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Find Out How Top-up Plans Can Upgrade your Existing Health Insurance Policy

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Sunaina bought a health insurance plan after a lot of research. She selected the set of benefits carefully and ensured that the plan fit her budget seamlessly. Recently, she met with an accident. She needed constant care and a little privacy. But her comprehensive plan had a cap on the room rent. This is where her top-up health insurancehelped her waive off any caps on the room rent. So, if you feel that your health insurance coverage is not enough, you can get a top-up plan or add health insurance add-ons to your policy. They will boost your coverage and you need to pay only a small additional premium for that. Let’s discuss in detail some of the crucial add-on covers that you must consider adding to your health plan.

What are health insurance add-ons?

As the name suggests, health insurance add-ons are additional benefits that need to be bought separately to strengthen your health insurance coverage. These add-ons are taken over and above your existing basic policy, but at an extra cost. However, as per the regulations of the Insurance Regulatory and Development Authority of India (IRDAI), the premium of all add-ons taken under one policy cannot exceed 30% of the total premium amount. For instance, say you have a health insurance policy with a sum insured of Rs 50,000 and the premium amount is Rs 4000 per month. Now, if you plan to take add-ons, then the total premium of the add-ons cannot exceed Rs 1200, which is 30% of Rs 4000.

Must have add-ons

Here are a few add-ons you can add to your base plan depending on your specific needs:

1. Room rent waiver:

Your standard policy may have a cap on the room rent during hospitalisation. This rider will help you get a room that exceeds that limit and you won’t have to pay anything extra in room rent while the treatment is on.

2. Maternity cover:

Motherhood is a life-changing experience. However, the costs related to delivery can be high. This cover will help you pay for those expenses when you plan to have a baby. It comes with a waiting period of around 2 years. You can further boost this plan by adding a feature of coverage for infants. The covers can be extended to 2 instances of childbirth and the childcare cover will pay for expenses for the first 3 months as well as vaccination charges till the baby turns one.

3. Critical illness cover:

This additional cover provides a lump sum benefit toward the treatment of specific illnesses that do not come under the purview of the basic policy. In this cover, the payout is defined and predetermined. It means the policyholder gets the amount irrespective of the hospital expenses incurred. The surplus amount, if any, can be used by the policyholder to pay off any debt. The condition is that the policyholder will get the amount after a survival period of 30 days after the illness is diagnosed and the cover will lapse once the insurer pays the amount. You are allowed to buy more than one critical illness policy and seek coverage against a different set of ailments, which can include cancer, heart attack, stroke, paralysis, kidney failure, etc.

4. Hospital cash:

In case of ailments that require an extended period of treatment, it not only drains your savings but also affects your ability to earn. While the standard plan can pay the hospital bills, this add-on policy will ensure that your household needs are met while you receive treatment. You can use the money to pay other medical expenses that may not be covered under the health insurance policy.

5. Emergency ambulance services:

Sometimes, there is just no time and the patient may have to be rushed to the hospital. Since ambulance charges are quite high, this add-on can cover the cost of arriving at the hospital of your choice during emergencies. You can decide on the amount while discussing it with the insurer.

Conclusion:

The cost of healthcare is rising by leaps and bounds, but if you opt for a bigger sum insured or include more features, the premium can also increase and exert a strain on your budget. Therefore, in such cases, where base plan’s coverage seems inadequate, get top-up health insurance add-ons at a nominal price.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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