Deductible is a fixed amount which needs to be exhausted before you can claim your Super top-up policy.
When you’re purchasing a Super top-up policy with us, you’ll notice that you’ve got 4 different deductible options:
If you selected a deductible of 2 lac, you basically mean that, at the time of claim, your Super top-up policy will not kick in until you’ve crossed a bill of 2 lac which is either paid out of your pocket or through another insurance policy.
Sure, so then who pays the deductible (say I selected 2 lac) amount I selected during a claim?
You’ve got three options, depending on what’s available to you:
You use your company’s group health insurance to cover the 2 lac
You use your personal health insurance to cover the 2 lac
You pay 2 lac out of your pocket
Depending on your circumstances, you could use a combination of any of these 3 options.
Got it. So in case, I’ve claimed earlier in the year through any of the options above, can I count that as my deductible?
Yes! Let’s say you’ve undergone treatment for 2 lac earlier in the year. And you need to claim for 1 Lac again, you can use your Super top-up.
Okay, does it work the same for a floater Super top-up policy?
Let’s say, you’ve got a floater health insurance policy (personal or through your company) for you, your spouse and 2 kids. And you’ve bought a floater Super top-up policy with a deductible of 2 lac.
Your spouse went through a surgery that cost 1 Lac three months ago.
You too, went through a surgery that cost about 1.5 Lac last month.
You need to make a third claim, say of 2 lac.
Here’s where you can use your Super top-up. Since you’ve already foot bills of 2.5 lac, your deductible is technically exhausted.
Sure. So what deductible should I choose while buying a Super top-up?
You might notice that the lower the deductible, the higher the cost of your Super top-up policy.
Here’s how this works: it is easier for you to pay 1 lac as a deductible throughout the year versus 5 lac. Hence, the lower a deductible, the more expensive your Super top-up policy is.
Our recommendation is to balance out the three factors in a way that suits you the best:
Select a price point that is within your budget
Weigh out which of your insurance polices could cover the deductible throughout the year
Weigh out your emergency fund as a worst case scenario if you had to pay out of your pocket