When you have a Rs5 lakh policy, it is obvious that you feel that it is enough to cover expenses when an emergency or a need arises. We would like to differ from you. While Rs 5 lakhs is more than enough for basic medical costs and interventions, there are certain instances when this will not be enough.
We are sharing with you the 5 reasons or instances where a top-up medical insurance over and above a Rs 5 lakh insurance policy is the right way forward.
1. It may not be enough for your family
As an individual policy, Rs 5 lakh could be sufficient. But, we have to remember that for a family this could be less, especially if the cover extends to senior citizens. We can all agree that older people require more medical intervention as compared to young adults. A family floater plan with a top-up medical policy can increase inclusions and coverage. When parents, children and spouse are covered by the same policy, then taking a top-up plan becomes necessary. A Rs 5 lakh cover is not enough for five to six members of one family and a top-up plan will increase not only the amount but also the diseases and other inclusions.
2. It is not enough to cover complex surgeries
Even though we have mentioned that Rs 5 lakh cover could be enough for an individual person, it may not be enough to cover complex surgeries. For example, surgeries and medical interventions for cancer patients requires extensive chemotherapy, specialized treatment and exclusive medicines. A top-up health insurance plan will help to provide the extensive cover needed to meet expensive medical costs. It will give the patient and the caretakers the required energy to focus on recovering instead of worrying about the costs.
3. Helps to beat inflation to a certain extent
There is no denying inflation. The things that cost in hundred in the late 1990s, now cost in thousands. Even the consultation fees of doctors, especially specialists, can be anywhere between Rs 500 to Rs 1000 per visit. This may be true for metropolitan cities, but even in Tier 3 cities and smaller towns, doctors fees and costs of medicines and surgeries has increased. Taking a top-up health insurance plan on a pre-existing policy gives you the freedom to choose the best doctor possible.
4. No further tests are required
A top-up plan means does not require you or your family members to undergo further tests. Since it is just increasing the value of the cover, the scrutiny of undergoing a series of tests and waiting to see if you will get the cover is not required. All you need to do is contact your agent, and get the required plan. A word of caution, make it a point to understand if there are any changes to the inclusions and exclusions, before you sign the dotted line.
The above are the four major advantages of opting for a top up medical insurance plan, but let us look at some other advantages:
- Comprehensive health insurance – Like the original insurance, the top-up plan will cover doctors fees, ambulance rides, hospital stays, surgeries, post-operative care costs and more. Like mentioned earlier, make sure you check the inclusions.
- Cashless payment – If your original insurance is cashless, then the top-up policy also remains the same. You don’t have to worry about paying the bills. Submit the bills to the insurance provider and once the verification is complete, the applicable amount is transferred directly to the hospital.
- NCB, or No Claim Bonus – Medical insurance companies often provide discounts on premiums for subsequent years for each claim-free year.
Conclusion
Rs. 5 lakh medical insurance will help you in case of an emergency but a top-up medical insurance plan will add to the benefits. With increasing medical prices, comprehensive medical insurance coverage is important to avoid any surprising financial burden in crucial health situations.
