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Top-up health insurance for senior citizens

, April 18, 2016, 0 Comments

health-insurance-senior-citizen-cover-fox-marketexpress-inLife can be very unpredictable at times and can leave us physically, mentally and financially battered. There is a growing awareness of holding an insurance policy amongst people of all ages due to the sky-rocketing prices of medical costs in India.

Many people think that the employer provided insurance coverage for the employee and their close family members is good enough to cover for unforeseen medical expenses. But the average coverage provided by the employers is basically in the range of Rs. 3 Lakhs to Rs.5 Lakhs. This leads to a big question of whether this amount is really sufficient enough to protect ourselves? What will happen if the claim amount is more than the coverage? This situation is very much possible given the constant increase of healthcare costs nowadays.

Especially in cases where you have a senior citizen dependent on you for their medical costs, the employee provided insurance coverage will definitely not be enough. Another situation can be when you hold a family floater plan, but you have exhausted your coverage or wish to increase the coverage keeping in mind the rising age of seniors in your family. In such cases, Top-up insurance policies come to your rescue.

Instead of opting for a whole new health insurance plan for the senior member of the family and paying a big premium amount for that, you can opt for a Top-up insurance policy. This Top-up plan comes in handy when you have exhausted your initial coverage and covers sufficiently for expenses arising from a single ailment or medical conditions that occur in that year.

The premium of a Top-up plan is a generally lower than a new health insurance policy and is a more economical choice when you want to increase your coverage and stay protected. This way you are ensured that you don’t have to pay out of your pocket for unforeseen medical conditions of the seniors in your family.

For example, let’s assume your employer provided or family floater policy offers coverage for up to Rs. 3 Lakhs and you hold a Top-up cover of Rs. 10 Lakhs. If you have a claim for Rs. 5 Lakhs, then your policy will pay up 3 Lakhs and once this is exhausted the Top-up cover will pay up for the remaining amount.

With the rapid increase of medical costs and the probability that the senior members fall sick more, the Top-up plan is an ideal money-saver that lets you extend your existing coverage and makes sure that you do not burn a hole in your pocket to pay up for the medical costs of your parents or in-laws.

There are also Super Top-up Plans that covers for multiple claims within a year. Since the top-up plans only generally cover for one case of hospitalization per year, if you have more than one claims in a single year, then a super top-up plan comes in handy. Super top-up plans cover multiple cases of hospitalization and work on the basis of an aggregate claim amount. This makes it even more beneficial if you want to cover for 2 senior members in your family.

To know more about top-up and super top-up, visit this page.

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