5 Riders to watch out before buying Health Insurance

The expense of hospitalisation and subsequent treatment is growing. As a result, it is necessary to look for additional benefits in exchange for a somewhat higher premium. For clients who want to customise their insurance coverage, this fills in the gap.

'Riders', which are included in most insurance plans, are not widely understood by the general public. For an additional fee, you can obtain additional perks such as ridership. Accepting riders on your health insurance policy permits you to additional coverage at a significantly reduced cost. Maternity coverage, accidental disability coverage, and more can be added to your health insurance policy with these add-ons.

Riders that can be included into a health insurance policy are:

Rider for Critical Illness 

If you have health insurance, your hospitalisation and subsequent treatment will be covered by the insurance company. In the event that a life-altering illness renders you unable to work or support yourself financially, what recourse do you have? In the event that you develop any of the critical diseases specified in your policy, you can count on your insurance company to make good on its promise to pay you the agreed-upon benefit amount if you purchase a critical illness rider. For instance, if you've paid for a critical illness rider of 5 lakhs on a health insurance policy worth 10 lakhs. If you are diagnosed with a critical illness, you will receive a lump sum payment of 5 lakh as part of your critical illness insurance.

Rider for Maternity Cover

For those who intend to start a family in the future and wish to have the costs of childbirth covered by this policy, this is an option. Once you've done that, you can see if your health insurance carrier offers coverage for expecting mothers as well. Maternity insurance can help you pay for the costs of giving birth, however some policies limit the payout to only covering the costs of giving birth, not the costs associated with labour or the expenses incurred after the delivery of your kid. However, you may not be able to use this rider to cover the costs of post-delivery care and vaccines. Check to see if this rider has a waiting period before it can be used. 24 months in most circumstances, however some plans allow for three years.

Rider for Accidental Disability 

A long-term disability after an accident may be a cause for concern. This rider serves as a safety net in the event of an accident-related disability. When a person is injured in an accident, their insurance company is obligated to pay the amount specified in the policy's rider. To be eligible for compensation, the policyholder must have suffered a total loss of function owing to the accident, such as blindness or paralysis. However, if the insured person loses an eye or a limb, they will only receive half of the amount they were guaranteed to receive.

Rider for Hospital Cash

Hospitalization means that the insured will not be able to go to work for that time period. The family that relies on the insured's income will suffer a financial loss as a result of this. The insured receives a monetary sum equal to the number of days he or she was absent from work as a result of the treatment. The amount varies from policy to policy and is used to make up for lost wages while you're in the hospital.

Waiver of Room Rent

A room rental cap is a common feature of many insurance contracts. This indicates that the insurance company is only obligated to pay a portion of the room rent if the insured is hospitalised, and not the full amount. While this rider is included in a standard insurance, it doesn't mean that the insured is requesting a suite or a VIP-styled accommodation when he or she pays for it. You can select a room of your choosing if you pay an additional fee for the waiver.

It may appear costly to add riders to your health insurance policy, but doing so increases the coverage you receive. Despite the fact that it may appear to be a burden on premiums, its long-term effect demonstrates that it is worth having given the current fragility of life.