Why do you need Health Insurance Riders?

Dec 03, 2016 15:15 IST 763 reads,

The concept of health insurance riders is similar to getting some extra toppings on your pizza. Since you need to pay extra money for some additional toppings likewise, there is an extra charge over a regular premium to get additional coverage. In simple terms, health insurance riders offer the extra benefit at some extra cost.

Following are some top health insurance riders and their advantages:

RiderAdvantage
Room Rent WaiverMany insurance companies have a cap on the room rent.
This rider provides the benefit of choosing the room of your liking without any extra charge at the time of hospitalisation.
Personal Accident RiderIt offers coverage for all kinds of accidents which incorporate accidental death, permanent disablement etc.
Also, the family of the policyholder is entitled to twice the amount of the policy if the insured dies in an accident.
Critical Illness CoverIt covers medical expenses for the illness which are critical in nature like cancer, heart attack, brain damage etc.
This rider offers an instant lump sum to the insured person regardless of what the total expenses of the medical treatment are.
Maternity CoverIt covers all expenses incurred during the childbirth. However, this rider can only be availed after the waiting period has passed,
which can be 24 months or more depending on the insurance providers. While some insurance companies also provide coverage to the newborn child till the maturity period.
Hospital CashIt offers daily cash allowance to the insured which may assist him to take care of other medical expenses during hospitalisation.

Is there a necessity to buy these health insurance riders?

It is of utmost importance for an individual to identify if he really needs a health insurance rider since it comes at an added cost. If one considers buying all the health insurance riders, the premium will shoot up. It might also lead to the possibility of default on his premiums at some point. Hence, a person needs to be very cautious with the rider he chooses.

Choose a suitable rider in-line with your need. For instance:

· A maternity cover would be appropriate for a young couple planning to start a family in a couple of years. Conversely, it won’t be suitable for a couple who have crossed the age of 50.
· A personal accident cover best suits an individual who travels more often for business purpose or pleasure.
· A critical illness cover can be bought by a family having a history of critical illness in the past.

Conclusion:

Surely a health insurance rider has its own advantages but choosing an appropriate one is important. It is better to analyse which rider suits your needs and incorporate only that rider in your plan to keep premiums under control.

Click here to read about varied types of health insurance plans

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