With medical inflation hitting a high of 20%, even a single instance of availing quality medical treatment is likely to make a dent in your savings. Therefore, buying a health insurance policy for yourself and your loved ones is incredibly important. When it comes to medical insurance you can buy a health insurance plan depending on the type that suits you the most. Your options include individual health insurance, family floater insurance, critical illness insurance and personal accident cover amongst others.
However, sometimes you may end up underestimating your medical needs and your health coverage may prove to be inadequate. In such cases, your best bet is to enhance the existing health policy coverage by availing one of the following options.
A top-up health insurance plan boosts your regular insurance policy. It typically covers hospitalisation expenses after your individual or group health insurance plan’s provision for this is over. Here, the sum insured of an existing health insurance plan serves as a deductible for a top-up plan to come into effect. Typically a top-up plan will only offer coverage in two instances:
When you exhaust the sum insured of your existing plan in a single round of hospitalisation for an illness.
You fail to recover from an illness and suffer a relapse due to which you get hospitalised within 45 days of discharge.
For instance, assume that you have a health policy with a sum insured of Rs.5 lakh and you suffer from a heart attack for which you are hospitalised and the bill comes up to Rs.6 lakh. Your existing policy will reimburse only up to Rs.5 lakh and hence you will have to pay the additional Rs.1 lakh. However, if you avail a top-up plan, it will reimburse the excess amount as well.
Top-up plans are not riders but individual covers and hence, you can buy these separately from any insurer. So, if you are looking to avail a top-up health insurance policy, consider reputable insurers like Bajaj Finserv who also offer other beneficial features. You can apply for a Bajaj Finserv Top-up Plan online by submitting minimum documentation and get wide coverage from Rs.3 lakh to Rs.50 lakh for pre-hospitalisation up to 60 days and post-hospitalisation up to 90 days. By availing a top-up health insurance plan you can enjoy a minimal waiting period, affordable premiums and cover maternity and organ donor expenses as well.
Super top-up plans
Unlike a top-up plan, a super top-up health insurance policy covers medical expenses arising out of multiple hospitalisations. In other words, you can make multiple claims and the policy lapses once you exhaust the cover available to you. On the other hand, a top-up plan allows you to make just one claim and lapses as soon as you make it.
Continuing with the earlier example, assume that you suffer a second heart attack after 6 months of getting treated for the first one and the bill comes up to Rs.8 lakh. Here, the relapse happens after 45 days of your discharge due to which a top-up plan fails to cover your expenses. However, if you avail a super top-up plan with a sum insured of Rs.10 lakh instead, this plan will cover the amount exceeding Rs.5 lakh.
So choose your health insurance plan wisely, and also select a top-up that seems most beneficial. If you wish to apply for a Health Insurance Top-Up Plan from Bajaj Finserv, check your pre-approved offer to view customised deals that you can make use of. This is a simple and super-quick way of securing your finances and your health.