5 Health Insurance Policy Riders You Should Add to Your Health Insurance Policy
Shopping health insurance plans for you and your family is one of the wisest things you can do to maintain the health of your loved ones in the future. However, as times change, so do our medical needs. And this is where a health insurance policy can start to seem ‘not enough’ to cover all your health needs and additional expenses. Does this mean that your health insurance plan needs to be replaced with new cover to cover all the additional costs?
Of course not! Instead, your basic policy can be expanded by adding riders/extras to your health insurance plan. Sounds good? Let’s understand more about health insurance coverage and the top riders you should add to your policy to increase your coverage.
What is a Rider in Health Insurance?
A rider is an add-on that can be added to your existing health insurance plan at a very affordable cost. Sometimes the health insurance plans we purchase may not cover certain health care costs.
For example, some policies fail to cover maternity or accidental death benefits at the level of their benefits. Instead of buying a new insurance policy to match the amount, it is easy and cheap to add a rider to your existing policy.
This will make your plan more comprehensive and increase your reach. Besides, by adding riders, you can customize your health insurance to suit your medical needs. Also, these riders can be added at a very nominal cost.
Top 5 Riders You Should Add to Your Health Insurance Policy
1. Critical Illness Rider in Term Plan or Health Insurance
First of all let’s understand what is the most important disease rider in health insurance. As the name suggests, this additional feature allows the insured person to get insurance benefits if they have a serious illness or disease that usually requires long-term treatment. Other examples include heart disease such as heart disease, multiple sclerosis, tumor, cancer, or organ transplant.
The benefit of buying this rider with your health insurance is that you have the right to receive a large sum or guaranteed amount from the insurance if you are unfortunately diagnosed with a serious illness. In addition, one of the major benefits of life insurance for those with a serious illness is that the sum assured does not cover the entire cost involved in the treatment of the illness. You can easily buy a critical illness rider in conjunction with your insurance or health insurance.
2. Rider on Mother’s Cover
Several health insurance plans in India fail to provide coverage for pregnant women to the policyholder. However, it cannot be denied that all the expenses spent during childbirth can be very heavy on the pocket. This is where buying maternity cover with your health insurance comes in handy. It would help to reimburse the cost of childbirth. Some insurance plans offer limited coverage for pregnancy and postpartum, so you may want to check with your insurance provider before purchasing a rider.
3. Hospital Cash Rider
This rider can be especially useful in emergency situations. Daily expenses during hospitalization can be quite expensive so the rider can help cover the cost by providing daily expenses and other benefits to the policyholder for medical treatment. Also, if medical treatment is needed for the patient (as is the case with the ICU), financial benefits can only be provided if the patient is hospitalized for more than 24 hours.
4. Personal Accident Rider
Accidents can also be costly. In case of accidental death of the policyholder, his family should receive double the amount stated under the rider in the health insurance policy. If there is a temporary or permanent disability due to an accident, the full amount of the damage can be paid for by purchasing the passenger.
5. Room Rent Waiver Passenger
This is another additional service that allows you to get the room of your choice during your hospital stay without worrying about the rent cap for each room from your insurance. This rider helps eliminate room rentals so you can stay comfortable while hospitalized. It is especially useful for patients who live in big cities where hospital rents can be very high.
The importance of passenger insurance cannot be underestimated. They allow ordinary people to have access to high-quality care and make healthcare accessible to all.
Read more: Reasons to Add Riders to Your Term Insurance
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