Life is full of surprises and being an unpredictable journey can take sharp, fatal turns at the moments which are capable of leaving individuals with physically, emotionally, mentally and financially surpassed. Generally, a normal health insurance cover taken by the individuals with these days is not sufficient for the health needs of the entire family. , and more often than not people are found in a situation where their medical insurance does not cover their entire hospitalization bills.
In the same light, we need to acknowledge that medical costs are rising at a faster rate than the general inflation. Moreover, many health insurance options are enough to finance low hospitalization costs, but cannot finance more expensive treatments e.g. strokes and heart attacks. It is, therefore, necessary for individuals and families to have a cover that can cater to all their treatment costs. This is where top-up health insurance plans come into play. These plans offset any treatment costs that an individual’s health insurance plan does not cover.
What is a top-up health insurance plan and how does it work?
- A top-up health insurance plan is simply an indemnity plan that covers costs associated with your hospitalization.
- You can top up on a public health insurance plan or on a private medical insurance plan.
- Top up plans work towards bridging the gap between current medical policies, and the resulting hospital costs.
- Top up plans only come into effect once the thresh hold limit on your existing medical insurance has been exhausted. Simply put, if your hospitalization costs have exceeded the amount that your insurance company is entitled to pay, your top up plan will be triggered and this will cover any additional costs.
- The higher the deductible amount on your top up plan, the cheaper the plan will be.
- If you are looking for a top-up plan for your family, you can choose between an individual plan for each member and a floater plan to cover everyone. It is prudent to have individual medical insurance plans for each member of your family, and a floater top-up plans to cover everyone.
Putting the top up plans into context
If you have an insurance plan that will cover all medical costs up to 5000 pounds, you can opt to choose a 10,000-pound top-up plan with a deductible amount of 5000 pounds. This means that if your hospitalization costs amount to 8000 pounds, your insurance plan will pay 5000 pounds and your top-up plan will pay the remaining 3000 pounds.
Why choose a top-up health insurance?
- If you are in the UK you can receive treatment faster with a top-up insurance plan, than if you are relying solely on the normal health insurance plan that can span up to 4 months.
- Top up health insurance plans are much more affordable when compared to regular health policies. It is, therefore, less prohibitive to purchase a top-up plan, then to increase the premium on your regular insurance policy.
- You do not need an existing insurance plan to apply for a top-up plan, though it is an exercise in futility to purchase a top-up plan if you are not already covered.
- Most companies that offer top-up plans do not require you to undergo a medical checkup if you are below a certain age (usually below 50). This means that the rate of your top up plan is not influenced by your lifestyle and health condition.
- Top up plans can be purchased independently from your regular health policy. This means that your top up plan insurer and your regular medical insurer can be different. This feature not only gives you a wide and varied selection, but it also makes it easier for individuals and families to purchase top-up plans.
- Top up plans are not discriminatory and cover all treatment costs incurred during hospitalization.
- Top up plans save individuals stress and hassle that occurs when you have high bills that you cannot pay off.
If you are looking to insure yourself against all financial deficits that may arise from elevated medical costs, purchase a top-up health insurance plan today. With the top up plan working together with your existing health policy, you are ensured that your health costs are covered now and in the future. Besides, having the top up health insurance plans it’s better to be insured with the EHIC card (European Health Insurance Card) for the low-cost medical allowances in the future.