Health insurance coverage has become increasingly popular in India in recent years. This is mainly due to the consistent rise in healthcare costs along with increasing instances of threats to human life. On top of that, medical inflation is only expected to grow in the coming years. While having a health insurance plan is a wise move, it is sometimes noticed that the coverage amount may turn out to be insufficient when faced with a medical emergency.
To avoid such instances, it’s necessary to buy two policies or increase the amount insured. A health insurance top-up plan is designed specifically to address this need by allowing policyholders to increase the coverage of their health plan.
The purpose of a health insurance top-up plan is to provide you with additional coverage so your healthcare needs are met, without having to worry about insufficient insurance coverage. In a nutshell, a top-up plan for health insurance is designed to supplement your current coverage; however, Care Insurance offers super top-up, which allows you to pay the deductible once and claim several times throughout the year.
Brief Understanding About Health Insurance Top-Up Plan
Health insurance top up plan sometimes can be confused with the usual extra benefits at the hospital. But that is not the case with the top-up plan. It is a policy that offers the same advantages as a standard health insurance plan. Aside from their present health insurance base plan, every policyholder should purchase the top-up health insurance coverage. Some population segments can benefit from health insurance, and some of these categories, though not all, are the same subgroups that would be likely targets of coverage extension initiatives.
It can prove to be more beneficial for senior citizens because otherwise, they might have to pay higher premiums for purchasing another health plan at a later age. Purchasing additional health insurance can help you save a lot of money on your premiums. Purchasing a top-up plan comes with a number of advantages. While the primary reason for purchasing this backup is to reduce out-of-pocket payments, there are other benefits like as being able to receive treatment at your preferred medical facility and much more. Let’s deep dive into the reasons a little more.
Provides coverage in addition to your basic plan
In the event that your base plan’s coverage limit is reached, the health insurance top up plan provides further financial support. This implies that your insurance company will cover any additional costs, effectively relieving you of any financial concerns.
High Coverage at Reasonable Prices
You can receive more medical coverage with the health insurance top up plan. The premiums, on the other hand, are reasonably priced. This effectively means that you get the twin benefits of a higher insured sum at cheaper prices, which makes sense as an investment if you are in your later years of life.
Defends Increasing Medical Expense Inflation
With the healthcare industry on the verge of a paradigm shift, medical inflation is becoming more prevalent by the day. You can offset this inflation to a significant extent by obtaining a health insurance top up plan, which provides additional hospitalization coverage. You can reduce any further financial obligations by transferring the risk to your insurance provider.
Protection against Pre-Existing Conditions
Pre-existing conditions are usually not covered by basic health policies. This is what comprehensive health insurance is for. Having a health insurance top up plan offers an extra layer of security. It is especially useful if you have a family history of illnesses.
Benefits from Income Tax
You can claim tax exemptions for your health advantage insurance plans under Section 80D of the Income Tax Act. The cap of Rs. 25,000, however, remains in effect. This is true even if the plan includes yourself, your spouse, your children, and your parents. If you have a separate medical policy for your senior citizen parents, the maximum rises to Rs. 55,000 and Rs. 60,000, respectively.