Many a time, people underestimate the importance of a big health cover supporting with feeble arguments ‘I have a sufficient cover or I am not prone to illness’ or ‘I can handle medical expenses’. Let’s take an example. Mr. Mishra had Max Bupa health insurance with Rs. 3 lakh coverage. He was living up with the notion that he was sufficiently insured until he met with an accident and the hospital expenses came around Rs.5 lakh, With no option left, his wife had to broke her FDs and children’s fund to arrange the money. If Mr. Mishra had taken up a top-up plan to supplement his health cover, he could have saved his financial goals.
You may take a sigh of relief believing that the health insurance offered by the employer will take care of your medical needs. But have you ever think what if the coverage offered by your employer's health insurance wouldn’t meet your expectations? This cover may be sufficient to pay for small medical expenditures but not for the huge one that could burn a hole in your savings or you may leave bankrupt. And not to forget that your employer offered health cover would cease once you leave the organization
It is also true that bigger health cover may not suit everyone’s wallet. This is where the top-up plan comes into the picture, which not only provides high coverage but also one can avail it at an affordable rate.
How top-up Plans Work?
This plan works on a cost-sharing basis where the policyholder is bound to borne the medical expenses up to a decided limit. The insurer takes charge of medical expenses only if the expense crosses the deductible limit. Above that limit, the top-up plan takes care of the expenses.
Under a top-up plan, sum insured is offered to range from Rs. 50,000 to 15,00,000, with the deductible falling between Rs. 30,000 and Rs. 5 lakh respectively. Top-up plan of Rs. 10 lakh cover can be purchased at an annual premium of Rs. 2,900. On the other hand, a health insurance plan with the same cover will cost somewhere between Rs. 7,450 -11,650, depending on the plan. You can save more than 50% with a top-up plan on premium.
Types of Top-up plans
We can categorise top-up plans into two categories. In the first one, the deductible limit is calculated on each hospitalisation. For instance, you have a base health cover of Rs. 3 lakh and a top-up cover of Rs. 5 lakh. Here you can decide Rs. 3 lakh as deductible as you can pay this money for regular health insurance. You get hospitalised with a medical expense of Rs. 5 lakh, the expense up to Rs. 3 lakh will be paid by your basic policy and above that, your top-up plan will pay the rest. But it would not cover the expenses up t threshold limit. If you don’t have the base policy, in that case, the initial 3 lakh will be borne by your and top-up plan will cove beyond that.
The second category is called as ‘Super Top-up Policy’ where threshold limit is applied to the total expense incurred during hospitalisation. In case a regular health insurance cover of Rs. 3 lakh and a top-up cover of Rs 5 lakh, you hospitalised twice, where your medical bills come amounting Rs. 2 lakh for the first time and 2.5 lakh for the second, the super top-up policy will get activated during the second time as the total expenses exceed the deductible amount. 1.5 lakh will be indemnified as the amount exceeding the deductible. Amount up to the defined deductible limit will be settled through an existing policy or by the insured.
Top-up plans to act as a supplementary policy to the actual health plan by offering dual benefits of low cost and higher sum insured. These plans are boon for those who enter their old age when a person is more prone to illness and medical expenses are bound to increase, so the premium is. Also, one who is covered by employer’s health insurance plan can opt for the top-up plan as well. This way you can ensure higher protection. This plan is meant to those who are looking for higher coverage in a cost-effective way.
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Simply knowing about the policy features, benefits or coverage is not enough for purchasing health insurance in India. Every year insurance companies bring certain changes in terms of policy coverage and benefits; so one has to be up-to-date about latest trends in the market for health insurance in India.
Choosing right health insurance is kind of a task. You need to be careful even more when you’re buying a plan for the family; you’ll come across hundreds of doubts like how much cover do I actually require? Where to shop from? Whether I can afford the premium or not? Which is the best health insurance company? Etc.
When it comes to health insurance, policies offered by Star Health and Apollo Munich are quite famous among the customers. Star health insurance or Apollo health insurance is one of the sought after insurance plan that offers customized benefits. The best part is that these plans are reasonably priced and one can get comprehensive coverage at affordable prices.
In this article we 4 most preferred health insurance plans in India that are famous in terms of benefits and policy coverage.
Apollo Munich Health Insurance
This company is quite famous for offering much-acclaimed health insurance plans and one of the best cashless facilities. The insured on choosing health insurance of Apollo Munich will be benefited wit restore facility, no claim bonus, family floater health cover which includes the entire family under a single policy etc.
The coverage list of Apollo health insurance also includes no additional loading at the time of renewal, attractive sum insured, 100% NCB. It has also designed specific policies for senior citizens as well where the lifelong cover for self and spouse, 5% discount for every claim free year, cashless policy coverage in-network hospitals and no loading on renewal is offered.
Apollo Munich is a joint venture between Apollo Hospitals Group and Munich Health, a leading health insurance organization.
