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Health Insurance 101: How to extend health coverage for your family with top-up insurance

Photo by Thiago Cerqueira on Unsplash

The outbreak of the global COVID-19 pandemic has made the importance of medical insurance evident to all. Over 77 million people have contracted the virus so far across the world with over 1.7 million deaths. To make matters worse, a new mutation of the deadly virus has already been detected in the UK, which is up to 70 per cent more infectious. This  has sparked fears of similar outbreaks in other countries as well since it has now been proved that the deadly COVID-19 virus can actually mutate.

Amid all this uncertainty, the least one can do to protect themselves and their families is to opt for a comprehensive health insurance policy that also provides COVID cover. By doing so, you not only get financial stability and security against uncertainties, you also get access to quality healthcare facilities and can lead a stress-free life. The tax benefits that come with the health insurance plans are just the added benefit.

Photo by Daan Stevens on Unsplash

Is your health insurance enough?

Whether you have individual coverage, rely on employer's insurance, or protect yourself and
loved ones with a comprehensive family health plan, there are three crucial questions to ask

  • Is the coverage guaranteed?
  • Is it enough?
  • If it isn’t, how can I get better insurance protection for less?

Answering each of these honestly will give you a better idea of where you stand in terms of having the right protection for you family. You can then decide if you need to make some changes to your health plan or stick to the one that you have.

Given that millions of people have lost their jobs ever since the advent of the pandemic, relying on employer insurance in this current state of job market flux isn’t the best idea. This is simply because coverage and all its benefits will lapse should you find yourself out of a job, or as soon as you retire. Also, group insurance coverage is often not comprehensive enough to meet the requirements of the whole family. Since the sum insured is distributed among multiple family members, health insurance plans for family may fall short if repeated incidents exhaust your policy’s coverage for the year.

Advances in healthcare are making treatment better but also increasingly expensive. This means your insurance plan could be inadequate unless it can cover you for illnesses you have a high propensity towards as well as unforeseen health issues that can come out of nowhere – COVID-19 virus is just a case in point.

Photo by Thiago Cerqueira on Unsplash

Families aren’t static. They and their needs grow and evolve all the time. This makes a timely review of your insurance coverage critical. Research shows that younger families might need a more comprehensive cover to deal with potential chronic diseases later in life, by which time inflation will also drive-up costs significantly [4] . The difference between life and death can ultimately come down to funding for treatment.

Using top-up to bridge the gap : If you already have a family health care plan, you're a step ahead already. An easy way to strengthen your protection even further without any significant increase in premium Payments is topping up existing health insurance policy. This is the responsible choice because it acts as the handy helper when you need it most.

In the event you are hospitalized, the bills tend to pile up quickly. Health insurance policies cover you until you exhaust your sum insured. After this, a top-up, like the one offered by a trusted insurance insurer like Bajaj Allianz General Insurance, can come to your rescue. It is just the kind of reinforcement needed to handle the second wave of expenses.

Consider a scenario where an unfortunate incident lands you in the hospital and you exhaust the sum assured provided by your basic health policy. If you do not have a top-up, you are then left to fend for funds on your own, and that too at the worst possible time. On the other hand, if you have opted for Bajaj Allianz’s Extra Care Plus top-up, this shield would kick in once your basic medical insurance cover is exhausted. The most valuable part about Bajaj Allianz’s Extra Care Plus top-up cover is that you don't even need a basic health insurance plan to avail it.

Apart from this, one must also take into account the rising cost of treatment with rising inflation. So while your basic health cover may be enough for now, a top-up would future- proof your insurance policy. In addition, a top-up plan can be availed for your elderly parents in case their existing health insurance for senior citizens has already met its sum insured limit.

Buying insurance can be tricky. After all, you are entrusting the future of your health and your families to someone other than yourself. This is why having the protection of a responsible insurer with a solid reputation that spans decades should be a key consideration. The Extra Care Plus policy is a reliable, practical choice for the range of features and benefits it gives you like, emergency ambulance cover, free health check-up, entry age up to 80 years, pre- and post-hospitalization cover, day-care procedures cover, and more.

Finally, it’s always good to have a little extra help in times of need. Don’t spend your hard-earned money on sudden illness when you can rely on an outstanding top-up health insurance plan. In these current times, this is the best way to prepare yourself and protect your family in the most hassle-free way.

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