TeamAckoNov 17, 2023
Providing for your family is one of the basic life necessities and important stages in anyone’s life. But, how do you secure your family’s health a comfort when even one sudden and unanticipated surgery could set you back by Rs 20 Lakh? This is where you need to start planning and thinking about increasing your existing health coverage. You don’t have to ditch your old one!
Yes, moving from a Rs. 10 lakh to Rs. 1 crore health insurance cover is not as expensive as you think it is!
Health insurance is a necessity these days when even one small medical emergency can render you broke. If you have health insurance coverage, this means that the insurance agency will cover your medical bills including inpatient admission if you get into an accident or need to be admitted. Some of the different expenses your health insurance may cover are pre and post hospitalisation expenses, day-care procedure charges, surgery charges, medical charges and room stay charges.
There are many kinds of health insurance coverage depending on your age, family status, medical history, premium amount, coverage, etc. Choosing the right medical insurance coverage that benefits you and your family will be the right step to take to ensure a stress free life.
Your health insurance provider will determine the monthly premium you have to pay to secure your cover - a premium is nothing but a yearly/periodic subscription fee that you will have to pay to your provider - in return you will receive a larger amount of health care coverage. Usually premiums range from Rs 5,000 a year and can go up to Rs 20,000 a year onwards. These premium guarantee coverage starting from Rs 1 Lakh a year all the way up to Rs 1 Crore or even more.
In case you feel like the current insurance plan is not offering you enough coverage, there is no need to worry or cancel the plan, in order to opt for another plan. Instead you can avail the insurance premium top up which will increase your overall coverage by a certain amount. You can even opt to increase your healthcare insurance coverage all the way to a princely sum Rs. 1 Crore from a Rs. 10 Lakh coverage!
Applying for a healthcare top-up plan, which is also known as supplementary insurance, is an easy process. Firstly, narrow down on insurance providers and plans, in order to find one that suits your needs. Once you've made a choice, next find out their websites or application portals in order to apply. You'll need to provide personal information, including your age, medical history, and any pre-existing conditions. This is the stage where they may ask for medical records or prior medical history to determine your eligibility. After submitting your application and paying the premium, you'll receive a policy detailing coverage and benefits. It's essential to carefully review the terms, ensuring it complements your existing health insurance and offers the desired additional coverage.
The primary distinction between a Rs. 10 lakh and Rs. 1 crore insurance coverage, lies in the how much financial protection they offer. A 10 lakh insurance coverage provides a coverage limit of 10 lakhs, which is 1 million rupees. This amount can be suitable for covering moderate medical expenses and providing some financial security in case of unforeseen events.
On the other hand, a 1 crore insurance coverage, which is equivalent to 10 million rupees, offers significantly higher coverage. It provides a substantial safety net for more substantial medical bills, major life events, or emergencies.
Nowadays the cost of medical treatment has soared which causes great stress if we are not able to pay for it. The choice between these two coverage levels depends on an individual's financial circumstances, lifestyle, and healthcare needs, with higher coverage providing more comprehensive protection for a broader range of scenarios.
In fact, medical costs these days are no longer discretionary - a heart surgery for instance can range up to Rs 10-20 Lakhs, while the amount of tropical diseases such as dengue and chikungunya are on the rise. Any of these can dent your pocket and upend your usual financial plan, hence it’s best to plan and prepare for them at the right time.
Super top-up health insurance plans and top-up health plans both are important to boost your insurance coverage without raising your overall premium in a big manner. The key difference is how they work.
Super Top-up plans cover all your medical bills once they cross a certain limit, while Top-up policies only cover one hospitalisation claim that goes beyond that limit (known as the deductible). So, Super Top-up is like having continuous coverage for multiple hospitalizations, while Top-up is for a single big expense that exceeds the deductible.
Super top-up health insurance acts as a supplemental policy that enhances your overall healthcare coverage. For instance, if you have a health insurance policy with a coverage limit of Rs. 5 lakhs and incur a hospitalisation bill of Rs. 7 lakhs, your base policy will cover the initial Rs. 5 lakhs, leaving you responsible for the remaining Rs. 2 lakhs. However, if you also hold a super top-up policy with a coverage limit of Rs. 10 lakhs, it can even cover the extra Rs. 2 Lakhs, so you don’t have to pay anything out of pocket!
This additional coverage can be beneficial not only for single high-cost hospitalizations but also for multiple health expenses throughout the year. The super top-up policy kicks in once your cumulative medical expenses surpass a certain deductible amount, ensuring you receive comprehensive coverage for your healthcare needs.
Let us not be naive or plan by thinking that you will be able to manage in case of life’s sudden and unexpected turns. Plan in advance, and make sure that you are guaranteeing not only your health but that of your precious family members too. As they say, a stitch in time saves nine. Check out our plans which afford an easy way to upgrade to a larger insurance coverage, and rest easy knowing that your future is secured.
Also read about Family health plan
No, it's not expensive to move from a ₹10 lakh cover to ₹1 crore cover! It will only cost around 30% more than a ₹10 lakh cover.
It depends on many factors like age of the principal applicants, number of dependents, deductible amount, etc, but the average 1 crore premium top-up will be around 5-8,000 INR only - a small price to pay for health security.
You can instantly avail all the top-up benefits as long as your primary insurance coverage requirements are met such as the eligibility and minimum waiting period for certain illnesses. Yes! You can upgrade your top-up in peace and immediately start availing the benefits.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet, and is subject to changes.
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