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Top up Health Insurance Simplified
Top up health insurance plans are a unique type of health cover policies that offer the insured with an additional coverage, which goes beyond the maximum limit of the existing health insurance policies. Such plans come handy when the threshold of the existing health cover is already used or exhausted and there are some medical costs left to deal with, which would otherwise exert pressure on the savings. No matter whether one holds a health cover plan from the employer or possesses an independent mediclaim policy, a top up health insurance can always be purchased to deal with the inflating costs of medical treatment.
Top up Insurance Plans functioning
Top up medical insurance in India normally works on the basis of a cost-sharing model, wherein the medical expenses up to the deductible limit or the treatment costs exceeding the assured medical claim have to be stomached by the insured. The medical insurance companies only deal with the costs incurred within the maximum limit of the policy. The top up medical plan steps in and help the insured deal with the expenses that cross that threshold limit.
As of now, the top up plans offered by different companies can promise a sum insured between Rs. 50000 and Rs. 1500000, with the deductible amount ranging between Rs. 30000 and Rs. 500000, respectively. The underlying sum insured will provide full protection, apart from the deductible amount, which is covered by a normal health cover policy or through any other relevant source.
Why do you need a Top Up Plan for Health Insurance?
Health insurance will protect you and your family against any financial contingency arising due to a medical emergency. However a top up health insurance plan on your base policy is of equal importance due to various reason.
- It supplements your existing medical insurance
- It covers one against medical emergency in case of exhaustion of the basic cover
- It covers one against medical emergency in case of change in job
Top up Advantages
- Top up health cover plans is that they are cheaper in comparison to the normal health insurance policies, but only until the amount of deductible is higher. They are the most affordable means of extending the health cover, through a perfect combination of a basic policy and an ideal medical top-up.
- Ease of purchase. There are no absolute restrictions regarding the choice of companies for getting a top-up health cover. One can have a desirable top-up plan from a company, different from the basic health insurance provider, without any fear of termination of an insurance contract or any other consequences.
The top up health insurance plans are available in two distinct versions, including the individual cover and the family floater cover, and are eligible for deduction under Section 80D while filing an ITR.
Every bit of information outlined above essentially points out towards the need for a good, basic health insurance covering the insured against the hospitalization and treatment costs within the threshold limits, and backing it up with an ideal top up insurance plan to deal with the expenses exceeding the insured limits and avoiding the burden of medical costs from falling on the savings.
So Compare and buy the best top up health insurance plan online now in less than 15 minutes from Bimadirect.com. Abiding by our belief in consumer empowerment, we have partnered with all major General Insurance companies in India to bring their products on a single platform enabling comparison and informed decision making.