Nine riders that make your Health Insurance Rider comprehensive
Ravichandra (age 35) was looking to purchase health insurance coverage, he realized that there are some riders that he could add to his policy to make it more comprehensive. ‘Health Insurance Rider’ are some of the best services that you should know.
Several such riders could enhance your policy. In this current Covid-19 pandemic, getting the maximum possible benefits is a top priority for you and your family.
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What Are Riders?
They are amendments or additions to your policy that provide certain benefits not available in the basic one. For instance, a hospital cash rider can help you meet daily medical/non-medical cash expenses during hospitalization.
Riders help you augment the basic term policy and increase the level of protection.
The advantage of riders is that you don’t need to purchase separate policies. Riders help you customize your existing health policy to suit your unique circumstances, requirements, and preferences. They could be about price, coverage, benefits offered, time/term, etc. You can purchase riders separately from the policy, but at the same time.
Riders offer different benefits. Some of them are:
- Premium waiver
- Accidental case
- Critical Illness
- Disability illness
- Accelerated Death Benefits
- Loss of employment
- Hospitalization benefits
- Tax benefits according to prevailing tax regulation
Nine Important ‘Health Insurance Riders’
1. Critical Illness Rider: If the policy-holder is diagnosed with cancer, heart problems, organ-related diseases, stroke, or other life-threatening illness covered in your policy, they are eligible to receive the sum assured to help you manage household expenses/doctor’s fees/hospitalization, etc.
No one knows about his tomorrow and as we grow older; out of 100%, 70% of old age people die just because of having a critical disease. Like as – heart problems, diabetes, and many more.
you should opt for a critical illness rider with your health policy if you want a comprehensive health policy, nevertheless, the fear of critical disease makes things difficult for us and health policy becomes our basic need.
2. Room Rent Waiver: Helps you avoid caps on room rent so you can choose private/deluxe rooms without extra payment. Hospitalization means, you are diagnosed with a serious issue or you are at the last stage, and in this situation, a patient needs proper care and the only way is the patient should stay in the hospital in the observation of a doctor. And we know that having a personal room is a basic need of patients and it’s a way expensive, but if you are aware of the room rent waiver then definitely you want to add this as a rider with your health policy.
The good thing about health policy is, you can customize your health policy as per your need, and adding a ‘room rent waiver’ is the wise and best decision.
3. Accident Disability: If the policyholder becomes permanently disabled following an accident, this rider ensures that they are paid the sum assured. We always take lessons from others’ mistakes, and facing the problem of permanent disability just because of an accident is worst for any person, when you Having a road accident means, a lot of expenses, and the fear of losing body parts both are quite expensive for a person, and in this situation, insurance can help you financially.
If you include ‘accident disability’ to your plan, you are already aware of those uncertainties which are coming into your life without knocking on the door.
4. Hospital Cash Benefit: this is a common ‘Health Insurance Rider‘ that most policyholders opt for. It helps you to pay cash for necessities required during the hospital stay. Based on your policy, it could range from a few hundred to thousands daily. A hospital cash benefit cannot be spent on medicine and hospital-related things. As a conscious person, you will always want to add this rider to your plan and somewhere it is true.
5. Accelerated Death Benefit: When a person suffers from a terminal illness, the family can get a part of the sum assured in advance to meet expenses if they have an accelerated death benefit rider in their policy.
6. Income Benefit: With this ‘Health Insurance Rider’, the policyholder’s family can get an additional income for 5-10 years annually, along with the regular sum assured.
7. Maternity Cover: Most policies don’t cover pregnancy-related hospitalization expenditures. With this rider, you can avail of coverage for such expenses on a waiting period of 2-3 years.
You should buy health insurance at a young age. Because after marriage, your health policy will cover your family also and a rider-like maternity benefit will secure you financially whenever you need it. Most of the plans offered you maternity benefits and it’s a basic need as your individual plan becomes a family floater plan.
8. OPD/Consumables Cover: OPD the ‘Health Insurance Rider’ gives you coverage for expenses incurred apart from hospitalization, while the consumables rider is especially useful in Covid times, when PPE suits, gloves, sanitizer, masks, surgical items, etc are used up very fast.
9. No Claim Bonus Rider: Gives you coverage even if you have made a claim, that you might have lost in the normal policy.in addition, No claim bonus proves beneficial for you when you have not claimed for years and not claiming. In case of not claiming for years, the bonus percentage of No claim bonus becomes 100%.
Some riders, such as medical inflation protection, are worth adding to your regular policy at a nominal increase in premium because the benefits far outweigh the cost.
Conclusion
Wanting the best health policy is everyone’s choice but in the end, you got what you understand from your policy agent, look if you want to buy the best health policy then you have to compare all the policies and not all health policies are the same whereas Everyone has different benefits and coverage , but you need to know what you want and what is your need. Go for the policy as per your need and you can customize your health policy. So, choose the rider as the service and as the benefits.
