By Anuradha Sriram
The pandemic has severely affected the well-being of many people and has drained their finances. The life savings of many people have shrunk due to job losses and wage cuts, as medical costs keep rising. This has generated a need, as well as an awareness for health insurance. Before the onset of the pandemic, a regular health insurance plan would have been sufficient. But given the costs incurred during hospitalization, including COVID therapy, this amount is starting to seem insufficient. The insurance coverage you currently have may not be able to cover all of the hospital costs incurred. Opting for a higher level of health insurance coverage is easy but expensive.
Super complementary health insurance is a solution to protect against future health needs. This plan covers health care expenses on an annual aggregate deductible which is a predefined amount that the policyholder must pay, as stated in your super supplemental plan. After reaching your deductible, the super supplemental policy is activated for future claims. Unlike a regular supplemental plan, it covers expenses accrued during the period of coverage.
An overall deductible is a fixed amount paid for medical expenses before your health insurance takes effect. Once the insured has paid the losses up to this amount (added cumulatively), the insurer pays the remainder of the losses for the annual period without claiming reimbursement from the insured.
Features and Benefits of the Super Complementary Medical Policy
Extended coverage: The super supplemental policy helps you extend your face amount / basic coverage (personal or group) with an affordable premium
Pay the deductibles once: Super supplemental insurance requires the policyholder to pay the deductible once, but to make several claims each year. This is possible until the total amount guaranteed by the super top-up plan has been used up. It is important to note that the coverage of your basic plan must be equal to the deductible established in your super supplemental plan.
The super recharge is customizable: In this policy, the policyholder chooses any deductible limit corresponding to his current policy and the sum insured. Increase the deductible, reduce the premium for the same sum insured.
Higher sum insured: The policyholders’ coverage limit can be increased beyond their business plan at a lower premium. This ensures that they are never below the total sum covered.
Coverage for seniors: The premium for health insurance plans for the elderly can be very high. With a super supplemental plan, you can improve coverage at a relatively lower premium.
Treatment in network hospitals: You can receive cashless treatment at any hospital in your insurance network. You may also be eligible for expense reimbursement.
Fiscal advantages: Under Section 80D of the Income Tax Act on the premium paid for the super supplemental health insurance policy.
Other benefits: Most business policies do not offer broad critical illness coverage and coverage benefits. But with a super supplemental policy, you get coverage that you may not be able to get through your employer’s health insurance policy. Along with other illnesses, super supplemental medical policies also cover expenses for COVID-19 treatment.
Important considerations when buying
When purchasing super supplemental coverage, be sure to select the appropriate deductible limit. This is the extent of your normal health insurance coverage. You should also check the list of hospitals accessible in the super complementary insurance. These may differ from the list of hospitals available in your regular coverage. No matter how healthy your life is, you or your family will experience a health emergency at some point. The first step in preparing for such crises is to have adequate health insurance coverage. Super supplements are a cost effective way to extend the coverage provided by medical insurance. They are quite beneficial, especially in situations of long and / or expensive hospitalization.
(The author is the Chief Actuary, Aditya Birla Health Insurance)