No one knows what will happen tomorrow. Medical expenses are going up day by day. Lifestyle is changing every day. UNhealthy lifestyle, the pressure of work, stress, frustration, malnutrition, lack of exercise and this list goes on. People are getting admitted to the hospital for diseases frequently or they have to go to the doctor almost every month. Now it is necessary to have a health insurance plan so these medical costs can be covered. Just a health insurance plan is not everything you should have to make work. A health insurance top-up plan can be helpful for you to cover all your expenses.
If you are buying top-up health insurance you can go for your existing health insurer or also can go for a new health insurer. You also can check for health insurance top-up plan online for more details.
Before saying anything you should have the idea about the term “deductible”. A top-up health plan comes with a particular amount which is called “deductible”. It means that the top-up health plan won’t give you the coverage up to that specified limit.
Benefits of Top-up health plan
A health top-up plan will help you when your existing policy falls short. Top-Up health will give you extra added cover on your existing health insurance policy. A good health top-up plan can be beneficial in so many ways if you have heavy hospitality expenses it will help you. Top-Up health insurance is best for those who do not want to spend so much on health insurance premium.
- It is cheaper than buying a new health insurance policy but it will increase your sum insured.
- A top-up health plan will give you the opportunities for choosing your deductible limit.
- A top-up health plan is easy to buy, you can buy it from your existing health insurer you also can buy a top-up health plan from a new insurer without any hassle.
- It can be easily attached to your family floater health insurance plan or individual health insurance plan.
- You can get a tax deduction under section 80D of the income tax act, 1961.
Back draws of Top-up health Plan
- Before taking a top-up plan you should check how many people you can cover with that top-up plan. There are some top-up health plans which don’t even cover your parents.
- You can’t use your top-up plan if your hospital bill does not exceed your base policy’s sum assured and if you have a top-up health plan worth of 4lakh and you had two hospitalizations costing 3 and 305lakh you can’t use your top-up health plan.
The ideal way to use your top-up health plan is you have to select the deductible very smartly. It is advisable that you should go for a deductible which is equivalent to the sum assured provided by your primary medical insurance.