The medical expenses are increasing day by day and not everyone can afford them when it comes to treatment. Health insurance allows individuals and families to manage hospital expenses significantly by addressing their essential needs. On the other hand, they should consider choosing the right one which suits their budget. A policyholder should buy top-up health insurance to get additional coverage for medical treatments and other things. This will help a lot to ensure more benefits that give ways to overcome the financial burden to a large extent.
Why is top-up health insurance necessary?
An employer will take care of employees when they want to buy health insurance. At the same time, some plans are basic that offer coverage only up to certain amounts. An employee should make sure that they last for a long-time after leaving a company or retirement.
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This is because the insurance coverage may become invalid or ceases to exist which will result in more problems. In such cases, a policyholder has to pay from his/her pocket during a medical emergency. Furthermore, there is no guarantee that the sum insured is adequate to cover all medical costs. Hence, it is wise to top-up insurance coverage as soon as possible that will help meet essential needs in medical care services.
A health insurance top-cover provides opportunities for getting extra coverage when a normal insurance plan falls short of some benefits. It is ideal for individuals as well as families to minimize the shortage of funds during a medical emergency.
What are the types of top-up plans?
Before buying a top-up health insurance plan, a policyholder should know the types in detail that will help make the right decision. Apart from that, it makes feasible ways to choose a plan which caters to the requirements of a patient when getting medical treatments in a hospital.
1. Regular top-up plan
A regular top-up plan is applicable when the cost of insurance claims will exceed the scope of a basic insurance policy. In other words, it offers additional coverage beyond the threshold or deductible limit. The premium amount is the cap in a top-up plan because a policyholder or patient should pay the amounts based on the insurance policy type.
2. Super top-up plan
It is an expansion of health insurance that provides coverage for all hospitalization bills that are above deductible amounts. The deductibles are applicable for the total claims in a year and the plan becomes active for subsequent claims. Some of the benefits offered by the plan include in-patient care, pre-hospitalization, post-hospitalization, etc.
What are the benefits of buying top-up health insurance?
Here are some benefits a policyholder can get after buying a top-up health insurance.
The primary advantage of purchasing top-up insurance is that it is cost-effective that will help get the high sum insured. Moreover, it gives ways to pay premium amounts at cheaper prices that will save money.
2. Increased cover
With a top-up health insurance plan, a policyholder can increase his/her coverage on a basic policy. Basic health insurance will provide a limited coverage for a policyholder that will result in more problems. Therefore, the top-up is the only option that gives ways to get extra coverage when it comes to medical expenses.
3. Combats rising medical inflation
Medical inflation can result in high expenses and buying top-up health insurance will help policyholders to overcome them without any difficulties. It provides ways to get treatments in a network of hospitals that will minimize unwanted problems.
4. Tax benefits
Purchasing top-up health insurance allows a policyholder to enjoy tax benefits that will lower expenses effectively. It is possible to claim the tax rebates after paying the premium amounts.
5. Protection against pre-existing illnesses
Some health insurance plans don’t offer coverage for pre-existing illnesses and buying a top-up plan provides ways to get high protection against them to ensure peace of mind.
How to buy top-up health insurance?
Anyone who wants to buy top-up health insurance should select a company that satisfies the needs of policyholders. However, it is necessary to keep certain things in mind before selecting a plan. Some of them include reputation, plans, prices, sum insured, and duration which pave ways to lower expensive medical costs. A policyholder should consider choosing a deductible when purchasing a top-up plan.
An existing policyholder should read reviews online before buying an insurance plan that will help gain more ideas. Care Insurance is a topmost company that offers a wide range of top-ups for customers at affordable rates. Also, customers can compare the plans easily which gives ways to move further. The company guides existing health insurance policyholders to select a plan with an initial waiting period of up to 30 days. However, it is necessary to follow the terms and conditions properly while purchasing a policy from the company.