There was a time when car drivers would dread punctured tyres. It was only in 1904 that Thomas Morris Davies of UK conceived the idea of adding an extra tyre. It can be used if any of the main tyres get damaged. Your health insurance top-up scheme plays a similar role. You can literally call them a Stepney to your existing health reimbursement policy. They come to your rescue when your original sum insured exceeds your hospital bill.

Does It Make Sense?

Let us take this example. Suppose you have health insurance with about Rs 5 lakh as the sum insured. It might be so that under some emergency circumstances, your health bill shoots to Rs 6 lakhs. Which means you would run short of Rs 1 lakh. You can make up for it without much hassle. You can either buy a separate policy or upgrade it to get covered. Your insurer can help you in this regard. However, it is going to cost you about Rs 6000, or even more. On the other hand, going for a health insurance top up would cost you just about Rs 2000 on a yearly basis. You can say that going for a top up is feasible when you wish to get higher coverage without paying excessively.

Making a Claim

Reliable insurers make it convenient for their clients while applying for top up. Almost all of them maintain an in-built team that settles claims quickly. On average, it takes about 90 minutes or so to settle cashless claims. For settling reimbursement claims, it might take about 15 days of receiving the claims. A number of service providers offer their SMS services to give periodic updates on claim settlement. Claiming for your reimbursement is very simple, as well. You can do it online through the company website, or physically submit the form to the nearest branch office of your service provider.

Partnering With Your Health Insurance Company

There are a number of perks of choosing your Health insurance plans with the premier service providers. For example, you get a cashless card as a member. If you pay the premium by cheque, then you can also get an 80D certificate. It would help you to save tax. Some companies offer floater benefits that allow covering your spouse and children under a single sum insured. If you have an existing mediclaim policy and feel that it is not good enough, then you might want to port it. Different insurance companies offer easy portability service.

What is more, many companies offer a free look period. What if you are availing the services of a company and wondering whether it works fine for you? Companies providing free look facility allows you to cancel the policy within a stipulated date after purchasing it. However, no matter the insurer that you go for, make sure that you read their company policies well in advance even before signing up.  

David Powell
Author

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