As the cost of medical treatment increases at an alarming rate, people are becoming more aware of the importance of health insurance plans. Having a base Mediclaim plan is a prudent financial decision for small medical expenses, however, a major health issue can severely affect one’s financial stability.
This is why Super Top-up Health Insurance Plans are becoming essential to safeguard against such emergencies. Let us now understand what Super Top-Up Plans are and what makes them so beneficial.
What are Super Top-up Plans and How Do They Differ from Top-Up Plans?
Super top up health insurance acts as extra armour to your existing Mediclaim plan at a very low cost. These plans cover your medical expenses once the coverage limit of your base policy gets exhausted. The Super Top-Up Plans are similar to basic Top-Up Plans but they have their differences.
The biggest difference is that a Top-Up Plan covers your medical expenses only once in a policy year once you pay the deductible amount while Super Top-Up Plans allow multiple claims to be raised in a policy year.
With a Top-Up Plan, your deductible limit needs to be crossed in a single hospitalisation bill whereas with a Super Top-Up Health Insurance Plan you get the advantage of clubbing multiple hospitalisation bills in a year to cross your threshold limit.
Why Super Top-Up Health Insurance Plans Are Essential?
As lifestyle diseases and other health concerns become more and more common, Super Top-Up Health Insurance Plans prove not just beneficial but also essential for all ages. Let us look at the major reasons why they are so important:
- Low Premium Price: One of the major benefits of a Super Top-Up Plan is that the higher sum is insured for a low premium price. The reason behind this is simple- the higher the deductible, the lower the premium because the high deductible amount leads to fewer claims, and that reduces the liability of the insurer.
- Enhances The Existing Mediclaim: A Super Top-Up Plan upgrades your existing health cover in case the current sum insured is not enough to cover your medical expenses or bills. This type of policy acts as a crucial backup plan in case the base health insurance policy proves insufficient and you need to pay your hospital bills.
- Security from Medical Inflation: A Super Top-Up Plan provides coverage from the surging medical inflation and you can rest assured that you will be adequately prepared for enormous hospitalisation bills in case the need arises.
What to Keep in Mind Before Buying a Super Top-Up Health Insurance?
Super Top-Up Plans can be beneficial if you need them, however, in certain scenarios buying one of these plans may not be a wise decision. Keep in mind the below-given scenarios before you buy a Super Top-Up Plan.
- The current Mediclaim Plan has a High Sum Insured with a Restoration Benefit
Buying a Super Top-Up Plan is of no use when your already existing base Mediclaim plan has a high sum insured as well as 100% restoration benefit as you will get the required coverage easily through the restoration benefit, and that too at an affordable rate.
However, if your base policy comes with a small sum insured or the restoration benefit is unavailable for the same illness, these Super Top-Up Plans can be a good option.
- Base Policy is Covered by The Employer
In certain cases, base health policy is covered by the employer, and in this scenario buying an independent Super Top-up Policy is not a smart choice. When you change your job and once your employer policy is no longer valid you will not have a base policy to pay the deductibles of your super top-up policy.
Conclusion
Super Top-Up Policy can prove to be extremely beneficial if you want higher coverage at a lower cost. However, you need to keep in mind that this kind of top plan may not work for every situation and they come with their own set of limitations. This is why before you dive in and select a Super Top-Up Plan, analyse your Mediclaim policy once again and then make an informed decision based on your needs.
