I am 33 years old and have health insurance. ¥ 100,000 rupees. I developed declared hypertension during renewal with my current insurance company. But given healthcare inflation and the uncertain environment we live in, ¥ 100,000 rupees may be less in case of unfortunate events.I want to increase the insurance amount. Should I move to a higher insurance plan, get a super top-up, or will my health insurance recovery benefit suffice?
Rajan Gulati, Guwahati
It’s great that the security net is already in place. However, given the rising cost of medical care, it is quite possible that one hospitalization could have used up his entire Rs 10,000 insurance benefit. This creates a need for additional support on top of what your current insurance covers. To make a wise decision about what you need, you should first understand your options:
Recovery benefit This is a function to restore the full amount of the insurance money if the insurance money is lost during the policy year. A very common recovery benefit in family floater plans is for all members with health insurance. Also known as “Recharge Benefit” or “Sum Insured Restore”. The benefits of reinstatement are quite simple, but they are often accompanied by fine print. Allow. This means that the second claim has nothing to do with the first. Insured amount utilization: In most cases, if the insured amount is fully utilized, a restore function is available. If the insurance amount remains, the reinstatement feature will not apply to his second claim. Restoration amount: Generally, restoration of 100% of the insured amount is permitted. However, some plans limit this percentage and may vary. Additionally, some insurance plans may allow you to use add-ons to increase your reimbursement amount.
super top up: A super top-up health insurance that compensates for accumulated medical expenses after exceeding the copayment limit. The deductible limit is the threshold at which the insured pays out of pocket or from basic health insurance. Once this threshold is exceeded, Super Top-Up is activated, covering medical expenses up to the sum insured. Super Top-Up complements existing health insurance with the key benefit of covering multiple claims within a policy year.
Transitioning to a higher sum insured: The need to transplant health insurance usually arises when requirements begin to exceed plan coverage. Customers can transfer contracts upon renewal. You must contact your new insurer at least 45 days before your existing policy expires.
You can also choose a Super Top-up plan to enhance your coverage on top of your existing basic plan. You can choose the option that works best for you, but having both a basic plan and a super top-up from the same insurance company increases your chances of hassle-free, cashless payouts. If you are not satisfied with the features of your current insurer or existing plan, you can also port the policy. However, some insurers may withhold portability of your case because of PED (pre-existing disease) hypertension. In that case, you may also exercise other options. It is to increase the premiums of existing policies, subject to reasonable premiums and medical underwriting. Just because the basic plan includes a restoration benefit does not mean that you need to have a full coverage.
Written by Jt. Chairman and MD – Bajaj Capital Ltd
published to
September 10, 2022
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