With rising inflation across the globe, the cost of healthcare is persistently on a rise. This makes it imperative for everyone to get themselves adequately covered using a health insurance policy. Among the several considerations to keep in mind, selecting adequate coverage is an essential one. This ensures while you have the safety net of health insurance plans, it is sufficient to manage the treatment costs associated with the ailment.
Choosing the right amount of health insurance coverage depends on the beneficiaries of the insurance plan, the ailments for which coverage is sought, and the extrapolation of rising medical inflation for the future. These factors together will help you decide how much coverage will be sufficient. Considering healthcare costs today, a policy with a sum insured between the range of ₹5 lakhs to ₹10 lakhs may prove to be ideal.
But other than choosing suitable insurance cover, you also have the option of riders and top-up plans that help enhance your policy’s coverage. If you are confused about whether you should opt for them or not, this article elaborates on the benefits of top-ups and riders. Continue reading to know more about them. *
What are health insurance riders and top-up plans?
Riders, in simple terms, are additional coverage options available with your health insurance policy. This optional coverage is not limited to a specific type of health cover, but includes individual policies, health insurance plans for family, group insurance plans and more. The optional nature of riders impacts the overall insurance premium. However, the benefits of health insurance policies with riders may be far greater than the cost of it.
Top-up plans extend the features of the health insurance policy even after the base coverage ends. Thus, it is a form of extension of the health insurance plan. A caveat when buying a top-up plan is that it has a significant portion as its deductible, and it is the amount that the policyholder is required to pay before the top-up policy kicks in. *
Should you purchase top-up plans and riders in your health insurance policy?
Insurance experts usually recommend opting for a top-up plan and riders so that the beneficiaries are never at the risk of being underinsured. Insurance riders enhance your policy’s coverage to include situations that are otherwise excluded from the coverage. An analogy to describe riders would be the add-ons that are available with a motor insurance policy. They include more situations that are included in the policy’s coverage.
As time passes by, a health insurance policy bought a few years ago may start to feel inadequate. In this situation, a top-up plan helps enhance the policy’s sum insured. Top-up plans generally work by providing coverage to the policyholder after the deductible is paid. A smart way to incorporate a top-up plan with your existing health insurance coverage is to opt for a top-up plan that has the same amount of deductible as the sum insured of your base health cover. This way, there will not be any gaps in insurance coverage.* Standard T&C Apply
For these above reasons, it is best to get your health insurance policy loaded with riders and a top-up plan to provide comprehensive insurance coverage for you and your family.
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