A medical emergency can drain a family’s financial savings and cash reserves. Therefore, health insurance plays an instrumental role in providing coverage for medical costs in case of unplanned medical situations.
Moreover, a super top-up health policy boosts your health plan when your sum insured is lower than the medical expense. Continue reading to learn more about this plan and how you can use it to protect your finances.
What Does Super Top-up Health Insurance Mean?
A super top-up health insurance provides reimbursement for the medical costs that exceed the senior citizen health insurance or any regular health insurance coverage limit. If your total medical expenses surpass the deductible amount, the plan offers an extra layer of financial protection. This type of insurance ensures that high healthcare costs do not put a strain on your finances, even after your sum insurance limit is exhausted.
The difference between super top-up and top-up policy is that the latter can only be used while claiming once a year, while the former can be used for multiple claims in a policy year.
How Super Top-up Health Policy Works
The best super top-up health insurance works to provide financial coverage after you have exhausted the base insurance policy’s sum insured. It provides coverage for the costs of the cumulative claim amount exceeding the threshold limit.
For example, suppose you bought a health policy with ₹8 lakhs as coverage amount and added ₹10 lakhs worth of super top-up plan to the existing health policy. Therefore, your total sum insured is ₹18 lakhs with a deductible/threshold limit of ₹8 lakhs.
Now, if your medical bill comes up to ₹12 lakhs, then your insurer will pay ₹8 lakhs from your base health policy and ₹4 lakhs from your super to-up health plan.
Here it is important to note that in super top-up plans, the threshold limit is not taken into consideration for each claim, but instead on the cumulative claims of hospital bills during the policy period.
Who Should Buy Super Top-up Health Insurance?
Here are some situations in which you can purchase a super top-up plan:
- To Enhance Coverage – You can especially benefit from it if you want more coverage for your existing policy and do not wish to invest in a new health policy.
- For Addition to Different Plans – This plan is also ideal for those covered under family floater or corporate health insurance plans, as it provides additional coverage when the base sum insured is exhausted. Also, it is beneficial if your plan comes with a high deductible clause, offering extra protection.
- For Family History of Diseases – Moreover, if you live in a locality with a higher prevalence of specific diseases or have a chance of developing hereditary diseases, then you should opt for the super top-up plan.
Conclusion
The continuous increase in medical costs is a key reason to invest in health insurance plans. With policies like super top-up health insurance, you can enhance your financial savings during medical treatments or when faced with large hospital bills.
This additional sum insured provides you with the extra security that you may require throughout the policy year while claiming health insurance for medical expenses.