The health insurance rider is a crucial part of a health insurance policy. You or a policyholder enjoys additional benefits, if you avail riders with health insurance plans. These are additional benefits at slightly higher premiums.
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Health insurance riders enhance the cover of a health insurance plan. Availing health insurance rider is essential, when you want to secure the health of your loved ones.
Health insurance plans from various insurers offer different features and riders. The premium cost and the co-payments, therefore, vary across policies.
The insurers have come up with several health insurance products, to meet specific insurance needs. The insurance companies also offer customized health insurance plans at affordable premiums.
The rider helps avail additional cover like critical illness cover; hospital room rent cover and so on, by paying an extra amount along with the basic premium.
Some of the most popular health insurance riders offered by insurance companies are as follows:
Room Rent Waiver: The insurer states the maximum amount he will pay towards room rent, in case of hospitalization of the policyholder. This is mostly included in the form of sub-limits on room rent. The room rent limit is a percentage of the sum insured.
So, a 1% daily hospital room rent cap in health insurance policy with a sum insured of up to 3 Lakh means, the insurer will pay only Rs 3000 towards the room rent.
By including the room rent waiver rider in your basic policy, you are eligible for higher sub-limits on room rent. The normal sub-limits help get general or semi-private rooms at network hospitals. With a room rent waiver rider, you will be able to avail a room of your choice, without paying anything from your pocket.
Maternity Cover: The basic health insurance plans generally do not offer built-in maternity cover. Therefore, the maternity rider helps the insured avail insurance benefits for the expenses incurred during maternity and childbirth.
Generally, the maternity benefit cover has a waiting period of about 9 months. So, the rider must be availed at least a year in advance to enjoy the benefits. The maternity benefit rider covers the cost of hospitalization for delivery, ambulance charges; delivery charges as well as offers complete insurance cover to the mother and the newborn.
Daily Hospitalization Cash Allowance: This is one of the most basic riders added by customers to enhance the base plan. The main benefit of this rider it that it offers a pre-determined amount for daily hospital expenses, when the policyholder is hospitalized. The policyholder who avails this rider becomes eligible for a daily compensation. However, this waiver comes with certain restrictions. So, the insured must read the policy document carefully, before availing this rider.
Critical Illness Cover: The critical illness rider pays a lump sum amount to the policyholder, in case he is diagnosed with a critical illness as mentioned in the policy. Critical illness like cancer, heart attack or kidney failure can derail the finances of the policyholder or lead to massive debt.
A critical illness cover helps protect the insured against financial losses. As these illnesses require extensive and quality medical care, critical illness cover is crucial to help the policyholder avail quality treatment at the best network hospitals in the country.
See Also: Health Insurance Coverage for Maternity
Personal Accident Cover: The personal accident cover helps the policyholder avail compensation for partial or total disablement, temporary disablement or death in an accident. This rider comes at a nominal cost and adding this to your base insurance policy, means additional cover against accidents. This rider also helps the insured cover the medical expenses incurred in an accident. This rider is also referred to as double indemnity rider.
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