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.
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.
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.
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.
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.
With a super top-up health policy, one can get additional coverage over the employer’s policy, including critical illness and AYUSH treatment.
Enumerated below are the steps that one needs to follow in order to buy a super top-up health insurance policy for senior citizens:
Before buying a super top-up plan for your elderly parents, consider the following factors carefully:
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.
Considering the rising price of medical treatment, you should choose a high insured sum that covers expensive hospital bills.
You should take a look at the policy documents to see what inclusions and exclusions the insurer offers.
Check the co-payment option so that your elderly parents do not have to bear a high cost.
Choose the right insurer and deductible option to get a policy with an affordable premium.
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.
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.
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.
Despite low premiums, these policies not only offer a high insured sum but also allow multiple claims in a year.
One can get discounts on his/her family floater plans by adding a super top-up policy and increasing its tenure.
The insurer offers the facility to settle bills with its network hospitals, allowing the insured person to get treatment without paying cash.
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.
Given below are the details of the steps required to file a claim under super top-up health insurance for senior citizens.
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:
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.
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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