Thursday, October 28, 2021

What do you understand by super top-up health insurance?

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Ever since COVID-19 has started taking effect, the economy of the world has taken a dip which is yet to come back its former position. And if we talk about India, many people lost their jobs while quite many also have gone through pay cuts. In one such situation, those who contract. The virus and had to be hospitalize also had to spend a lot of money on their treatment. Things have been not so bad for people who had a good buffer of saving but those who did not save a lot, had almost spent all of their save money.

If you do not want to come across one such situation, the prudent idea is to go for a health insurance policy. There are several insurance companies that offer health insurance plans. You can choose the one that suits your needs and purchase it without wasting any time. However, even after taking a health insurance policy, you may think the coverage you are receiving is not enough for you. Well, in that case, you can opt for a top-up plan. Wondering what a top-up plan is? Let us discuss.

What is top-up plan?

A top-up plan is basically an extra sum insure. It can be considere as a regular health plan but the only difference is that it is use only when the regular limit of the sum insure is already use. Top-up plans will allow you to claim the amount when it is more than the deductible as well as the sum insure. You can use the top-up plans when your hospital bills get more than your health insurance coverage limits.

Advantages of top-up health plans

·         Top-up plans come with additional coverage

·         With one such plan, you will get higher coverage at lower premium

·         This health plan is supplement existing

What is super top-up?

As the name suggests, super top-up health insurance is define as a plan with a threshold limit applies to the entire expenses incurre to the policy tenure. E.g. a policyholder undergoing hospitalization multiple times during the policy duration. A lapse of super top-up policy takes place when you have utilize the sum insured in totality and not on a single claim. This is a critical differentiator from a top-up plan.

Advantages of super top-up health plans

·         In the longer run, super top-up health plans are prove to be much cost-effective

·         Its provides coverage for a wider range of diseases

·         So it is ideal for those who often get hospitalize or have healthcare expenses as they can avail of the entire coverage

What is the right time to use top-up and super top-ups?

The top-up plans come with a feature called ‘deductible’. So it is basically a pre-decided limit. As the deductible limit of a single hospitalization is crosse. The top-up plan is used. While, a super top-up plan provides coverage on the threshold limit for several claims in the same tenure of the policy. Under super top-up plan, the deductible limit is calculate by putting together the entire hospitalizations in a year. And in that case, a super top-up plan functions is much like an enhanced insurance coverage.

If we compare these two, we can say that the top-up plans are better for those who do not have a chronic disease. Also, who have only a base health insurance plan. And need to add extra coverage so that they can use it during an emergency. A super top-up plan is perfect for those who have chronic ailments and are hospitalized often in a year.

If you want more information on top-up and super top-up plans. You can take a look at the website of IIFL. So you will not only find information about these two. But also can get to know about several health insurance plans.

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