Have you ever taken health insurance and if you have, have you ever wondered what you will do if your bill exceeds the cover of your policy in case of an accident or emergency, to avoid such trouble you can take top up health insurance.
Today we will know what is top up health insurance and do you really need to take top up insurance and if you are taking top up insurance, what things should you keep in mind, so let’s start.
What is top up health insurance?
Top up health insurance is a type of health insurance that provides you additional coverage over and above the coverage amount of your primary health insurance policy. It applies when your medical expenses exceed the coverage limit given in your health insurance policy. So, when your medical expenses exceed the coverage of the primary health insurance you have taken, it acts as a secondary health insurance policy.
Do you need to take top up insurance?
How can you decide whether you need a top up health insurance policy or not ? Here are some things that will help you make the right decision.
Assess your existing health insurance coverage
First, check your existing health insurance and see if the coverage is sufficient for your health cover. Do you think that in the future you will not need more money than what is covered by your insurance policy? If yes, then there is no need to take top-up health insurance.
Personal and family health history
Consider the health of yourself and your immediate family. If there is a history of chronic diseases or conditions that require expensive treatment, a top-up plan can provide additional financial security.
Age and lifestyle
Young individuals with a healthy lifestyle may not need comprehensive coverage immediately, but as you age, the chances of needing more comprehensive health coverage increase.
Factors to Consider Before Buying Top-Up Health Insurance
Deductible Amount
A Deductible amount is the amount you have to pay out of pocket before your top up insurance starts covering expenses. Choose a Deductible that you can afford in case of emergencies.
Coverage and Benefits
Check whether your policy covers inpatient hospitalization, pre and post hospitalization expenses and daycare treatments etc. Verify whether the policy includes coverage for critical illness, chronic conditions and specific diseases that are not covered by your primary health insurance plan. Beware with the room rent limits during hospitalization otherwise it can become the major expense for you.
Premium Cost
Understand how premium for top up insurance is calculated and then find the best affordable policy which is covering max benefits at lowest premium cost.
Network Hospitals
Every Insurance company has a hospital network where you can get cashless treatments instantly. Check your insurance company website and find the hospital network. If you can see, the best hospitals in your area are in the network of Insurance companies then you can consider the Insurance Company as a good option.
Policy Exclusions
Read the printed copy or PDF of your policy to understand what is covered in your top up health policy. Such as few medical conditions, procedures, or pre-existing diseases. Waiting period is also an important factor to consider. Check waiting periods for specific treatments or conditions to manage expectations about when the coverage becomes effective.
Claim Process
There are so many companies which are providing similar kind of policies and services but sometimes during the claim your insurance company can deny your claim by giving unnecessary reasons.so before buying any top up insurance always research about the company’s claim settlement ratio or percentege.
Portability and Renewability
Sometimes when you are not happy with the current service of your insurance company then you can port to another insurance company for the same benefits and services so always check whether your health insurance has the portability feature or not.
Companies offer discounts and other rewards when you don’t claim your insurance or renew your insurance.ask you insurance agent about rewards and other riders benefits.
I hope now you have a clear understanding of what top up health insurance is and what are the factors you need to consider before buying any top up health insurance. Thank you