Investing in health insurance plans is essential, especially in the times we are living in. The situations' uncertainty has pushed many people to buy health insurance plans best suited as per needs. Since the market is crowded with insurers providing various benefits with every health cover plan, it is advisable to look for every detail with a keen eye. The terms and conditions attached to every piece of paper should be well-understood before investing in any hard-earned savings segment. Let us tell you that insurance covers have vivid features, premiums, co-payments, deductibles, and riders. The companies curate and customize them as per your needs to provide you with comprehensive plans.
This article will discuss riders, their types, and impacts on our health insurance plan.
What is Health Insurance Rider or Add-On?
Insurance plans are loaded with various health benefits that you can claim when a disease comes knocking at your door. Investing in such projects saves unwanted expenses and long hospital bills. But, a hospital bill does not only consist of doctor’s fees and medicines. A rider provides you with additional benefits over your primary health plan that expands the insurance cover at lower costs. The premium for the riders has to be paid along with the bonus of your health coverage plan.
What is the need to buy health insurance add-on covers?
Health insurance add-on cover is considered a prominent solution for insurance holders looking for additional benefits alongside their basic policy plan. The add-ons offer an opportunity to gain coverage against specific conditions that might not fit under the primary health care policy. By buying the add-on cover, one can customize the health insurance policy plan as per his needs. In addition to this, it does not cost much as compared to the standalone health insurance policy. It offers you the freedom to pay less premium alongside the chance to claim tax exemption under Section 80D of the Income Tax Act.
Health Insurance Add-Ons Types
1. Room Rent Waiver
Your hospital bills are heavily impacted by the number of days you stay and the type of room you are staying in. A standard health insurance cover provides a limit on the room rent, which means the insurance company will pay for the set limit on the room rent on your behalf, no matter what type of room you are staying in. Opting for a room rent waiver can help you save expenses in such scenarios. This add-on allows you to stay in your chosen room and provides you with additional costs during your stay.
2. Maternity Cover
Having this add-on will help you in bearing all the costs during childbirth. The rider provides coverage against every expense sustained during childbirth. However, you can avail of the benefits of this add-on once the waiting period is over. The waiting period could vary from 24 months to 48 months, depending on the health care policy you are covered with. Some insurance companies also provide coverage for the newborn, from birth till the end of the policy tenure,
3. Daily Hospital Cash
Hospitalization calls for additional expenses. No matter how secure you feel through your health care plan, some fees may take a toll on your savings. It would help if you always had cash or out-of-pocket expenses. Opting for this rider takes care of such costs incurred during the stay at the hospital. This rider provides daily cash allowance to the policyholder for a certain number of days, as mentioned in the policy. The amount can vary from INR 500 to INR 5000 per day.
4. Critical Illness Cover
Critical illness refers to terminal diseases in nature, such as cancer, heart attack, organ failure, tumor, and others. Some insurance companies cover essential illnesses of their policy plan, whereas some provide them as a standalone. In case of a primary healthcare plan, the policyholder can opt for this rider to have coverage against such diseases. Critical illness requires a massive sum of money to get treated. Every session can drain your life savings. Opting for this rider will provide you with a lump-sum amount that can release the burden of expenses off your shoulder. Such plans offer you the specified amount irrespective of the costs incurred during the treatment. The money can be the substitute for the loss of income in such cases. Some insurance companies provide plans that cover 10-15 illnesses, while others can go as high as 38-40.
5. Personal Accident Rider
There has been a constant rise in the number of road accidents. This rider provides cover against every kind of accident that can lead to various outcomes such as permanent total disablement, permanent partial disablement, total disablement, and accidental death. You can opt for this raider alongside your standard insurance policy at a minimal cost. This will cover your expenses, disability, and injuries. It is also known as a double indemnity rider. In cases where the insured dies of an accident, the policyholder's family will get twice the amount of the policy.
Health Insurance Add-Ons Riders Conclusion
With chronic diseases on the rise, people are now aware of the importance of having a health insurance plan. The market is flooded with multiple options to help you with your specific needs. While going for such projects, you can always ask the add-ons to keep the unwanted expenses at bay. Health insurance riders provide certain benefits to the policyholders with specific conditions in the future. Opting for such riders can help you avail extra benefits at affordable premiums. So if you are looking to invest in a standard health insurance policy, ask the insurance agent to tell you about these add-ons. Select according to your requirements, income, and age and be more secure against these circumstances.