Rising medical treatment costs are placing a financial burden on individuals. To cover these expenses, many people are turning to health insurance policies.
By obtaining an essential policy and adding a top-up plan, individuals can enjoy numerous benefits and reduce the burden of premiums.
Before acquiring a health insurance top-up, several factors must be considered. One concerning factor is the increasing cost of medical treatments.
There is also confusion surrounding insurance premium rates, so middle-class individuals increasingly opt for insurance policies to cover medical expenses.
Individuals can alleviate some of their financial burdens by obtaining an essential policy and topping it up. When selecting a top-up, certain factors must be considered.
Top-up policies provide additional coverage when the health insurance limit is exceeded. They are ideal for individuals seeking more health insurance coverage at a lower premium.
When choosing a top-up policy, it’s essential to check the value of the existing basic policy and understand its rules, deductibles, co-payments, and limitations.
Before considering a top-up policy, it’s important to ensure that the basic policy is worth at least Rs. 5 lakhs. Additionally, it’s essential to consider the convenience of paying the premium and opt for a top-up accordingly.
It’s essential to note the cashless treatment options available with top-up policies. Some policies may not allow for cashless treatment and may require individuals to submit an application for expense recovery after paying the medical bill.
Both basic policies and top-up policies have specific conditions. It’s crucial to read the policy documents carefully to understand limitations and conditions. It’s also imperative to select the right policy based on individual health needs.
Before finalizing a top-up plan, it’s advisable to inquire about the insurer’s claim settlement process, considering the insurer’s past claim settlement ratio and the performance of their service centers.
Lastly, it’s important to note that the premium paid for top-up policies is tax-deductible under Section 80D of the Income Tax Act.