Individuals cannot be prepared for extraordinary medical emergencies, as evidenced by the current Covid-19 outbreak and the global health crisis it has generated. The only way to have a safety net and avoid spending all of your hard-earned money on treatments is to purchase a comprehensive health insurance policy that covers all of your and your family’s medical needs.
While we previously relied on our jobs’ health insurance coverage, Covid-19 has shown us the value of investing in a supplemental plan that provides protection against a variety of health scenarios not covered by the company’s plan.
Health insurance has never been more necessary than it is now, especially because entire families could develop communicable diseases like Covid-19 and require costly treatment. In such cases, comprehensive health care insurance may ensure that the entire family receives the best possible care and medication without adding to the burden that the breadwinners are already dealing with.
Furthermore, with the constant growth of medical inflation, it is more important than ever to have comprehensive health insurance. In truth, many consumers choose for health insurance with the lowest prices and end up with insurance that is inadequate in an emergency. When the insurance limit is reached, such myths compel people to tap into their savings, something they would not have to do if they had invested in comprehensive and adequate health coverage in the first place. You can also choose a top-up health insurance plan if you currently have a policy but want to expand the coverage limit.
What is a Supplemental Health Insurance Plan (SHIP)?
The top-up health insurance plan is a wise addition to your existing health insurance policy, as it provides medical coverage in addition to the policy you have already purchased or got from your employer. It is an indemnity policy that allows you to cover medical expenses in excess of the sum insured under your ordinary policy, protecting you from costly medical crises. The following are the most important things to know regarding top-up health insurance plans:
- The top-up plan has an obligatory deductible, and you will only be covered when you have paid the deductible. For example, assume your firm offers you a medical policy with a sum insured limit of INR five lakh and you choose to buy a top-up worth extra INR seven lakh for added security.
- The top-up plan is only available after your initial sum assured has been exhausted. In the event that you require treatment for INR nine lakh, the initial insurance will cover INR 5 lakh and the top-up will cover the remaining INR four lakh.
- If you are concerned about the coverage provided by your current policy, top ups are a prudent and cost-effective choice, as they are less expensive than basic health insurance.
- In-patient hospitalization fees, pre-hospitalization and post-hospitalization expenses for up to 60 days and 90 days, daycare treatments, some organ donor expenses, emergency ambulance charges, and domiciliary treatment expenses are frequently covered by top-up plans.
- Top-up policies don’t require pre-medical screening until you’re over 55, so buying them when you’re younger can keep you protected for longer and at a lesser cost.
- Look for plans with greater deductibles when choosing the ideal plan for your needs, and make sure there are no overlaps in the coverage supplied by your basic plan and the top-up you’re contemplating.
- Most of the exemptions in top-up plans are likely covered by your base plan, so you don’t have to be concerned. When evaluating pre-existing health issues, check the waiting period on the plan and look for policies that cover pre- and post-hospitalization costs adequately. Before selecting a top-up, you should think about maternity coverage and deductible criteria for a single illness.
- Also, be sure that your family members, including as your parents, children, and spouse, are covered by your top-up plan.
- Plan to supplement your income
- Keeping medical costs down