Health Insurance Riders: How can they benefit in the Right Ways

May 20, 2021 (0) comment , , , , ,

We are living in a time where unprecedented scenarios are similar to everyday routine and living. We never call for critical circumstances, but they somehow continue to invade our life making us physically, mentally, and financially very vulnerable. No one asked for a disease like COVID, but we are forced to live with it and rely on our resources. Meanwhile, Science is trying to achieve victory over the illness; what are we doing to make sure our loved ones are in good care?

With a recent and ultimate healthcare facility crisis, the surge of COVID patients led to people turning more and more towards their healthcare policies. People turned towards claiming their sum insured amount and get their families or themselves the required care. As the healthcare infrastructure and services are charging mounting high fees, it has become even more essential to consider buying an insurance cover. An assurance of the most negligible economic and mental drainage would only then be possible.

There should also be awareness about a health insurance plan’s fundamental fact with all the other things. For example, it wouldn’t be wise to think that a health plan will cover all the medical expenses when the time comes. Hence, it becomes essential to have in-depth knowledge about your policy. Moreover, different insurance brands offer distinctive features in their health insurance plan based on a customer’s requirements and selection. So, how can a customer obtain a health plan from their insurance provider that covers all their medical needs and expenses?

The answer to this query is looking for an accurate Insurance rider by customizing the regular health plan offered by the insurance company. In this article, the expert’s team of Secure Cover will elaborate on what are health insurance riders and which insurance riders can become an added and appropriate advantage in a regular health cover plan.


What are Health Insurance Riders?

While selecting a health insurance plan, knowing the requirements and whether the insurance is covering them or not is essential. Hence, based on one’s choice of benefits and the coverage amount, a person can opt for insurance riders.

Health Insurance riders are the additional benefits that a customer can add to their already opted health plan. The riders are added benefits for which the insurer charges additional costs included in the premium rates. Various insurance companies in the market have different riders, features, and premium rates distinct from the other brands. Therefore, selecting a rider would make a regular health insurance plan much more comprehensive and beneficial.

Riders make your coverage extend to all the benefits that the insurer could not bore in a regular health plan. Moreover, remember not to keep adding too many riders to your health plan, thinking of extra advantages. It would only elevate your premium rates, even though IRDA has regulated the additional cost up to only 30% of the primary health insurance plan.

Let us discuss some of the essential insurance riders that can procure better coverage and assurance for you and your family if added to the primary health cover plan.


Important Health Insurance Riders

Some top health insurance riders can provide extra coverage of expenses, mainly benefiting during any illness or hospital costs if added to primary health insurance. These riders complete a basic health insurance plan assuring you that most of the expenses would be bored by the insurance company during the time of need.

Here are some insurance riders that could help in making a primary health plan more comprehensive and beneficial:

1. Maternity Cover Rider

Generally, health insurance plans do not cover maternity expenses. Therefore, the cost incurred by a customer during childbirth is from their pocket. Hence, maternity cover rider becomes a prominent solution to this problem, ensuring that all the expenses related to pregnancy and childbirth are provided if the rider is opted and added.

Although, adding the rider would assure covering the expenses restricted up to only pre & post-hospitalization during childbirth. The maternity rider will not cover the cost of childcare and vaccination post-birth. Before availing the rider, the waiting period could be 24 months or more, ranging from one insurance company to other.


2. Critical Illness Cover

A critical illness would mean any terminal disease such as a heart attack, kidney failure, etc. These illnesses are mainly listed in an insurance companies policy, the count of which could be somewhere between 10-15 or sometimes even 38 depending on the customer’s requirement or the insurance brand.

Critical Illness Cover could be availed as a self-contained insurance plan too. However, in case one already owns health insurance, they can look for a critical illness rider. The rider helps cover the expenses if a customer has been diagnosed or treated for any critical illness listed in the company’s policy. The insurance company would immediately approve of a lump sum amount, irrespective of the total medical treatment.

Remember that one can also look for adding a critical illness cover with a term insurance plan. Some companies already add up these benefits in their policy (Health insurance too). However, it is essential to be careful and aware enough to know an opted policy’s benefits to utilize it in time of need.


3. Room Rent Waiver Rider

Usually, the insurance companies put a cap on the room rent, limiting a customer’s admission into their choice of room in the hospital. An insurance policy could have a sub-limit on a room rent by including only general/standard or semi-private rooms in the policy guidelines. Putting a cap on the room rent expenses would mean that the insurance company would only pay the amount specified in the policy.

The customer would pay the rest. So, a room rent waiver rider would help make a room of one’s choice which also means a patient will not have to pay extra during the time. The room rent waiver is also subject to conditions like one could not look for the suite for admission in the hospital, but rooms lower than that grade.


4. Hospital Cash Rider

Apart from surgical and other expenses, hospitalization does have daily expenses, usually paid by a customer from his pocket. However, the hospital cash rider makes sure of covering these daily hospital expenses. The insurance company either covers or reimburses the total amount for all the days in the hospital.

The hospital cash rider amount differs in different insurance brands. It is paid only once by the company for the duration of the policy. The health insurance plan explicitly mentions the reimbursement or covering of the amount for only a specific number of days. To avail of this benefit, the policyholder needs to be admitted into the hospital for at least 24 hours.


5. Accidental Disability/Personal Accident Rider

Adding this rider helps a policyholder in case they meet with an unfortunate accident. Unfortunately, some general health insurance does not cover this benefit unless the customer asks to avail of this rider and add it to their general policy. Personal accident rider is beneficial, especially when the insured becomes disabled due to the accident.

There are certain conditions for this rider. First, the amount would be decided by the insurer based on the insured person’s loss/ disability. If the loss is too severe that cripples the insured in ways that he/she cannot fend for themselves, then the insurance company would pay the entire sum insured amount.

However, if the insured is only partially disabled and can feed himself, then the only partial amount of the sum insured or whatever feels suitable by the insurance company according to the disability would be paid.


Let’s Wrap Up!

These insurance riders are an intelligent choice made by a customer while making their health insurance as beneficial as possible. These riders make sure that availing the best treatment in time of a medical need should be the priority and not thinking about how financially doomed one will be after the treatment is availed.

Hence, to ensure the best and economical way would be not to go for an additional insurance policy but add benefits into the existing ones. Also, remember not to overdo it by going forward and adding all the riders. It would only increase the premium cost. Instead, look for the riders that your insurance policy does not cover, and you require it.

{To know more about the benefits and to avail of the best insurance plan, contact our (Secure Cover) expert team of customer assistance on 9315720732 or write your queries}

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