Health insurance coverage is now required due to rising healthcare expenditures. Medical insurance provides coverage for incurred medical costs in the event of hospitalization.
It is essential that you select a health insurance plan that meets your needs. Customize the plan by adding health insurance riders to the base plan to ensure adequate health insurance coverage.
Health Insurance Riders… Yes, you read that correctly!
There are various kinds of health insurance riders available. Let us discuss the riders of health insurance plans in this article.
But hold on!
Let us begin with the fundamentals before delving into the specifics of comprehensive health insurance rider possibilities.
What is an Insurance Rider?
Riders, in a nutshell, are the extra benefits that come with the insurance policy.
When you add a rider to your insurance policy, you gain access to additional benefits for a low monthly fee. Adding a rider to your basic insurance policy will expand the scope of your coverage.
As a result, when you opt to add riders to your health insurance policy, it is strengthened. The cost of health insurance is determined by a variety of criteria, including age, gender, plan type, policy duration, and many others.
Now that you have a better knowledge of the riders. Let us go on to learn more about the many possible types of riders in insurance.
Types of Health Insurance Riders:
Let’s go over the top five health insurance riders:
Room rent waiver
You can choose a room with a greater sub-limit or one without by putting the room rent waiver rider in your policy. Many insurance companies set a limit on room rent and include general/standard or semi-private rooms in their policies. However, by adding the room rent waiver rider, you can reserve a room of your choosing without having to pay an additional fee at the time of entrance.
After the waiting time has expired, this rider offers coverage for expenditures incurred during childbirth. Depending on the insurance company and your insurance plan, the waiting period could be 24 months or longer. Some insurers additionally offer coverage for newborn babies from birth until the end of the policy’s tenure or maturity.
This rider covers the daily cash that a policyholder may need to cover hospital and other medical expenses while hospitalized. The insurance provider will pay this hospital daily cash benefit once during the term of your policy, and it can be used for the number of days specified in your health insurance plan.
Critical illness cover
Critical sickness primarily refers to any terminal condition or ailment, such as a large heart attack, kidney failure, organ transplant, cancer, tumor, or multiple sclerosis. Some insurance companies include critical illness insurance coverage in their policies, and policyholders can add it as an add-on to their policy. The critical sickness cover gives an immediate lump sum payout regardless of the total expenses paid during medical care. Many insurers offer critical illness riders for 10-15 ailments; however, depending on the firm and the policyholder’s needs, an insurance company may cover up to 38 critical illnesses in the case of comprehensive plans.
Personal accident rider
This rider provides compensation for all types of accidents, including entire permanent disability, accidental death, permanent partial disability, and temporary total disability. The personal accident rider can be added to your basic insurance policy for a little fee. This waiver covers the insured’s medical expenditures, any disability or injury sustained in an accident, and can be utilized for any unanticipated expenses. Personal accident riders are frequently referred to as double indemnity riders. If the insured is killed in an accident, the insurance company will pay an additional death benefit. As a result of the policyholder’s death due to unintentional bodily harm, the policyholder’s family receives twice the value of the policy.
As a result, health insurance riders were created so that policyholders with certain medical problems may profit in the future, particularly while hospitalized. So, if you have a pre-existing medical condition, your insurance agent can direct you to the finest health insurance plan with add-ons or riders. Riders offer many types of insurance cover. If you purchase select add-ons, you can get better treatment and coverage at a lower cost.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less traveled territories.