Ageing brings more health concerns. A Super Top-up plan eases financial burden. Learn about its benefits and coverage for senior citizens.
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Updated on:
March 13, 2024
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As you age, health issues become more common. Choosing a Super Top-up plan makes it easier to prevent financial strain.
Explore the Super Top-up plan, how it works, and its benefits for senior citizens. Understand what it includes and excludes in coverage.
As we go through life, ageing is one thing that is bound to happen. As we age, we gain wisdom and experience, but we also become more prone to health problems. For senior citizens, making sure they have enough health insurance becomes important considering the rising medical costs.
In this piece, we will talk about why super top-up plans are important for older people. These plans act like a shield, protecting them from having to pay a lot of money for medical costs that pop up unexpectedly.
What are super top-up plans?
A Super top-up is an additional cover of up to ₹20 lakhs you can buy for yourself or your family members on top of your existing health insurance plan.
The price of the premium will vary based on the deductible chosen.
A deductible is an amount you have to pay either from your pocket or covered by your other medical insurance before Super top-up comes into play. Say, you have a super top-up for ₹20 lakh with a deductible of ₹1 lakh, you have to pay the ₹1 lakh and the super top-up will cover the rest.
How does super top-up work for senior citizens?
Let's illustrate how a super top-up plan works with an example.
Deductibles can be paid either out of pocket or through the base policy if the base policy meets or exceeds the deductible amount.
How can employees purchase super top-up plans for senior citizens?
There are 2 ways in which the employees can purchase Super Top-Up plans for senior citizens.
Purchasing a super top-up plan for an individual dependent
In this scenario, a super top-up policy is bought solely for one person. You can purchase a super top-up for your mother, father or parent-in-law. If, for instance, the Super Top-Up coverage is 20 lakh covering only your mother, claims can be made under the Super Top-Up plan for your mother alone.
Purchasing super top-up plans for multiple dependents
Here, the employee purchases the Super Top-Up plan to cover his/her family. For example, if an employee buys a 20 lakh Super Top-Up plan for his mother and father, both will be covered under the same plan with a total coverage of 20 lakh.
Between Apr 2023 and Feb 2024, Pazcare witnessed 1500+ employees opt for Super Top-Up plans alongside their base policies, providing them and their families with 4x of the coverage.
Among these employees, approximately 30-40% purchased Super Top-Up plans specifically for senior citizens.
What is the process of getting super top-up for senior citizens?
The procedure for obtaining a Super Top-Up plan for senior citizens involves an underwriting process. When an employee includes a senior citizen in the Super Top-Up plan, the insurer conducts a health assessment by contacting the proposer. This assessment involves inquiries regarding their health status, medical history and pre-existing conditions.
Subsequently, the insurer determines whether to book the policy for the senior citizen or not.
Why opt for super top-up plans for senior citizens?
Critical illness covered
Healthcare expenses for critical illnesses can be exceptionally high, particularly for senior citizens. Certain health insurance policies may not fully cover these costs, or they may impose caps on coverage for specific illnesses. Super top-up plans provide a solution by easily covering such expenses, ensuring comprehensive financial protection.
Higher sum insured
While standard health insurance plans offer coverage, they may fall short of providing adequate financial protection, especially for senior citizens with pre-existing conditions. Super top-up plans bridge this gap by offering higher sum insured, thereby providing comprehensive protection against a wide range of medical expenses.
Flexibility and customisation
Super top-up plans offer flexibility in choosing deductible amounts and sum insured, allowing senior citizens to tailor their coverage to their specific healthcare needs and budgetary constraints. This customisation ensures that they receive optimal protection without overburdening themselves financially.
One-time deductible payment
In super top-up plans, your medical expenses are covered after you meet the deductible. You're not required to pay the deductible for each hospitalization. Instead, it's a one-time payment at the beginning of the policy. Once the policyholder has paid this amount during the policy term, the insurance company will cover the remaining claim amounts until the policy renewal and the same process repeats after that.
Low waiting period
In super top-up plans offered within group health insurance policies, the waiting period can be as short as 2 years, unlike standard health insurance policies. Pre-existing conditions will be covered after this waiting period.
It's important to note that injuries resulting from accidents will be covered from day one.
What’s covered and not covered in the super top-up plan for senior citizens?
What are the cases where a claim becomes non-payable in super top-up plans?
Case 1: The waiting period is not done
Super Top-Up plans have a waiting period of 30 days during which no claims are processed. Additionally, they also have a 2-year waiting period for certain ailments like Cancer.
Case 2: Unpaid deductible
Claims under Super Top-Up plans are only processed after you have paid the initial deductible from your pocket or through the base policy. If a claim is raised before the deductible is paid, it will be considered non-payable.
Conclusion
Super top-up health insurance for senior citizens serves as a vital financial safety net, offering coverage beyond their primary health insurance. Given the increased health risks with age, existing coverage may prove insufficient. By choosing super top-up plans, seniors can safeguard their retirement savings from being spent on medical expenses, ensuring peace of mind and financial security during their later years.
What are the factors affecting the premium of the Super Top-Up plan?
