Health is wealth, and rightly so. With the stressful lives we lead today, we are more susceptible to contracting illnesses. What's more, the pandemic has further aggravated the situation, and there's really no looking back. If there's something that these circumstances taught us – it is to safeguard your health, and at the same time, your wealth.
With inflation on the rise, it is essential to have a safety net in the form of health insurance. You can level up the benefits by integrating riders, based on your specific needs.
In this piece, let's find out a little more about the health insurance riders you must be aware of.
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Here are some riders to know about:
● Room rent waiver
With this rider, policyholders can choose a room that has a higher sub-limit or no limit. Depending upon the policy, the insurance provider can set a cap on the room rent. You may have the option to receive financial coverage for standard or semi-private rooms. Through the room rent waiver, policyholders can zero in on their choice of room, without having to pay any extra fee during admission.
● Hospital cash benefit
The hospital cash benefit rider ensures that the policyholder receives daily cash during hospitalization to cover any hospital expenses. The cash range can be anywhere between a few hundred rupees to a thousand. What's more, the fund is not just limited to hospital expenses, but can extend to non-medical ones.
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● Maternity rider
Remember that a majority of health insurance companies do not take care of pregnancy-related costs. But you can still receive the benefit by integrating the maternity rider, so that your expenses are covered during childbirth. The maternity cover rider generally has a waiting period of close to 2 to 3 years.
● Critical illness rider
As the name suggests, the rider offers benefits to policyholders in case they are diagnosed with critical illnesses like stroke and cancer, among others. The payment is not just used to cover medical expenses, but also any other costs that are required by the insured's family.
● Personal accident rider
This is another rider that pays a lump sum amount to the policyholder, in case they undergo an accident that leads to permanent disability in total or partially. One can get this rider by paying a small fee. In fact, the payment doesn't have to be used only for medical expenses, it can also be utilized for unplanned costs.
● OPD coverage
Most policies cover costs related to hospitalization, but they do not extend the cover to outpatient treatment. That is generally taken care of by the patient themselves. By getting this rider, you can ensure OPD coverage, which means the non-hospitalisation treatment is taken care of.
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● NCB protection
For instance, if you do not file a claim in a single year, you are eligible for a no-claim bonus (NCB). But this is only possible when you get a rider above and beyond your health insurance policy.
● Inflation protection
With medical inflation on the rise, it is important to safeguard both your health and wealth. No wonder, policyholders want a larger coverage year on year. But how about you get a rider that can protect you? The rider raises the sum insured by a predetermined percentage at certain intervals.
The last word
All in all, it's a wise decision to strengthen your health insurance policy with riders, so that you are always prepared for a contingency in advance. They say your life can be thrown off track at any moment – not only does it impact your health, but also your health. So, why not be more safe than sorry and take all the precautionary measures?
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Pick the rider of your choice and get started on this journey!
