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Nov 29, 2022

05 Health Insurance Riders You Must Know

Owing to the increasing health care costs, a health insurance policy is a must today. Medical insurance offers a cover for the incurred medical costs in case of hospitalization. It is recommended to choose a health insurance plan that fulfills your requirements. To ensure sufficient health insurance coverage, customize the plan by adding health insurance riders to the base plan. Health Insurance Riders… Yes, you read it right! There are different types of health insurance riders available. In this article, let us touch upon the riders of health insurance plans. But, wait! Before we get into the nitty-gritty of comprehensive health insurance rider options let us start with the basics.

What is a Rider?

Well, in simple words, riders are the added facility that comes along with the insurance policy. When you add a rider to the insurance plan, it means that you are entitled to access additional benefits at a cost-effective premium. Adding a rider to the base insurance policy will make your plan more comprehensive. So, when you choose to add riders to the health insurance policy it becomes enhanced. The health insurance premium depends upon various factors such as age, gender, type of plan, policy term, and much more. Now, that you have an understanding of the riders, let us move ahead to explore more about the different available rider options.

Why Health Insurance Rider?

Every individual has different health insurance needs. So, it is always recommended to customize the plans. Adding health insurance rider benefit not only covers the medical expenses while hospitalization but also safeguards financially against any unforeseen event. We all know that an eventuality does not come knocking on the door. Isn’t it better to be prepared than to be sorry later?

05 Rider Options Available With the Health Insurance Policy in India

We have enlisted some of the key riders that you should consider adding to the health insurance policy:

1. Hospital Cash Rider

In case of hospitalization, the insured will receive the amount for the number of days one has been hospitalized. The amount will vary from plan to plan. It acts as the compensatory allowance for the loss of pay while hospitalized. The condition that needs to be fulfilled for the same is that the hospitalization has to be for 24 hours minimum to avail the benefit. Check with the insurer for the same.

2. Critical Illness Rider

While buying a health insurance policy, ensure to have a look at the critical illnesses covered. There could be a possibility that certain diseases might be covered. However, you can have a critical rider benefit added to the base plan. The kind of sedentary lifestyle we are leading we are susceptible to more diseases. This rider will be helpful, in case the policyholder is diagnosed with the listed critical illnesses in the policy schedule. When it comes to buying a health insurance plan, it is important to analyze the health care needs and then make a wise decision. In case you do not know, there are disease-specific health insurance plans available in the market.

3. Maternity Cover Rider

There are health insurance policies that generally do not offer maternity cover. Adding the maternity cover to a health policy implies that the expenses incurred during the process of childbirth will be covered. This health insurance coverage primarily includes the costs for the delivery, yet also be restricted for both pre and post-delivery costs. Also, check with the health insurance company whether expenses in regards to vaccination are covered or not. Usually, such a rider can be availed once the waiting period gets over. The waiting period may vary from insurer to insurer.

4. Accident Disability Rider

In case a policyholder becomes disabled due to an accident/ mishap, the insurer will either pay the partial or total sum insured. The amount strictly depends upon the severity of the injury. If a policyholder is permanently disabled that is there is a complete loss of eyesight for both the eyes, loss of a limb and one eye, loss of two limbs, and is unable to work. The insurer will pay the complete sum insured. In case of partial disablement, a part of the sum insured will be paid by the insurer depending upon the nature of the injury. For instance, if a policyholder loses one limb or eye, 50% of the sum insured is to be received. In case of hearing disability, 15% of the sum insured will be received. *t&c apply

5. Waiver of Room Rent

Anyone looking forward to a no cap or sub-limit should opt for this rider in the insurance policy. Usually, the health insurance policy does come along with the set sum on the premise of nature such as semi-private rooms, etc. The room rent waiver permits the insured to access the hospital room without paying any additional admissible charges. Disclaimer: The terms and conditions are subject to change as per insurer to insurer.

Wrapping it Up

The riders make the health insurance policy more comprehensive and secure. Having riders in the health insurance policy is proven to be more cost-effective. At the same time, it is important to understand that you do not require every health insurance rider. Choose a health insurance rider as per the requirement. Avail care and better coverage at the cost-effective health insurance premium.

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