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How to Increase Health Insurance Coverage Without Paying a Higher Premium?
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- How to Increase Health Insurance Cover without Paying High Premiums?
A health insurance plan is an important investment that should top the list in your investment portfolio. But do you feel that this is an expensive investment? Believe me, health insurance is not an expensive affair provided you know the techniques to reduce health insurance premium.
We know what you’re wondering about; a low premium will mean a lower coverage. Isn’t it! But don’t worry, a lower premium doesn’t necessarily mean a lower coverage. There are enough measures to ensure an optimum level of coverage which does not burn a hole in your pockets in terms of the related premium outgo.
You cannot debate the fact that having an optimum level of coverage is mandatory in today’s times because of the high cost of medicine and medical procedures. The best health insurance policy will cover all expenditures that are too high to burn a hole in your pockets. A limited coverage is as good as no coverage because in cases of emergencies, the plan with a low coverage would prove insufficient and would wipe out your savings. Since the affordability of the higher premium is a major deterrent towards a higher coverage, insurance companies have launched the top-up and super top-up plans to supplement their best health insurance plans, which seek to increase the coverage amount while limiting the premium incidence.
The Concept
Top-up plans or super top-up plans come like a normal health insurance plan with an added feature of a deductible that helps reduce health insurance premium. The deductible limit acts as a threshold and claims up to the deductible limit are not payable under the plans. If the claims amount higher than the deductible limit, these plans are triggered and the insurer settles the claims. For instance, a top-up plan of Rs.5 lakhs has a deductible limit of Rs.2 lakhs. If a claim of Rs.2.5 lakhs is made, the top-up or the super top-up plan is triggered and the insurance company would pay the excess Rs.50, 000 in the claim.
Learn More: How to Save on health Insurance Premium
The Relevance
If you already are covered under an employer sponsored medical insurance plan or have a health plan with a lower coverage and want to opt for the best health insurance coverage in low premium, you can opt for a top-up or a super top-up plan. The cover would be supplemented and very little premium would be charged. You should ideally try to match the deductible limit of the top-up or super top-up plan with your existing health plan coverage. This would ensure that the threshold limit would be met by your base health plan and any excess would be met by the top-up/super top-up plan.
The Difference
While both the top-up and super top-up plans aim to supplement your health insurance coverage, they have a fundamental difference between them. A top-up plan considers every claim as an isolated incident and every isolated claim amount is tallied against the deductible limit. If any claim surpasses the limit, the plan is triggered. A super top-up plan on the other hand, takes the cumulative values of all claims made within a policy period to compare it against the deductible. If the aggregate claims cross the threshold limit, the plan is triggered.
For instance, there are three claims in a policy year of amounts Rs.50, 000, Rs.90, 000 and Rs.3 lakhs. Suppose the top-up and the super top-up plans are both of Rs.2 lakhs with Rs.1 lakh deductible limit. The top-up plan would only prove effective in the third instance of claim of Rs.3 lakhs, because that is where the threshold limit is exceeded and would pay Rs.2 lakhs. The super top-up plan, on the contrary, would be triggered in the second claim itself since the aggregate of both the claims comes to Rs.1.4 lakhs which is above the deductible limit.
The Choice
A super top-up plan makes more sense, if you want to get the best health insurance coverage in low premium, because it takes the cumulative value of claims in a year. This ensures that even smaller claims that are more frequent would be payable by the plan which isn’t the case with top-up plans.
So, if you thought that having a higher coverage meant paying a higher premium, think again. The top-up and super top-up plans are here to stay and if you are looking for a smarter way to save on the premium outgoes in your health plan and reduce health insurance premium, you know where to look.
And if at all you are looking at a one point solution to get details about all the best health insurance plans and understand the best and cheapest plans that suits your requirement, log on to Policybazaar.com.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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