Medical inflation is now-a-days putting a significant burden on the pockets of common man. The cost of medical treatments and related expenses are ever increasing and to meet up the healthcare requirements one should review the sum insured cover regularly.
Considering the growing medical inflation and increasing healthcare cost to cover all medical needs of the family, sum insured requirement under the health insurance policy should be very carefully selected.
Ending up with exhausted Sum Insured in between the policy can create financial crisis. However, selecting higher sum insured under base health policy may not be only option, as premium for high sum insured will be always be on higher side.
One good option is to buy a Top up health insurance plan that can offer an insured customer with an additional coverage capacity which is beyond the maximum limit of existing health insurance policy.
These policies are available with various deductible options with higher Sum insured option and the premium charged is reasonable.
While increasing the cover you increase the sum insured of your health insurance policy. Whereas, while purchasing a top up plan you add capacity to your regular health policy in case medical expenses exceeds than what is paid through your regular health plan.
Under base health insurance policies the claims are paid up to the sum insured limit opted, subject to other terms and conditions. Whereas under top up plans claims are paid only if the claim amount exceeds beyond the deductible option opted for.
Top up plans triggers on per hospitalization claim basis when the claim amount is above the threshold limit selected. These policies are available in individual and floater sum insured options.
Top up plans are cheap due to the deductible threshold which needs to be paid either by a regular health insurance policy or born out of your pocket. Higher the deductible cheaper will be the product.
The difference in premium is because of the lesser risk on the part of the insurer as the policy triggers only after threshold limit is reached.
Selection of top up cover depends on your needs and medical expenses. It will be advisable to have adequate backup to ensure complete protection and peace of mind.
Top up plans are a good and cheap option to ensure that adequate protection is available to you and your family.
Top up health insurance plans are offered by many Insurance companies in market. One should look for the features of the products and premium charged and should choose the plan which is affordable as well as which compliments the best to the base health insurance policy.
Top-up health policies are a good option for a Family Floater policy where a group of family members are part of the policy. With rising cost of medical treatment and increasing lifestyle disorders, quality health treatments are becoming costlier & unaffordable.
Therefore to ensure that there is no compromise on quality medical treatment, a top-up health policy would support you financially for cost over and above the base amount.
Hence, good option is to buy a top up health insurance cover that to opt for an additional coverage in existing health insurance policy.