Health Insurance Riders You Shouldn’t Miss Out On

Health insurance riders can significantly increase your health plan’s coverage. Check out the riders you must not miss out on!

A health insurance plan is one of the smartest decisions you can make. Considering the current scenario where medical inflation is at an all-time high, it is crucial to have a financial fallback in times of need. Health insurance can significantly affect your ability to seek quality medical care without compromise.

Have the growing healthcare expenses got you worried? Do you worry that your health coverage may fall short in your time of need? Have you thought of accessing more coverage under the same health insurance? If you answered yes to any of the questions, you need a solution that can help increase your health insurance coverage. The good news is that you can expand the coverage of your health insurance policy and further stretch the benefits. Since health can be unpredictable at times, it can be a great idea to have comprehensive medical insurance.

The simplest solution is health insurance riders. You may have heard of or already purchased the most suitable rider. Riders can be pretty beneficial for people who are looking to increase their health insurance coverage. So, what are the riders you can invest in? That's precisely what we are here to discuss. Read on to discover the riders you must not miss out on!

What are health insurance riders?

Health insurance riders are the additional coverage you can purchase with a regular health insurance plan. The base plan of a health insurance policy provides a range of coverage like in-patient, pre and post-hospitalisation, etc. However, individuals may have specific health insurance needs. To cover those needs, you should invest in health insurance riders.

Also, since a health insurance plan may not be able to cover every health condition, investing in riders can be beneficial. Common riders include critical illness cover, maternity cover, room rent, etc. You must also know that the rider options may vary depending on the insurance provider and your chosen health insurance policy. So, you must contact your insurer to learn more about the riders you can purchase.

Note: Riders are not individual plans. You can only purchase riders with a regular health insurance plan!

What are the types of health insurance riders?

Before investing in a health insurance rider, it is crucial that you understand the benefits it can bring you. For instance, maternity coverage can benefit young couples but not old parents.

While multiple riders are available under health insurance plans, here is the list of some riders you must not miss out on. Depending on your needs, health goals, and preferences, you may invest in one or more of these:

1. Critical illness cover
As the name may suggest, a critical illness cover is a rider that covers severe health conditions. It may include cancer, cirrhosis, kidney ailments, heart diseases, etc. Usually, critical illness cover provides cover for expenses  upon the diagnosis of the listed disease. However, the benefit provisions may differ depending on the insurer you choose.

2. Accidental disability cover
Accidents can be unforeseen, and anyone may be at risk. While controlling accidents may not always be possible, you can be prepared against it. An accidental disability rider provides a lump sum benefit (as in the agreement) to the insured in case of permanent/partial disability. For instance, if the insured loses one eye, an ear, limbs, etc., due to an accident, the insurance provider will compensate by paying a lump sum (full/partial) sum assured amount.

3. Room rent waiver
The room rent during hospitalisation can cost you a significant chunk of the total bill. Usually, health insurance plans cover room rent charges but may or may not come with a sub-limit. This means you can only utilise a certain percentage of the sum insured for room rent.

Investing in a room rent waiver, allows you to access quality rooms during hospitalisation. The rider may benefit you by waiving off the entire room rent sub-limit, or it may increase the sub-limit to a much higher amount than it was earlier.

4. Daily cash
During a medical emergency, expenses are not limited to the cost of hospitalisation. The cost of daily travel and other costs are also major. You may invest in daily cash benefits to cope with these daily expenses. Under this plan, the insured's family receives daily cash benefits ranging between ₹500-₹3000 or more. The limit may differ from one instance provider to another. Usually, for critical illnesses, the cash benefit is higher.

5. Maternity Insurance Cover
Maternity expenses are no longer a thing to mention. The expenses are relatively high, from regular health check-ups to baby's delivery and post-delivery. Investing in a maternity insurance add-on can be a great decision to ensure you make no health compromises during pregnancy. Maternity cover can be the right choice if you are a young couple or planning for a baby soon.

6. Top-Up and Super Top-Up
Do you fear exhausting your sum insured during hospitalisation? That is a legitimate fear, especially when the policy year has just started. But don't worry because you can purchase top-up and super top-up to enhance the sum insured amount. With these features, you can extend or restore your health insurance coverage limit.

Who Needs Health Insurance Riders?

You may wonder if or not you need health insurance riders. Well, there is no one-size-fits-all answer to this question. One must decide the need for a health insurance rider depending on their preferences and health needs. For instance, a couple in their 40s and already have kids need not invest in maternity insurance coverage. Similarly, people who have pre-existing diseases and a family history of serious illnesses should consider investing in a critical illness cover.

Since health and life are unpredictable, it is crucial to make calculative decisions. If you are already invested in a health plan, you may choose to purchase add-ons during your next renewal. Those who are planning to buy a new health insurance plan may purchase suitable add-ons while purchasing a health insurance plan.

Wrapping Up!
Undoubtedly, health insurance riders can increase the cost of your health policy. However, it also provides much-needed financial coverage in times of need. So, you must critically evaluate your requirements and preferences when choosing a health insurance rider. Make yourself ready against the odds of life with a comprehensive health insurance policy. You may purchase add-ons while purchasing or renewing a health insurance policy. So, check out the various riders available and invest in the suitable ones today!

Disclaimers:

1. The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
2. All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.

Disclaimer:The information provided on the Website does not constitute investment advice, financial advice, trading advice, or any other form of advice, and you should not interpret any of the financial content as such. Please conduct your own due diligence and consult with a financial advisor before making any investment decisions. Midday does not endorse or promote any such activities, and you access them at your own risk, fully understanding the monetary and legal consequences involved. Midday shall not be held responsible for any losses you may incur as a result of using any such apps or websites.

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