Different add-on Covers for your health insurance policy

What are Health Insurance Ad-on Covers?

Health insurance add-on covers, also known as riders, are supplementary benefits you can purchase alongside your base health insurance policy. These add-ons offer extra coverage for specific medical expenses that might not be included in the standard policy. For example, maternity cover, critical illness cover, personal accident cover, daily cash allowance, and home healthcare cover are popular add-ons. By opting for these covers, you can ensure a more comprehensive health insurance plan tailored to your needs.

Advantages of Buying Add-on Covers in Health Insurance

Add-on covers provide several advantages as given below:

1. Broader Coverage

Add-ons enhance the coverage of your base policy by addressing specific medical needs, offering a more comprehensive safety net.

2. Cost-Effective Premiums

Add-ons are more affordable than buying separate health policies. IRDAI regulations ensure that insurers cannot charge more than 30% of the base policy premium for add-ons. For example, if your base premium is ₹9,000 per year, the add-on cost cannot exceed ₹2,700.

3. Avoid Multiple Policies

Add-ons eliminate the need for additional policies, reducing paperwork and saving money while expanding coverage.

4. Customized Coverage

Add-ons allow you to tailor your health insurance to meet your unique requirements, providing flexibility and personalization.

5. Help to Manage Everyday Expenses

Add-ons like daily cash allowance and home healthcare cover help manage everyday expenses during hospitalization

6. Peace of Mind

These covers offer peace of mind, knowing you are protected against various medical contingencies.

Tips to Consider While Buying Health Insurance Add-on Covers

When choosing add-on covers, it's essential to consider your specific needs and medical history. Compare different insurers and their offerings to find the best fit for your requirements.

1. Understand Terms and Conditions

Carefully review the policy document to understand the coverage and inclusions and exclusions of the add-on, preventing future claim rejections.

2. Check Additional Premiums

Ensure the add-on premium fits within your budget to avoid financial strain.

3. Review Waiting Periods

Add-ons may have their own waiting periods. Verify these before purchasing to ensure timely access to coverage. Adding these enhancements to your health insurance policy can provide peace of mind and financial security, ensuring your medical needs are met effectively. Also Read: AYUSH Treatment in Health Insurance – Benefits, Coverage And Eligibility

Customise Your Coverage for Complete Protection

Add-on health insurance, also known as riders or endorsements, are optional coverages designed to enhance your base health insurance policy. They offer targeted protection for specific health conditions or events not covered by your standard plan. By selecting relevant add-ons, you can create a comprehensive health insurance package that aligns with your individual needs and lifestyle. These additional benefits come with an extra premium, but the peace of mind and financial security they provide are invaluable.

Types of Add-on Covers in Health Insurance

Health insurance add-on covers offer specialized benefits to cater to different medical needs. Understanding these options can help you choose the one that suits you best. Here are some popular add-ons:

1. Critical Illness Cover

This add-on provides a lump sum payout if the policyholder is diagnosed with a critical illness such as cancer, stroke, or kidney failure, irrespective of the total treatment cost.

2. Personal Accident Cover

Covers accidental injuries and compensates in case of permanent, partial, or temporary disability, or accidental death.

3. Room Rent Waiver

This add-on removes or increases the limit on hospital room rent, allowing the policyholder to choose a superior room without financial strain.

4. Hospital Cash Cover

Provides a daily cash allowance for hospitalization beyond 24 hours to cover additional expenses.

5. Maternity Cover

Covers pregnancy and childbirth-related medical expenses, ensuring financial support during maternity.

6. Global Coverage

Extends health insurance coverage for treatments received outside India at network hospitals, including cashless treatments.

7. International Second Opinion

Covers the cost of seeking medical advice from international healthcare experts.

8. Air Ambulance Cover

Offers coverage for air ambulance services if treatment is required in a different city or specialized facility.

9. OPD Care Cover

Reimburses expenses related to outpatient consultations, diagnostic tests, and prescribed medicines.

10. Zone Upgrade

Allows policyholders to access better financial assistance for treatments in higher-cost zones.

11. AYUSH Treatment

Covers expenses for alternative treatments like Ayurveda, Yoga, Unani, Siddha, and Homeopathy.

12. Unlimited Sum Recharge

Automatically restores the sum insured once in a policy year, ensuring continuous coverage for new medical expenses.

13. Reduction in PED Waiting Period

Reduces the waiting period for claims related to pre-existing diseases, allowing faster access to benefits. Also Read: Everything to Know About IRDAI

Conclusion

Add-on covers enhance your health insurance by offering additional benefits like critical illness, maternity, and personal accident coverage. While they come with extra premiums, they provide cost-effective, customized protection. By evaluating your needs, you can select the right add-ons, ensuring comprehensive coverage and peace of mind.

FAQs

Are add-ons available for cashless settlements?

Yes, many health insurance add-ons are available for cashless settlements. This means that you can receive treatment at network hospitals without paying upfront, as the insurer will settle the bills directly with the hospital.

Can hospital cash cover be used for purposes other than medical?

Hospital cash cover provides a fixed daily cash amount during hospitalization, which can be used for non-medical expenses such as food, transportation, and other daily needs.

Is it necessary for every health insurance policy buyer to purchase add-on covers?

No, purchasing health insurance add-on covers depends on individual needs and circumstances. While they offer additional benefits, it’s essential to assess your specific requirements before opting for them.

Are top-up plans also add-on covers?

Top-up plans are different from health insurance add-on covers. Top-up plans provide additional coverage once the base sum insured is exhausted, while add-on covers offer specific benefits alongside the base policy.

What are the factors that one should consider while choosing add-on covers?

Consider factors such as your health needs, medical history, cost of health insurance add-ons, coverage details, exclusions, waiting periods, and the insurer's reputation while choosing add-on covers.

Can I avail of tax benefits on health insurance add-on covers?

Yes, premiums paid for health insurance add-on covers are eligible for **tax benefits under Section 80D of the Income Tax Act, subject to the prevailing tax laws.Incorporating the right add-ons into your health insurance policy can provide you with enhanced protection and financial security. Carefully assess your needs and choose the add-ons that best suit your requirements to ensure comprehensive coverage.   *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. **Tax benefits are subject to change in prevalent tax laws.