We have been witnessing the skyrocketing costs of medical treatments with the latest developments in medical technology. Possessing a proper health plan is the only plausible solution in this respect to save your finances and handle a medical exigency deftly. The worldwide outbreak of the Covid-19 pandemic has all the more emphasized the relevance and significance of maintaining a befitting health insurance plan.
You can easily obtain and maintain a health insurance plan and expand its scope by adding suitable riders to it. There are a variety of riders available with various plans. Different companies offer different types of riders. In this article, we will highlight some of the most popular and user-friendly riders that you can add by adding an extra premium. Although these riders make the plan a bit expensive, it offers additional coverage to the insurance holder too.
Generally, there exists a sub-limit on the hospital room rent expenses that get paid by the insurer.
Hospitalisation leads to income loss and incurring of expenses both at the same time. This particular rider offers a pre-defined fixed amount of daily allowance throughout the hospital stay period of the concerned policyholder. This rider helps in running the daily life and expenses of the family smoothly during the hospital stay of the insurance holder, especially if he/she is the sole breadwinner in the family.
This is one of the newly evolved riders to offer coverage for meeting the latest treatment costs of consumables or other single-use items that generally remain excluded from a standard comprehensive plan. This plan has been specially crafted after the worldwide pandemic outbreak of Covid-19. This outbreak has significantly enhanced the average cost of most of the consumables. It effectively reduces out-of-the-pocket expenses of the insurance holder under such circumstances, especially for people with enhanced outdoor exposure.
NCB or No Claim Bonus is a special reward offered by several insurance companies to the policyholder for raising no claim during a particular policy year either through a special premium discount or increasing the coverage span. However, with any claim settlement, the NCB gets automatically nullified. But if you maintain a rider with NCB protection, it ensures that the concerned individual still receives the No Claim Bonus despite any claim settlement. Any insurance holder who is sure of his/her health conditions may opt for buying this special rider. This ensures that the insured individual enjoys claim coverage along with the bonus facility during renewal.
Inflation is a hard truth that you can never deny. This happens in almost every sector and the medical sector is no exception to this. This inflation can significantly raise the treatment costs which can make it all the more difficult for the affected individuals, especially for costlier treatment procedures. However, with this particular rider, you can ensure better fund management even while undergoing expensive treatment processes. This rider ensures that the insured person’s policy coverage remains sufficient despite inflation in the long-term and you don’t need to buy a separate plan with a higher sum insured value. It makes your existing health plan competent enough to beat the inflated status too. This holds especially well for family floater plans for meeting the varied medical requirements in the future.
As the name suggests, this particular rider acts as a protective cushion for the insured where he/she does not need to pay out-of-the-pocket under any accidental circumstances. This rider pays a lump sum either to the insured individual or to the nominee which can be utilised according to the demands of the time. This particular rider offers additional coverage along with the existing health plan.
Although a comprehensive health plan offers critical illness coverage, it comes with certain limitations, depending on the terms of the concerned policy chosen. However, with critical illness cover, you can enjoy an additional cover where the insured individual receives a lump sum on the diagnosis of any critical ailment. Any critical ailment can prove to be financially quite burdening both for the insured and his/her family, leading to heavy expense and loss of income. Depending on hereditary medical history and lifestyle, people can choose this cover to ensure better protection.
Most of the standard health insurance plans that offer maternity coverage come with an initial waiting period. On completion of this term, pre-and-post-hospitalisation costs, neonatal care costs, and other pregnancy-related expenses are covered. Opting for this rider may enhance the premium amount by about 15%-20% on average.
Some of the major benefits of health insurance riders include:
Investing in suitable rider options along with your existing health plan is a wise choice. This ensures optimum utilisation of your health plan and the best management of your finances, especially during medical emergencies.
