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Add-ons to health insurance coverage are extra benefits purchased for an additional fee
Health Insurance Add-Ons
Buying health insurance can be difficult, especially when dealing with unfamiliar terminology. Whether you’re a first-time buyer or a seasoned policyholder, knowing how much and when to spend on the policy is a crucial thing everyone must take care of. While making the purchase, users get riders and add-on options can be tagged for an extra amount which includes a variety of benefits, no claim bonus, OPD care and many more. No matter how beneficial it may seem, it is crucial to understand when a person should get riders and add-ons in a health plan.
Add-ons to health insurance coverage are extra benefits purchased for an additional fee. At times, your medical coverage is insufficient to provide appropriate financial protection. It is when these additional terms come to the rescue.
Riders and add-on covers are those additional elements apart from the base policy that allows the policyholder to customise their insurance policies to meet their needs and requirements.
The question arises when a person should buy riders or add-ons while purchasing a health plan.
There are several types of Add-ons with your health insurance policy such as Room Rent Waiver, Maternity Cover, Hospital Cash Cover, Critical Illness Cover or Personal accident cover, as per your preference.
Every insurer provides a variety of plans it is important to cross-check every plan by going through the policy brochure.
If your basic plan offers limited coverage and you want to widen it, buy the type of add-on you want for yourself and your family as it will provide you extra benefits.
You may also need to add a specific rider if you have an old health policy.
Also, Consider your age, lifestyle, life stage, family medical history, and vulnerability to specific diseases. If you are over 50 and have a family insurance plan including 2-3 people, get a rider that restores the sum insured.
Similarly, if your old health plan doesn’t include maternity cover, add a maternity rider for your benefit.
If your family has a history of heart disease or cancer, you can opt for a critical illness rider which provides a lump sum or a series of payments when a policyholder is diagnosed.
As the medical inflation in India is at its all-time high, surgeries and treatment can cost Lakhs in a private hospital. Therefore, it is ideal to buy a suitable ride option while purchasing a health plan.
