One must have health insurance but sometimes the health insurance is a very basic plan and there is a need to get some add-ons which can give the extra protection to the individual which is needed. There are plenty of add-ons which the insurers offer in return you have to pay some extra premium amount. This is also called Health Insurance riders which means the same as having an additional health insurance plan.
What is a Health Insurance add-on?
These are the additional benefits which do come with the basic health insurance you purchase. They can be added at an extra cost in your premium amount and will cover you when the time comes. IRDA has however that for any kind of add on amount cannot exceed 30% of the total premium amount. For example, if you get health insurance at 4000 premium per annum with sum insurance of 50,000 then you decide to get the add-ons then the total price of the add-ons cannot exceed 1200 which is 30% of the 4000 annual premium amounts.
Top 4 add-ons which you can get with your policy are
Room rent Waiver
The medical bill not only depends on the type of treatment you are getting but are also highly influenced by the rent of the room. It can be one of the highest expenses in some cases. The standard health insurance policy generally comes with a limit in the room rent if you read the policy in details. This means that if under the insurance you have been allotted room rent of 5000 and you get into a costly one then the additional cost has to be covered by you. The hospital charges the person according to the type of the room as there are many from AC rooms to normal rooms to deluxe ones. Having room rent waiver will ensure that whole of the room rent charge is covered by the insurer and you don't have to pay anything.
Maternity Cover
This is specially designed health cover for the child however the policy often has a waiting period of 24-48 months thus you may have to wait for the coverage to start. But it will cover all the expenses incurred during childbirth.
Critical Illness Rider
This is the add-on which provides full cover against any critical illness such as cancer, heart attack, kidney failure and others. This could be under the add-on by some insurer while for someone it could be standalone critical illness insurance policy separately. With this add-on you become eligible to get the lump-sum cover in case you are diagnosed with any critical illness
Hospital Cash
This is the add-on which takes care of any kind of non-medical expenses that are incurred at the time of hospitalisation. Also, a daily cash allowance is paid at the policyholder as per the mentioned terms in the documents which range from Rs 500 to 5000.
Buy health insurance policy and customise it with the add-ons which are suitable for you now.
