In the past few years, prices have gone up and changes have happened in all industries, including healthcare.Whether you go to the doctor for something small like a cold or something serious like heart disease, you have to pay a high consultation fee and go through an expensive, time-consuming medical procedure.
Therefore, it is essential to choose a health insurance policy that meets your needs. You can compare health insurance online and investigate the top-up plans offered by the leading health insurance providers in India, such as Tata AIG and others. Because of the unpredictable nature of health emergencies, the health insurance policy you purchased may not meet your needs in many instances. In such cases, top-up plans are helpful.
Let’s discuss what supplemental health insurance plans are and how they may benefit you. Continue reading for more information.
What Does Additional Health Insurance Coverage Mean?
- Advertisement -
A top-up health insurance plan lets the insured get more medical coverage on top of their main health insurance.Consequently, a supplement plan expands the scope of your health security. A supplement plan functions similarly to fundamental health insurance policies. However, the premiums for these plans are less expensive than those for conventional plans, making them more affordable and the best health insurance in India.
However, a health insurance supplement should be distinct from a health insurance rider. It is not a standard health insurance rider or add-on for any particular purpose or condition. In addition to standard health insurance, riders or add-ons are available. In contrast, supplemental health insurance is available as a stand-alone policy. Consequently, a top-up plan can serve as both individual health insurance and a supplement to your standard health insurance.
Why You Should Supplement Your Health Insurance Policy Online
Purchasing a top-up policy has numerous benefits. It reduces out-of-pocket expenses and allows you to receive care at the hospital of your choice without making financial arrangements.
This plan has numerous benefits and features. The following are the top five reasons for purchasing supplemental medical insurance plans:
Coverage in Addition to Your Standard Health Insurance
This is the greatest benefit of supplemental health insurance. It provides financial assistance if your primary policy’s limit is reached. You are confident that your insurer will cover any additional costs, reducing your financial burden.
Combat soaring medical costs
In India, medical inflation is on the rise. The medical inflation rate in India now exceeds 20%, up from 8–9% in recent years. Investing in supplemental health insurance allows you to effectively combat such inflation. You could transfer the risk to your insurance company, thereby substantially reducing your financial burden.
Superior Protection at Reasonable Rates
The good news is that top-up plans are inexpensive. You may benefit from a higher coverage limit and a lower premium. This benefit is particularly advantageous for those over 65 years old. The elderly population is highly susceptible to becoming ill. Therefore, a top-up plan would be an appropriate option.
Coverage for Pre-Existing Conditions
Pre-existing conditions are typically not covered by health insurance.Nevertheless, you may add coverage to your base plan through an add-on. This is helpful if you have a family history of diseases like diabetes or hypertension.
Tax Benefits
Similar to other types of health insurance, the premium for your supplemental policy may be tax deductible. Section 80D of the Income Tax Act of 1961 allows you to deduct up to $2,500 from your tax liability. It can be used to obtain insurance for oneself, one’s spouse, and one’s dependent children. According to the 2018 Budget, senior citizens may qualify for a higher deduction limit. If you are older than 60, you are eligible for a deduction of up to $50,000. Consequently, medical plans reduce your tax liability while providing coverage.
Conclusion
A supplement medical insurance policy is a stopgap between regular health insurance and medical costs that come up quickly. It increases the medical insurance limit for less money. It is an excellent option for policyholders who have a family floater insurance policy or a medical history.