By purchasing a health insurance policy for your parents, you have ensured that your parents are protected in case of a medical emergency. But some conditions are not covered under a standard health insurance policy.
So, what about these conditions then?
This is where you can opt for add-on covers and riders to improve risk cover for the health insurance plan for your parents. In today's world, having the right health insurance policy has become one of the significant needs.
If you feel that the amount of coverage provided by the standard health insurance is not enough for your parents, then consider buying some add-ons that will enhance the coverage at an extra premium.
Several companies in India offer various add-on covers that will help you increase the coverage of your parent's standard health insurance policy.
Here are some of the add-on covers that you can opt for:
1: Room Rent Waiver: Room rents under the standard health insurance policy are capped at a specific limit. But if you plan to purchase a room rent waiver as an add-on or a rider by paying an additional amount, the limit capped on the room rent increases, or there is no limit at all.
This means that if you opt for a room rent waiver as an add-on, there will be no capping on the room rent, or you can avail a specific percentage of the room rent up to the sum insured limit. The limit varies from one insurer to another.
2: Critical Illness Cover: Critical Illness is an essential add-on for your parents. Today, diseases like cancer, heart attack, etc., have become very common, and we hear them from our close ones. Under the critical illness rider, the insurer pays the insured a lump sum after the critical illness diagnosis, no matter the number of medical expenses.
Suppose your parents have standard health insurance with a sum insured of Rs 5 lakhs. You can think of buying an add-on critical illness rider that increases the sum insured up to Rs 10 lakh.
For instance, if the policyholder is diagnosed with cancer during the policy term and files a claim under the critical illness cover, the insured will be paid a lump sum of Rs 10 lakh even if the cost of the treatment is Rs 7.5 lakhs. This means that you can pay additional expenses and other charges with the help of the remaining amount. That is amazing!
3: Co-Payment Waivers: Most of the health insurance plans for senior citizens have a co-payment clause in them. But while buying a health insurance policy for your parents, you can include an add-on cover that waives this co-payment clause. For example, people over 60 years of age have a 20% co-payment clause in the policy. This can be a considerable amount in case any of your parents gets diagnosed with a severe illness. Therefore, this might prove to be an essential clause that you can include.
For example, if you have a health insurance policy with a sum insured of Rs 20 lakh, if the claim amount is Rs 10 lakh, with a 20% co-payment clause, you will have to pay Rs 2 lakh from your pocket. But, if you have the co-payment waiver, then the insurance company will also have to pay the co-payment amount.
4: OPD Care: It is common for your parents to visit OPD. The charges of OPD are not covered under most health insurance policies. But some health insurance providers offer an add-on for OPD charges at an extra premium. However, only some health insurance providers offer this cover, so you have to check the same before you buy or renew a health insurance policy.
5: Reductions in PED: Pre-existing conditions like hypertension, diabetes, and heart-related ailments are pretty common at our parent's age. The waiting period in a health insurance policy can range from 2 to 4 years. This means that if your parents fall ill due to a pre-existing medical condition before the waiting period is over, then the medical expenses for the treatment will not be covered under the policy. Therefore, a reduction in PED cover is a must-have if your insurer offers it to you.
6: Personal Accident Cover: With this add-on cover, you get protection for any damages that arise out of an accident. This includes partial disability, permanent disability, death, etc. The insurer pays a lump sum to the insured or the insured's family (if the policyholder dies) in case of an accident.
7: Hospital Cash Cover: With Hospital daily cash cover, you can get a daily cash allowance during the period of hospitalization. The insured needs to be in the hospital for more than 24 hours to get the hospital cash benefit. The benefit received from this cover can be used to pay for a nearby hotel stay, food, conveyance, etc.
Bottom Line:
With the Covid 19 pandemic, the need for comprehensive health insurance is on the rise. There is nothing more we want than to ensure that our parents are healthy and protected. With these add-on covers, you can make the parent health insurance full proof.
FAQ's:
1: What is add-on cover in health insurance?
An add-on cover is extra coverage that you can add to your primary health insurance policy to enhance the policy's coverage. Some of the add-ons cover that you can purchase include critical illness cover, rent room waiver, etc.
2: Do I need to pay an extra premium for add-on covers?
Yes, you need to pay a nominal extra premium for every add-on cover that you buy with your primary health insurance plan.
3: Are add-on covers important?
Yes, add-on covers are essential because they enhance your standard health insurance policy coverage and provide financial support in case of specific conditions that are not covered under a standard health insurance policy.
4: Do all the insurance companies offer these add-on covers?
Almost all health insurance providers offer a variety of add-on covers. But you have to check with the health insurance company to see whether they offer the add-on cover you wish to purchase.
5: What are the various add-on covers that I can buy for my parent's health insurance?
The add-on covers that you can buy for your parent’s health insurance include critical illness cover, hospital cash cover, personal accident cover, etc.
Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.