Most people these days are conscious about their health and try their best to take utmost care of it. Many of them even buy health insurance policies to ensure that they are equipped to deal with any unforeseen health issues they may face in the future.
Buying health insurance is advisable as it covers a number of possibilities. You may believe that taking good care of your health is enough to avoid all possible complications. While it certainly may help, there are possibilities that may occur irrespective of how careful you have been.
For example, you may find yourself in an accident, may experience a stroke, or may even be diagnosed with cancer. These are odds you may not be able to beat even if you put efforts into staying healthy all your life. Moreover, experiencing anything of this sort can lead to you requiring extensive healthcare, which may include hospitalisation.
This probably entails some medical bills that could make a dent in your savings. To maintain financial stability during such difficult times, having a health insurance
policy can help. But is your policy enough to cover all possible scenarios, especially the ones you are at risk for?
Why Your Health Insurance Policy May Not Be Enough
Health insurance coverage in India can be bought at any age. For example, you can buy it for yourself once you are financially capable of doing so. You can also buy it for your parents till they reach a certain age as well as your kids.
However, most people end up with basic coverage that only protects against a limited range of possibilities. Thus, in case you were to face a situation that was not covered by your basic insurance plan, you may have to pay for it, which in turn would affect your savings.
Thus, it is important to periodically review your health insurance plan. You need to take stock of your health and modify your health insurance coverage accordingly. For example, if you believe that you are at a risk for cancer after a certain age, owing to your lifestyle, family history or genetics, you ought to ensure that your health policy offers cancer coverage.
But does that mean you need to change your health plan every so often? No, this may not be necessary. You may be able to modify your current plan with riders when renewing it.
Riders For Health Insurance
The add-ons that you can include in your plan at an additional premium, and based on availability and eligibility, are known as riders. There are various types of riders available with your health insurance plans for families
as well as for individuals.
While some of them pertain to expanding the scope of coverage of your plan, others could be about making your policy more efficient for you. Some of the commonly available health insurance riders in India are:
- Accidental Permanent Disability
- Critical Illness
- Maternity Cover
- Room Rent Waiver
- Hospital Cash
Remember that not all these riders may be available to you. You may not be eligible for them, or your insurance provider may not offer them with the policy chosen.
Should You Get A Rider With Your Health Insurance Policy?
It might be considered smart to fortify your health insurance plan with as many add-ons as possible. For example, a room rent waiver is a rider that most people could find useful.
However, it is important to remember that health insurance policy riders come with additional costs. While they may not increase the premium cost significantly, they may still lead to slight fluctuations in your health plan premium.
Thus, it is necessary to ponder over which riders, if any, are necessary for you. As you age, it is likely that you will start to experience more health complications. Thus, you may start to feel the need for a fortified health insurance plan, which can be done by choosing the right riders.
The key is choosing the right riders that are suitable for you and work well with your policy as well. For example, a critical illness rider covers a range of serious health conditions such as renal failure, cancer, organ transplant, stroke, heart attack, and paralysis. The exhaustive list of ailments covered under critical illness can vary from one insurance provider to another.
Today, many people could be at an undetected risk for critical illnesses owing to lifestyle, comorbidities, and other risk factors. Thus, it can be advisable for them to get this rider. At the same time, maternity cover may not be the rider for everyone.
Riders can make your policy more comprehensive and allow you to cover more health possibilities. Choose the rider based on your needs rather than simply choosing what is available.
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