Super Top Up Health Insurance For Senior Citizens: Benefits, Taxation and Claim
A super top-up health insurance for senior citizens is a family floater policy that provides mediclaim coverage over one’s chosen health insurance policy. Unlike ordinary top-up health plans, super top up plans offer complete coverage beyond a certain threshold limit (deductible).
Super top up plans offer complete financial security if an individual’s hospital bill crosses the insured sum. For example, if someone has a super top-up plan worth Rs. 10 lakhs and a deductible limit of 4 lakhs, their super top up plans will cover all hospital bills beyond Rs. 4 lakhs.
Features and Benefits of Super Top Up Health Insurance for Senior Citizens
1. Higher insured sum
Senior citizens often require higher coverage under their health insurance policies due to them being more prone to ailments. Hence, they might need a high insurance amount to deal with rising medical bills and financial strain.
2. Cushions from high expenses
Healthcare expenses for senior citizens can consume their entire retirement corpus, leaving funds for rainy days. Fortunately, super top-up health insurance policies for senior citizens comprehensively cover such expenses.
3. Pay the deductible once
A deductible is an amount one needs to pay out of pocket before the insurance policy kicks in. With the super top-up plans, one needs to pay it only once and then they can make multiple claims in a year.
4. Support for critical illness
A critical illness often creates medical expenses that are too high even with a health plan. A super top-up plan helps in the long run, providing substantial cover for such illnesses.
5. Additional coverage
With a super top-up health policy, one can get additional coverage over the employer’s policy, including critical illness and AYUSH treatment.
How to Buy Super Top-Up Health Insurance Plans for Senior Citizens?
Enumerated below are the steps that one needs to follow in order to buy a super top-up health insurance policy for senior citizens:
- Step 1: First, research well about the various super top-up policies available in the market. Take into account the medical history of the family, health condition of the parents while going through the various policies.
- Step 2: After you have chosen the super top-up insurance policy that you will buy, visit the official website of the insurance provider.
- Step 3: Provide your basic details and fill up the form.
- Step 4: Cross-check the accuracy of the information provided in the form.
- Step 5: The senior citizens might be required to undergo a medical check-up at diagnostic centres specified by the insurance company. Further medical check-ups will take place if required.
- Step 6: The insurance company will generate the plan after the purchase is complete.
How to Select the Right Super Top Up Health Insurance for Senior Citizens?
Before buying a super top-up plan for your elderly parents, consider the following factors carefully:
1. Deductible
A higher deductible results in lower premium costs. You should choose the deductible wisely so that the base insurance plan covers your parent’s medical expenses.
2. Sum insured
Considering the rising price of medical treatment, you should choose a high insured sum that covers expensive hospital bills.
3. Additional benefits
You should take a look at the policy documents to see what inclusions and exclusions the insurer offers.
4. Co-payment option
Check the co-payment option so that your elderly parents do not have to bear a high cost.
5. Premium
Choose the right insurer and deductible option to get a policy with an affordable premium.
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Working of Super Top-Up Health Insurance for Senior Citizens
A super top-up health insurance for senior citizens is an ideal policy. It will cover hospital bills upto the specified limit above the deductible amount.
After one pays the deductible amount, the super top-up health insurance will be activated for claims.
One can avail this health insurance policy even if he/she does not have a normal medical insurance plan. Moreover, a super top-up health insurance for senior citizens will cover all cumulative expenses.
The case study below will illustrate this further:
Mr. Vijay Sahay had a health insurance policy. But after he was diagnosed with cardiac problems, he bought a super top-up health insurance plan of Rs 10 lakh with a deductible of Rs. 5 lakh.
Now, he is 68 years old. After holi, Mr Vijay Sahay suffered from a cardiac arrest and had to be hospitalised. The doctor said he has to undergo surgeries followed by prolonged medical treatment.
The first claim of the policy was covered by Mr. Sahay’s health insurance policy and soon it got exhausted. However, the subsequent claims were covered by the super top-up health insurance which covered all his medical expenses. Mr. Vijay Sahay’s family were relieved that they did not have to pay anything from their own pocket. He is a fit and happy man now.
What Expenses are Included and Excluded by Super Top Up Plans?
1. Expenses covered under super top-up plans:
- Pre and post hospitalisation: These plans cover expenses incurred both before and after the hospitalisation of a patient. This includes medication, diagnostic tests, follow-up visits, etc.
- Hospital bills: These policies cover nursing fees, ICU charges, room rent, doctor’s fees, surgeon’s fees, operation theatre charges, etc.
- Daycare procedures: Some insurers cover medical expenses undertaken in a hospital for hospitalizations requiring less than 24 hours.
- Complementary health check-ups: Many insurers offer annual health check-ups for elderly insured people.
