insurance plans includes a specific cut-off amount which is called a deductible. It implies that a top-up policy will not provide you with coverage up to the specified limit. For example, in case the deductible is 3 Lakh, the individual will need to pay it with the primary medical insurance or out of pocket.
Benefits of Top-up cover
Following are some of the main advantages of top-up cover.
- Extra benefits above the base plan
Top up health insurance plans act as an additional cover for insurance, as is evident from its name. It helps supplement the health plan by covering the medical expenses over the deductible.
- Claim settlement
Claims need to be settled at times when medical bills cross the limit of the deductible threshold.
- Multiple claims
An individual can opt for multiple claims until the sum is exhausted.
Utilising the top up plans to the fullest
The first thing to do before deciding on a top-up plan is to select a deductible smartly. It is wiser to go for a deductible which is equal to the sum which is assured by a primary health insurance policy. It results in the deductible expenditure being taken care of by the already existing insurance. When it comes to enhancing the coverage of medical insurance a top-up cover is more economical.
You can opt for health insurance top-up plans offered by Bajaj Finserv to cover any additional expenses which may be needed above the pre-existing insurance.
What is covered in a top-up plan?
The coverage of a top-up plan varies depending on the financial institution. An individual can avail the following points of insurance cover:
- In-patient hospitalisation expenses are covered including the boarding and nursing charges, room rent and doctor fees.
- Pre-hospitalisation costs around 60 days before hospitalisation.
- Post-hospitalisation expenses need to be covered 90 days post hospitalisation.
- The procedures of daycare do not require hospitalisation for more than a day.
- Some insurers also provide a cumulative bonus.
Bajaj Finserv offers affordable health insurance schemes to cover your emergency medical expenses and reduce your financial burden. These schemes are offered under the Pocket Insurance category.
How to select the right top-up plan?
Choosing the best health insurance plan is essential. If an individual is looking for an affordable policy, he/she can opt for higher deductibles. There will not be any duplication of the benefits. Daily cash allowance, dental cover and other exclusions should not make any difference mostly because they are covered in the regular policies.
Note that you should check the waiting period for the coverage of post and pre-hospitalisation expenses. It is also essential to check whether the family members are included under the coverage.
A top-up plan is, therefore, a cost-effective way to increase health insurance cover. Such policies are often helpful to meet coverage not provided under the base insurance plan. It is a plausible option for those covered under an individual health insurance policy. Opting to buy top up health insurance online can be a smart decision if you are looking for a popular scheme with the easiest and fastest application.