When the cost of treatment exceeds the amount insured by the base health policy, a top-up health insurance plan is necessary. In other words, after the current base health policy’s sum insured limit has been reached, a top-up plan offers additional coverage, enhancing financial protection. Before getting a top-up, make sure you check the following:
- Waiting Period: You should know that top-up plans are independent health plans with waiting periods for several pre-existing conditions during which you cannot submit any claims. For these health policies, there are different waiting periods. Most top-up plans come with a waiting period, which prevents you from claiming medical costs for the first time. Check the waiting period in the policy and be aware of how it affects your coverage. *
- Deductible Sum: Top-up health insurance policies typically have a deductible. Before the top-up plan goes into effect, you must pay this amount out of your pocket or from your base health policy (standard health policy). Therefore, consider your ability to pay the deductible if your base policy’s sum insured is used up. If you don’t have a primary health plan, you’ll be responsible for covering the deductible in out-of-pocket medical costs. *
- Co-payment Clause: Top-up health plans have a co-payment clause like base health policies. It implies that the insurer pays a certain part of the medical expenses while you are responsible for a portion ( a fixed percentage as per the policy document). Therefore, before extending your health insurance coverage through top-up plans, it is imperative that you carefully consider such clauses. *
- Age Of Policy Renewal: Top-up plans’ renewal dates may differ from those of base health policies. Additionally, some top-up insurance plans have a restricted renewal age, after which you cannot renew the policy. As a result, when the coverage is restored, you must ensure it still meets your needs.*
- Network Hospitals: You must ascertain if a hospital network covered by your base health policy is a part of the top-up plan. You can receive cashless benefits and lighten your financial burden with a partnership with network hospitals.*
- Exclusions: Before purchasing a top-up plan, you should know the medical expenses it does not cover. Cases involving self-imposed injuries and dental care, sexually transmitted infections (STIs), and diseases caused by excessive smoking do not come under its coverage. *
You can always utilise a health insurance premium calculator to understand the appropriate level of coverage for your needs and those of your family.
You must confirm the coverage and amount insured of the top-up plan before you purchase it. Ensure the insurance covers your likely medical expenses and the coverage amount is sufficient for any sizable network hospital expenses. By closely examining key variables, you can choose the top-up health insurance plan that suits your needs.
When considering the purchase of top-up health insurance, it is crucial to keep these tips in mind. By following these tips, you can make an informed decision and secure the right top-up health insurance for you and your family’s financial well-being. Ensure you consistently pay your health insurance premium on time for uninterrupted coverage.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.