2. Expenses that are excluded under super top-up plans:
- These policies do not cover pre-existing ailment/injury diagnosed till a certain waiting period is over.
- It does not cover expenses incurred during hospitalisation if one’s condition does not match a doctor’s prescription.
- These health plans do not cover pre or postnatal expenses unless it leads to one getting admitted to a hospital.
- These do not cover expenses for injuries caused by attempted suicide.
- Expenses from treatments that do not have significant medical research backing them up are also not covered.
- These plans do not cover infertility treatment, in vitro fertilizations, cosmetic and plastic surgeries.
Taxation of Super Top-Up Health Insurance Plans for Senior Citizens
According to Section 80D of the Income Tax Act, taxpayers can avail many tax benefits for paying premiums for super top-up health insurance plans.
If an individual has to pay a premium for a plan that covers self, spouse and kids, he/she can claim a maximum of Rs. 25,000 as a deduction. He/she can claim another Rs. 25,000 as deduction if the plan includes parents. If the parents are senior citizens, then the taxpayer can claim a deduction upto Rs. 30,000.
What Unique Features are Offered by Super Top Up Plans?
1. Coverage from Covid-19
Senior citizens are at the most risk from the Covid-19 virus, and that’s why super top-up health policies cover hospital bills arising out of it.
2. High insured sum
Despite low premiums, these policies not only offer a high insured sum but also allow multiple claims in a year.
3. One policy for a family
One can get discounts on his/her family floater plans by adding a super top-up policy and increasing its tenure.
4. Cashless treatment
The insurer offers the facility to settle bills with its network hospitals, allowing the insured person to get treatment without paying cash.
5. Fast claim approval
Whether one needs a planned or emergency medical treatment, having an easier claim process makes life easier. Some insurers provide paperless claims and process them in only a few hours.
How to File a Claim under Super Top-Up health Insurance for Senior Citizens?
Given below are the details of the steps required to file a claim under super top-up health insurance for senior citizens.
1. Steps Required for Cashless Claims:
- Step 1: Get admitted at a network hospital
- Step 2: Show your e-card at the hospital desk and ask for a cashless request form
- Step 3: Your claim will be processed
2. Steps Required for Reimbursement Claims
- Step 1: If you have been hospitalised, please inform the insurer as soon as possible
- Step 2: If there is the provision of filing a claim over email, then avail it
- Step 3: Then, you need to submit your hospital bills and other relevant documents. Only then will the insurer initiate the reimbursement process.
Please note that many insurance companies provide the option of digital claims, which ensure a hassle-free experience for patients.
Your parents can get extensive coverage by choosing super top-up health insurance for senior citizens from Navi. Download the Navi App and choose a flexible insurance plan that covers you and your family with a sum insured of up to Rs. 1 crore.
The following are some reasons to get your health insurance plan from Navi:
- We have one of the most expansive grids of over 10,000 network hospitals allowing you to get treatment anywhere in India.
- You can buy an insurance policy and for claims with our completely online process, involving no tedious paperwork.
- Our 24×7 support can help settle your cashless claims in just twenty minutes and reimbursements in only four hours.
- We have a high claim settlement ratio of 97%, with over 12 lakh fully satisfied customers.
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Final Word
Super top-up health insurance for senior citizens serves as a financial backup for the elderly. Being more prone to illnesses, their existing coverage may be insufficient, making these plans a great solution for expensive treatments. It will also let them save their retirement funds from being drained on hospital bills.
FAQs
Ans: Some of the best super top -up health insurance policies for senior citizens are listed below:
• Aditya Birla Activ Assure + Super Health Top-up: Maximum amount of sum insured can be upto Rs. 1 crore
• Bajaj Allianz Extra Care Plus: Sum insured ranges from Rs. 10 lakh and Rs. 25 lakh
• Chola MS Super top-up plan: Sum insured ranges from Rs. 3 lakh to Rs. 25 lakh
• Care Enhance Super top-up health plan: Maximum amount of sum insured can be upto Rs. 50 lakh
Ans: Some of the disadvantages associated with super top-up health insurance policies are as follows:
• One needs to pay the deductibles from their health policies/corporate plans or on their own.
• One cannot file a claim until the policy’s deductible limit is fully exhausted.
• Loss due to war/invasion/civil war will not be covered.
• Expenses of vitamins, supplements and energy drinks will not be covered unless and until they’re a part of hospitalization expenses.
Ans: The cost of treatment for senior citizens is often too high for insurance policies provided by an employer. Moreover, getting such policies is difficult once an individual quits his/her last job.
Ans: Yes. Most insurers conduct medical tests if the insured person is more than 45 years old and check for pre-existing illnesses.
Ans: The waiting period is a certain time frame after which the insurance policy starts covering pre-existing ailments, provided they were already declared.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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