Here’s How a Super Supplemental Health Insurance Plan Can Improve Your Existing Health Coverage

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One of the many things people typically ask is if they can get a super supplemental health insurance plan over their existing health insurance, based on their age, medical history, and current health condition. .

Well, to put it plainly, the answer is yes.

That said, there are a few things to keep in mind while opting for a super recharge policy. Here they are:

  • It will contain all the terms and conditions for starting a new health insurance contract, including the waiting periods (those that apply initially, for individuals and for existing illnesses).
  • With individual health insurance, a super supplementary individual policy is available; with floating health insurance, you will need to opt for a super supplementary floating policy.
  • One must have at least Rs 5 lakh-cover individually, and Rs 5 lakh multiplied by the number of members if it is a floating plan. However, you may have higher coverage depending on your income, lifestyle and ability to pay, and/or your location.
  • Existing or lower health coverage can be considered as the deductible amount in the super supplemental policy.
  • Ideally, take the super top-up policy from the same insurer you have the existing policy with to reduce paperwork and coordination.
  • Note that if you take out another insurer’s super top-up policy, you may not get a cashless facility because the other insurer may not have a connection to the specific hospitals. Only if it is not possible to take a super top-up from the same insurer should you go to another company. Or, you can consider increasing the coverage of your existing policy.
  • The super top-up will be applicable once the deductible has been exhausted during the period of insurance. Ideally, the issue date of the super supplemental policy should be on the policy anniversary of your existing policy. This is due to the way the deductible is considered eligible for a super supplementary policy claim.
With individual health insurance, a super supplementary individual policy is available; with floating health insurance, you will need to opt for a super supplementary floating policy.

For example, let’s take two scenarios.

Scenario 1: You have an existing health insurance policy of Rs. 5,000,000.

Now you have taken a super supplemental policy of Rs. 20 lakh with a deductible of Rs. .5 lakh during the insurance period of your super recharge policy, with the first rupees. 5 lakh being paid by your existing insurance policy, or by you.

So, if the insurance period is the same for the existing basic health insurance policy and the super supplementary policy, you will have no problem during the claim, for example, if there is a claim of Rs. 10 lakh during this political period, the first rupees. 5 lakh will be paid from the existing basic insurance policy, and the remaining rupees. 5 lakh will be paid by super recharge policy.

Scenario 2: You have an existing health insurance policy of Rs. 5 lakh and its insurance period is from May 1, 2022 to June 30, 2023.

However, let’s say you take the super supplementary policy with a different policy period – 01 Oct 2022 to 30 Sep 2023 for Rs. 20 lakh with a deductible of Rs. 5,000,000.

You have renewed both your existing health insurance policy of Rs. 5 lakh – from May 1, 2023 to April 30, 2024 and super recharge – from October 1, 2023 to September 30, 2024.

Insurance
It is crucial to match the insurance period of the super supplementary policy with that of the basic insurance policy.

Now you have a claim of Rs. 5 lakh in May 2023, which is paid by your existing health insurance policy, and there is no amount left to claim from this policy for the rest of the insurance period – May 2023 to April 2024. Now you have another hospitalization in October 2023 for which the bill is Rs. 2,000,000. Here you will not be able to claim from your existing basic health insurance policy as it already has you paid Rs. 5 lakh in previous claim.

And for the super recharge policy – period from 01 Oct 2023 to 30 Sep 2023, the deductible of Rs. 5 lakh is applicable from 01 Oct 2023. It will not pay the first rupees. 5 lakh of hospital claim during this insurance period. So, now you will have to pay the bill of Rs. 2 lakh from your pocket.

Therefore, it is important to match the insurance period of your super supplementary policy with your basic insurance policy.

The author is a Certified Financial Planner at Handholding Financials.

(Disclaimer: The opinions expressed are those of the author and Outlook money does not necessarily subscribe to it. Outlook Silver will not be responsible for any damage caused to any person/organization directly or indirectly.)

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