What Are The Various Add-ons For Your Health Insurance Policy?
Buying Health insurance is a significant to ensure you and your family receives the required financial assistance in the event of a medical emergency. To give you additional coverage with your base health plan, insurance companies offer you a plethora of riders that you can opt for by paying an extra premium.
First, let’s understand what is a health insurance rider?
In simple terms, a health insurance rider is an add-on to your primary health plan that offers you benefit over and above the policy. The premium for the rider has to be paid along with the premium of the health insurance policy.. It is important to understand that riders are the essential tools that can help you increase your health insurance coverage.
Top Four Riders You Can Purchase With Health Insurance
Room Rent Waiver: Your medical bills are heavily influenced by the type of room you are hospitalized in. A standard health insurance policy comes with a limit on the room rent i.e. limit on the per day room charges the insurance company will bear on your behalf. This means that if the set room rent limit on your policy is Rs. 5,000 per day and if you are hospitalized in a deluxe room having a room rent of Rs. 6,000/- per day, then the additional cost of the room along with the proportionate medical expenses will have to be borne by you. It is important to know that the hospital charges you on the basis of the type of room you stay in. In the same hospital, the cost of angioplasty would be lower in a general room stay in comparison to AC or deluxe room stay. In this case, a room rent waiver rider can be a good choice as you can opt for the room of your choice without having to bear any additional expenses at the time of hospitalization.
Maternity Cover: If you are planning for a child, then this rider would provide you coverage against all the medical expenses incurred during the childbirth. However, to avail the benefit, you would have to wait for a period of 24-48 months, depending on the coverage provided by the insurance company. Some insurance companies also provide coverage to newborn babies.
Critical illness cover: This health insurance rider provides you coverage against critical illnesses such as cancer, heart attack, stroke, kidney failure and others. Some insurance companies provide this cover as a rider, whereas few offer it as a standalone policy. With a critical illness rider, you become eligible to receive a lump sum amount on diagnosis of any critical illness covered under the policy. The main aim of this rider is to compensate the insured to make up for the loss of income due to the illness. Few insurance companies provide coverage for up to 10 critical illnesses, while few provide coverage for 25 to 50 critical illnesses.
Hospital cash: This rider takes care of all the non-medical and out-of-pocket expenses that are incurred at the time of hospitalization. Daily cash allowance is paid to the policyholder as per the specified limit mentioned in the policy documents. The amount can range from Rs. 500-Rs. 5000 per day.
Opting for the above health insurance riders supplements your health plan and can be of great help to you and your family in the event of hospitalization. Keeping your requirement, income and age in mind opt for the above riders as it provides you with required coverage during your hospitalization.
Disclaimer: The above information is for illustrative purpose only.For more details, please refer to policy wordings and prospectus before concluding the sales.