How A Super Top-Up Health Insurance Plan Can Help You?

The onset of the COVID-19 pandemic has reinforced the importance of robust healthcare insurance in people's minds. Medical emergencies of any kind and the skyrocketing healthcare costs can easily ruin your finances and deplete your years of hard-earned savings. You can easily avoid such situations by purchasing medical insurance for you and your dependent family members.However, how do you decide how much coverage is adequate, especially in the long-term? What may seem enough today may be insufficient in the future, and your existing sum insured may not be enough to cover the full hospitalisation expenses. Inadequate coverage means you must pay the bills from your pocket. A cost-effective solution to beat the medical inflation and get full coverage for your expenses is to choose a super top-up health insurance policy policy.

As healthcare expenses are at an all-time high, the medical expenditures can sometimes take you by surprise and exceed your primary health insurance plan's coverage limit.Super top-up health insurance acts as an extension of your regular health insurance policy; it provides additional coverage above the base policy's threshold. The best thing about a super top-up health insurance policy is that it can coverthe claims for cumulative medical expenses within the policy year after exceeding the deductible.

• Buying super top-up health insurance is a cost-effective way to increase your coverage limit rather than purchasing a new policy, as this would mean paying a higher premium. Super top-up plans come with a high deductible amount and lower premium. If you do your due diligence, then you can avail of the super top-up benefits at a minimal cost.
• You can buy super top-up health insurance even if you don't have a regular healthcare policy. But, it would help if you chose a base plan to cover the expenses below the deductibles limit. Otherwise, you may have to bear the costs from your pocket, which defeats the whole purpose of the health insurance policy.
• You can buy super top-up health insurance either from your existing insurer or from any other insurer of your choice. Ensure that you carefully compare the plans, weigh the benefits such as free annual health check-up , cashless facility, etc. and choose the best plan to suit your needs.
• Another significant feature of a super top-up health insurance policy is that you can attach its benefits to individual health insurance and family floater health insurance policies.
• Like any other health insurance plan, the premium paid towards super top-up health insurance is eligible for tax benefit under Section 80D of the Indian IT (Income Tax) Act.

A super top-up health insurance policy is useful for anyone who has health insurance and is looking to minimise the financial burden associated with medical expenses. These plans are particularly beneficial if your existing policy has a lower sum insured or proved inadequate to cover your hospital bills. Thus, widen your health insurance coverage with a super top-up policy and keep your savings secured.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.