Realizing the Importance of Health Insurance

Individuals Now Realizing The Need of Having Sufficient Base Health Insurance For Self & Family.

The churning of coronavirus has invoked the realizations amongst many and highlighted the uncertainty attached to one's Life & health, and how having fitting insurance in place removes your worry of uncertain medical expenses and other eventualities attached with life. 

The Max Bupa Health Insurance surveyed on the rising awareness about health protection among people and came with a conclusion that how it is a rare positive outcome of COVID. The survey captured that among 1,700 respondents in 11 cities across the country and 60% of the respondents agreed that it is of utmost importance to have a comprehensive health plan.

"The thought process is changing how earlier people around you did not prioritize the need to purchase health insurance to save on some money." 

People used to take shelter their corporate health cover provided by their employer but if you or any earning member from your family find yourself out of a job due to the coronavirus crisis, money may be tight, but it’s especially important now to try to make sure you take health insurance. Different rules apply when it comes to maintaining health coverage, depending on whether you’re let go temporarily or you’re terminated through a layoff by your company. 

Health Insurance providers noticed a marked jump in medical coverage inquiries, with 30 to 40% more customers seeking coverage against the COVID-19 virus. 

People having a small sum assured which are not in order with their financial needs are looking to increase their medical coverage using Top-up insurance option as it looks attractive concerning its price is cheaper than the comprehensive base plan. Let’s understand that is taking a high top-up sufficient enough health cover to strengthen your financial foundation.

  • The cost of the top-up plan is linked to a factor called the deductible limit. It is the limit that is pre-decided and mentioned in the schedule and only when the cost of a single illness crosses that limit the top-up plan kicks in. The higher the deductible, the cheaper the top-up plan. The primary policy reduces the risk for the insurer.
  • A top-up plan generally covers only a single incidence hospitalization. That is if his hospital bill exceeds the deductible during single hospitalization, only then can the top-up plan be used.
  • Top-up health plans are designed to enhance the existing policies to cover the actual healthcare costs, without duplication of cover, while managing costs reasonably.
  • It ensures that there is sufficient cover and that insurance does not run out when the actual need arises.
  • A top-up is a regular indemnity plan that covers hospitalization costs but comes with limitations of cost reimbursements.

Also Read: Corona Health Rakshak & Corona Kavach Policy: Eligibility, Tenure, Coverage & Points of Difference

Essentially, these are plans with a high deductible amount. They are affordable because the cost of medical treatment doesn’t go beyond Rs. 10 lakh very often but now with coronavirus entering and affecting the people at this scale has made it mandatory to have a needed base plan in place. The COVID crisis has been an eye-opener for many people as the average hospitalization cost could range anywhere between Rs 10-15 lakh highlighting the need to increase your health cover. Taking top-up insurance can help you by giving you the ease of paying a low premium but in reality, the necessity of having a primary sufficient base cover cannot be replaced by it. These are the times where you can sit with your family and understand your finances and different aspects attached to it to save you from huge medical bills by taking the right call at the right time. 

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