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You can enhance your medical coverage at lower premium by using “Top up Plans”. Enhancement in health insurance policy ensures that you get much improved policy at an affordable premium. The rising cost of quality care at busy hospital May causes that sum assured of your current insurance policy is not sufficient.
Top up plans serves as add-ons on your immediate health insurance policy. They are similar to the base health plan, except that they come with a higher deductible limit.
You are concerned about the limited amount of sum assured since medical expenses have increased excessively. Here a condition comes in which you are looking for a sufficient amount of health insurance but worries about the high insurance premium. In this situation, you can consider the option of Top-Up Plans.
Top up plans have “deductible” hence they are cheap. These plans also have threshold limit sometimes as high as the sum insured itself.
Top-Up Health Insurance Policy: - Top health insurance plans are for those who already have individual, group or family health insurance plan. If the sum assured of your current health insurance policy is not sufficient due to illness or any other reason, Top-up plans takes care of the additional hospitalization expenses.
Deductible: - Deductible means a cost-sharing requirement under a health insurance policy.
Mr. Mohit has an individual health insurance policy of Rs. 4 lakh and a top up policy of Rs 6 lakh with the deductible of Rs. 4 lakh. In case of the serious hospitalization with a claim of Rs. 10 lakh; Rs. 4 lakh will be paid from the primary insurance plan and Rs. 6 lakh will paid from top-up insurance plan.
In other situation, Mr. Mohit has a top up cover with the threshold of Rs. 4 lakh and he hospitalized twice in a year with bills of Rs. 2.7 lakh and Rs. 2.5 lakh respectively, the top-up plan will not trigger. The top-up plan will only trigger if the medical expense crosses the threshold limit of Rs. 4 lakh.
While selecting the insurance plan keeps one important thing in your mind i.e. higher the detectable, the lower will be the insurance premium. Do not opt for an unrealistically high deductible just to save on premium.