Star Health and Allied Insurance
Star Health is the first standalone insurance company in India and is a joint venture of M/s ICICI Ventures Funds Management, M/s Tata Capital Growth Fund. M/s Oman Insurance Company, UAE, M/s Sequoia Capital, and M/s Alpha TC Holdings Pvt. Ltd, Singapore. Consistently recognised alongside some of the top Indian insurance companies, it has been conferred many awards and recognition. Star health insurance policy, both individual and family floater, offers comprehensive health coverage against medical emergencies and keep you at a safer side. Star health insurance offers direct in-house claim settlement without the involvement of a third party like TPA. Cashless facilities can be availed immediately and one can obtain reimbursement facility in over 700 network hospitals. Also, health insurance plans offer personalized doctors visit for the insured if he is hospitalized.
Max Bupa Health Insurance Compan
Max India Limited and the UK based healthcare services, Bupa joined hands and found Max Bupa Health Insurance Company Ltd. Being counted among one of the fastest growing insurance company in India, Max Bupa offers a wide array of health insurance plans. The range of plans including the coverage of hearth illness to complete hospitalisation cover are purely of comprehensive nature. The health insurance apart from basic cover also includes maternity benefits, childbirth, post-natal baby-care, vaccinations and much more. The best thing is the claim is settled directly in the house with no involvement of the third party. Health Relationship Program is specially designed by Max Bupa to its dedicated customers who are in the relationship with the company for a long time without any break.
Bajaj Allianz Health Insurance
Famous as a symbol of expertise, stability, and strength, Bajaj Allianz is another most preferred insurance company for opting health insurance. It received IRDA certificate in the year 2001 for hosting various insurance-related activities in India. Health insurance policies offered by them include Health Guard (Mediclaim), Silver Health (Senior Citizen) and Star Package (Family Floater). Apart from this, Hospital Cash policy that gives a defined amount on every day of hospitalisation, Critical Illness plan that offers a lump sum in case the insured is diagnosed with one of the listed critical illness during the policy tenure. It is the first company to come up with TPA while settling the claims to maintain efficiency.
However, our list is not the comprehensive one. Whenever you’re up to purchase one, you should always keep a few things to consider at the time of selecting an insurance company. The insurer is the last point of your contact from whom you’ll get the incurred money or to whom you register your claim. Do your research rigorously; take help from online aggregator websites, compare the plans, look for the history of the insurance company and their claim ratio in the past, look out for their market share, size, total assets, growth ration, financial claim settlement ability, quality of service offered etc. Lastly, always check the reviews posted by the existing customers about their experience with the company. This way you will get a fair idea of their services and reputation. Finding an adequate insurance company is as important as choosing a right plan. So, take your time and select the right policy only.
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Buying health insurance?
Don’t worry, we have got you covered.
We can understand the problems that you’re facing in selecting the best medical insurance plan. At times, various insurance options available in the market make things really difficult for individuals. Since health insurance caters to your health, you shouldn’t take any risk with it. Try medical insurance option offered by Cigna TTK health insurance, they have formulated insurance plans to fulfill various insurance needs of it insurance buyers.
Here are some seven important things that you must factor in at the time of purchasing a medical insurance policy. When comparing health plans, consider these points.
1. Age limit
As we grow old, we get more exposed to the risks of falling sick. It is crucial to opt for the maximum age limit. It’s important that a medical plan offers its continuous coverage after you cross 65 years of age. In that age group, it is exhausting to purchase a fresh health insurance plan.
In case you wish to opt for a family floater plan and include your parents in the plan, it’s recommended select plans that come with lifetime renew-ability.
2. Network Listed Hospitals
Insurance providers offer cashless hospitalization in the event you get admitted to any network listed hospitals. Before buying a health plan, it’s absolute necessity check if any of the premiere network listed hospitals are there in your vicinity.
In the event of a planned hospitalization, the distance of hospital doesn’t matter but it does matter in case of a medical urgency.
3. Waiting Periods
Isn’t waiting is a super boring task? Nobody wants to wait to get the insurance benefits of a medical insurance policy. We don’t have any choice since health insurance plans come with a waiting period. Waiting period prohibits you to file any claim as per your insurance plan. Waiting period depends on insurance provider to the insurance provider.
It means an insured person get coverage for the hospitalization bills up to a pre-decided limit. The policyholder has to bear the amount exceeding this limit. Save yourself from unpleasant surprises at the time of filing a claim by going through the sub-limit clause insurance plan.
5. Day Care Procedures
Thanks to technological development, a patient can undergo a medical procedure and get discharged in a couple of hours. This type of treatment is daycare treatment. Different insurers provide coverage for different daycare treatments. Make sure you check it out.
6. Add-on Features
Today, healthcare costs are sky high. It’s a necessity to go above and beyond the basic insurance coverage. You can opt for the insurance plan that offers various add-ons to enhance the umbrella of your medical insurance coverage.
Whatever your insurance provider doesn’t include in your insurance coverage becomes the exclusion.
There are particular health conditions that aren’t covered by various health insurers. Read the policy wordings carefully at the time of comparing various health insurance plans. Make sure your medical condition (if any) isn’t excluded.
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