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Things to Consider Before Buying Health Insurance Top Up Plan

The role of a health insurance top up plan is evident when the coverage of your existing health insurance plan won’t be sufficient to meet your needs.

If your medical cost is Rs.10 lakh and if your health plan covers only Rs.5 lakh, the remaining Rs.5 lakh may be covered by your health insurance top up plan.

Given the fact that the medical cost is touching the sky, it is good to go for a  top up health insurance plan. However, before you go ahead and buy the top up health insurance policy, you need to consider some factors.

  • Check the available benefits

A health insurance company may tempt you with many benefits while pitching their products, but you may not entirely get the benefits. Thus, the first thing that you will need to check should be the benefits if it’s really available and if you need them. Also, there is no point in opting for a health insurance top up plan especially even if after payment of the higher premium, you can’t get enough coverage.

  • What is the deductible limit?

In the insurance world, the deductible is the figure that a policyholder would need paying at the time of claim before the company settles the remainder of the amount. Health insurance top up schemes come with a deductible clause. Such policies become active only when the medical costs go up the deductible limit. The concept is simple to understand as most insurers follow – higher the deductible, lower the premium. But, there is no point in opting for a high deductible limit that may never come into effect. The deductible of your top up health insurance should stay close to the assured sum of your major mediclaim policy.

  • What about the coverage?

Before opting for the health insurance top up plan, another vital thing that you need to consider is the medical history of your family members. Also, the city where you live should also decide these plans’ coverage. Addition of the health insurance top up plan to your existing family floater or individual plan may also be done, if any.

  • Will it cover the pre-existing ailment cover?

Even the best health insurance policy may not cover pre-existing conditions, and hence, you should opt for a health insurance top up plan to offer the same. If you are vulnerable to some diseases due to family history, it may become useful.

  • What are the restrictions?

Opting for the health insurance top up plans may have some restrictions such as sub-limits which can restrict the amount of coverage available. Ensure that your top up health insurance policy does not have any sub-limits or have a minimum one. Thus, ensure to read the terms and conditions of the health insurance top up plan in advance to be sure to what you will avail and what you won’t.

The Bottom Line

A health insurance top up plan should be your next move even if you have a health insurance policy so that you can get extra coverage which the policy may not offer. Now that you are aware of what to consider while buying a top up health insurance plan, you may assess your needs and apply for one online. All the best!