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Top Up Insurance
Health Insurance is something we all buy for covering our health expenses in the time of need. So why is there a need for a Top up Health Insurance when we already have a health insurance policy? A Top up Mediclaim Policy is a kind of extra safety net which gives additional health insurance over and above your other health insurance policies.
Top up Medical Plans give the same benefits as normal health insurance such as hospitalization and domiciliary expenses reimbursement. But the difference between these two is that while most health insurance claims are for small amounts, top up insurance is used when the claim amount is large and is exceeding the threshold limit. The maximum claim is the sum insured in the policy. Any other claim or reimbursements from any other policy are deducted from the maximum claimable amount in this policy. It is an extra cover at a reasonable cost. It might have certain exclusions such as day care and dental treatments etc. but it doesn’t matter as all those are taken care of by your base health insurance policy.
Top up insurance is better than taking a fresh policy because it costs much lesser than a fresh insurance policy for a higher sum insured. It is good for people who feel the requirement for an additional coverage other than their existing health insurance policy for their medical expenses and it pays your medical bills when your existing policy is worn out. It also provides tax benefit under section 80D of the Income Tax Act, 1961. Most top up insurance policies do not ask for a medical checkup up to the age of 55 years. The main difference in health insurance plans and top up insurance plans is the deductible amount which has to be chosen at the time of purchasing the policy. The premium is lesser if the deductible amount is higher. To save money and time, you should buy health insurance and top up policy from the same company. A top up insurance plan should be bought at an early age because the lesser your age the lesser is the rate of the premiums to be paid.
There are two types of top up policies- Top up Policy and Super Top up Mediclaim Policy. While a Top up policy provides reimbursement for extraordinary expenses arising from one single illness, a Super Top up Health Plan provides cover for all illnesses from moderately expensive illnesses to just one expensive illness. The total expenses, if over and above the threshold limit are reimbursed subject to the sum insured in the policy. A Super Top up policy provides better cover than a Top up policy; therefore you should buy the best Super Top up health Insurance for you and your family’s healthier and safer future. There are several companies offering Top up policies online, which is an easier and more convenient option of buying them instead of buying them from an agent.
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