While you may think that a health insurance cover of Rs 10 lakhs or more will be sufficient for you or your family at present, it might not be in the long run. Since medical costs have been on a constant and rapid rise for a few years now, health care will only get more unaffordable in the future. Of course, you can consider buying multiple policies, but there is an easier and more convenient option – super top up health insurance.
A super top up health insurance plan serves as a financial backup if you exhaust the sum insured of your base health policy. However, in most cases, you will be required to pay a pre-specified deductible amount before you file the insurance claim. Regardless, super top-up policies are a great way to safeguard yourself against hefty bills and financial burdens during emergencies.
Despite being a great investment, many people still hesitate to buy super top up health insurance. If you’re one of them, keep reading ahead as we will answer eight of the most commonly asked questions about super top-up health plans below:
1. What Factors Should I Consider When Buying Super Top Up Health Insurance?
Although you need to consider a range of factors before buying top-up plans, the first thing you need to keep in mind is the deductible limit, which should be affordable for you. Other features you must evaluate include sum insured, premium cost, exclusions, sub-limits, and cashless network. Also, ensure you purchase policies offered by well-established insurers such as Care Health Insurance for a smooth experience.
2. What is the Meaning of Deductible?
The deductible is the pre-determined amount that the policyholder has to pay out of their own pocket before they can start availing the benefits of the super top up health insurance plan. Once you’ve paid the deductible sum, your insurance provider takes care of the rest.
3. Can I Save Tax with Super Top Up Plans?
Yes, you can save tax with super top up health insurance as the premium for these policies is exempted from income tax according to Section 80D of the IT ACT of India – which is all the more reason to buy one.
4. What All Does Top Up Health Insurance Cover?
A top-up health insurance plan will cover all medical costs, including hospitalization arising from an injury, illness, or accident, for both you and your family. Some policies even extend coverage to new-age/advanced treatments and AYUSH care, so be sure to choose accordingly.
5. Are Pre-Existing Diseases Covered?
Today, most insurance providers include pre-existing medical conditions like diabetes or arrhythmia under their top-up policies. However, there is typically a 24-48 month-long waiting period that applies here. So, make sure you check the waiting period if you have any pre-existing disease.
6. How is The Premium for Super Top Up Health Insurance Calculated?
The premium cost for a super top-up health policy is calculated based on several factors such as your age, gender, sum insured, medical history, pre-existing conditions (if any), and most importantly, the deductible you choose.
7. Which Documents Will I Need to Buy Top-Up Insurance?
The process of buying super top up health insurance is quite simple, and the documents you will need include valid age proof, identification proof, and address proof. However, the requirement can vary from one insurer to another, and you typically don’t need a pre-policy checkup if you’re under the age of 45 to 50.
8. Do Super Top Up Plans Offer Coverage for COVID Care & Treatments?
We are all well aware of the havoc that the coronavirus pandemic has caused all over the globe. Moreover, COVID-19 has claimed 430,285 lives in India alone, as per the Statista Research Department’s latest data. The high number of deaths due to coronavirus has motivated many insurance companies to include COVID treatments in their plans, even including super top up health insurance.