The only 2 factors that affect the Super Top-Up plan are
Deductible chosen
Age of the insured individual(s)
If my base policy has been exhausted for this year, can I still purchase Super Top-Up?
Yes, you can still purchase a Super Top-Up plan if your current base policy has been exhausted. You need to pay the deductible amount from your pocket before the super top-up starts covering your medical expenses.
As you age, health issues become more common. Choosing a Super Top-up plan makes it easier to prevent financial strain.
Explore the Super Top-up plan, how it works, and its benefits for senior citizens. Understand what it includes and excludes in coverage.
As we go through life, ageing is one thing that is bound to happen. As we age, we gain wisdom and experience, but we also become more prone to health problems. For senior citizens, making sure they have enough health insurance becomes important considering the rising medical costs.
In this piece, we will talk about why super top-up plans are important for older people. These plans act like a shield, protecting them from having to pay a lot of money for medical costs that pop up unexpectedly.
What are super top-up plans?
A Super top-up is an additional cover of up to ₹20 lakhs you can buy for yourself or your family members on top of your existing health insurance plan.
The price of the premium will vary based on the deductible chosen.
A deductible is an amount you have to pay either from your pocket or covered by your other medical insurance before Super top-up comes into play. Say, you have a super top-up for ₹20 lakh with a deductible of ₹1 lakh, you have to pay the ₹1 lakh and the super top-up will cover the rest.
How does super top-up work for senior citizens?
Let's illustrate how a super top-up plan works with an example.
Deductibles can be paid either out of pocket or through the base policy if the base policy meets or exceeds the deductible amount.
How can employees purchase super top-up plans for senior citizens?
There are 2 ways in which the employees can purchase Super Top-Up plans for senior citizens.
Purchasing a super top-up plan for an individual dependent
In this scenario, a super top-up policy is bought solely for one person. You can purchase a super top-up for your mother, father or parent-in-law. If, for instance, the Super Top-Up coverage is 20 lakh covering only your mother, claims can be made under the Super Top-Up plan for your mother alone.
Purchasing super top-up plans for multiple dependents
Here, the employee purchases the Super Top-Up plan to cover his/her family. For example, if an employee buys a 20 lakh Super Top-Up plan for his mother and father, both will be covered under the same plan with a total coverage of 20 lakh.
Between Apr 2023 and Feb 2024, Pazcare witnessed 1500+ employees opt for Super Top-Up plans alongside their base policies, providing them and their families with 4x of the coverage.
Among these employees, approximately 30-40% purchased Super Top-Up plans specifically for senior citizens.
What is the process of getting super top-up for senior citizens?
The procedure for obtaining a Super Top-Up plan for senior citizens involves an underwriting process. When an employee includes a senior citizen in the Super Top-Up plan, the insurer conducts a health assessment by contacting the proposer. This assessment involves inquiries regarding their health status, medical history and pre-existing conditions.
Subsequently, the insurer determines whether to book the policy for the senior citizen or not.
Why opt for super top-up plans for senior citizens?
Critical illness covered
Healthcare expenses for critical illnesses can be exceptionally high, particularly for senior citizens. Certain health insurance policies may not fully cover these costs, or they may impose caps on coverage for specific illnesses. Super top-up plans provide a solution by easily covering such expenses, ensuring comprehensive financial protection.
Higher sum insured
While standard health insurance plans offer coverage, they may fall short of providing adequate financial protection, especially for senior citizens with pre-existing conditions. Super top-up plans bridge this gap by offering higher sum insured, thereby providing comprehensive protection against a wide range of medical expenses.
Flexibility and customisation
Super top-up plans offer flexibility in choosing deductible amounts and sum insured, allowing senior citizens to tailor their coverage to their specific healthcare needs and budgetary constraints. This customisation ensures that they receive optimal protection without overburdening themselves financially.
One-time deductible payment
In super top-up plans, your medical expenses are covered after you meet the deductible. You're not required to pay the deductible for each hospitalization. Instead, it's a one-time payment at the beginning of the policy. Once the policyholder has paid this amount during the policy term, the insurance company will cover the remaining claim amounts until the policy renewal and the same process repeats after that.
Low waiting period
In super top-up plans offered within group health insurance policies, the waiting period can be as short as 2 years, unlike standard health insurance policies. Pre-existing conditions will be covered after this waiting period.
It's important to note that injuries resulting from accidents will be covered from day one.
What’s covered and not covered in the super top-up plan for senior citizens?
What are the cases where a claim becomes non-payable in super top-up plans?
Case 1: The waiting period is not done
Super Top-Up plans have a waiting period of 30 days during which no claims are processed. Additionally, they also have a 2-year waiting period for certain ailments like Cancer.
Case 2: Unpaid deductible
Claims under Super Top-Up plans are only processed after you have paid the initial deductible from your pocket or through the base policy. If a claim is raised before the deductible is paid, it will be considered non-payable.
Conclusion
Super top-up health insurance for senior citizens serves as a vital financial safety net, offering coverage beyond their primary health insurance. Given the increased health risks with age, existing coverage may prove insufficient. By choosing super top-up plans, seniors can safeguard their retirement savings from being spent on medical expenses, ensuring peace of mind and financial security during their later years.
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