How to enhance your existing health insurance plan

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Medical Insurance Plans
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How to enhance your existing health insurance plan
Most of us purchase health insurance cover
keeping in view our current needs. What we forget
during this process is how this sum will become
inadequate a couple of years later. With age,
our needs and liabilities change, and what was
enough then may not serve the purpose now. When
we are young single, we can easily make-do with
vanilla health insurance plan. However, this
coverage would fall flat on our face as we grow
older, get married and have kids. Hence, it is
very important for us to review and enhance
health insurance cover as per the life-stage we
are in. So how do we go about this? Lets look at
some of the options that you can explore
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Restoration option or refill benefit Do you know
that there are medical insurance plans which come
with a built-in restoration benefit that can
automatically reinstate your basic cover, if you
exhaust it during the policy tenure? In such a
plan, health insurers can reinstate up to 100 of
sum insured, so technically, you are covered for
double the amount of your basic cover size.
Sounds good, doesnt it?
Having said that, what you need to make note of
is that such plans are not as useful as they are
made to appear on the paper. Lets understand
this further. Firstly, lets look at the cost
aspect. 
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This brings us to our second option opting for
a second health plan. Additional standalone
insurance plan You can choose this option if you
are willing to spend higher amount as premium and
have no issues managing multiple insurance
policies. Personally, I would not want to spend
Rs 6,000 as premium for additional coverage of Rs
5lacs when I could easily get the same (perhaps,
more) coverage by paying lesser premium. Top-Up
plans Top-Up plan can be classified as your
back-up plan in case you exhaust the entire base
cover. It would come into force only after you
cross your threshold limit. Lets assume that you
have Rs 5lacs health cover and top-up plan of Rs
15lacs. Your total coverage, in this scenario
will be Rs 15lacs (Rs 5lacs from base plan Rs
10lacs from top-up plan, with Rs 5lacs
deductible).
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Super Top-Up plan Super Top-Up plan wins hands
down if we compare it with all the options that
we touched upon. Simply put, it is an improved
version of Top-Up plan that would come into force
as soon as you exhaust your base cover. What
differentiates Super top-up plans from top-up
plans is the fact that it takes the total bill
amount into consideration, irrespective of the
number of bills your hospital raises. It is
important to note that Super Top-Up plan would
cost you a little bit more than Top-Up plan. If
you have a health insurance policy of Rs 5lacs
and plan to enhance it further by Rs 5lacs, you
will have to spend around Rs 2,000 for a Top-Up
plan and Rs 3,000 for a Super Top-Up plan. What
goes in favor of Super Top-Up plans is that they
go beyond the aggregate threshold limit.
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