Medical insurance covers medical costs if you are admitted to hospital. Hence, due to rising healthcare costs, after health insurance A must today.
Now, even the best policies may not fulfill all of your requirements. However, you can fill this gap and customize your policy according to your needs by adding a rider / two riders to your policy.
However, what are the different types of riders available with health insurance?
In this blog, we will talk about everything related to passenger health insurance.
But before we move on to explaining the different types of riders for health insurance, let’s understand what a passenger is.
Riders are an additional facility that comes with an insurance policy. By adding a competitor to your insurance, you can take advantage of his fringe benefits at a very low price. They make your basic insurance policy more comprehensive. For example, you can add maternity coverage to your health insurance, and accidental death benefits to your life insurance.
The amount of the passenger premium depends on the age of the policy holder, the amount of coverage, the type of the policy, the policy terms and conditions, etc.
Now, let’s take a look at the different riders that are available with your health insurance.
Here are the five riders you can add to your health insurance plan
1. Passenger maternity cover:
Many health insurance policies do not provide maternity coverage. Now if you add a maternity cover contestant with this policy, the rider will cover certain expenses during the delivery. Cover will be primarily for delivery expenses but may be restricted to pre and post delivery expenses. It is also possible that other expenses such as newborns or vaccinations will not be covered at all.
However, this passenger can be availed after the waiting period, which is usually 24 months but can extend up to 72 months as well in some plans.
2. Critical Illness Rider:
The policy holder can purchase the Critical Illness Contestant through his health insurance policy. When diagnosed with a serious disease listed in the policy, the insurance company will pay him the amount guaranteed to the passenger.
Suppose you have a health insurance policy of 10,000 rupees and with that you have a critical illness contestant of 5,000 rupees. Now when you are diagnosed with one of the critical illnesses in the policy, you will pay Rs 5 lakh in lump sum.
Critical illness riders can also be purchased with term or stand-alone insurance plans.
3. Accidental Handicap Contestant:
Under this jockey, if the policy holder is disabled due to an accident, the insurance company will pay him the amount guaranteed (in whole or in part) to the passenger. However, the amount to be paid will depend on the severity of the injury.
In the event that the policyholder is permanently disabled, that is, loss of vision (for both eyes), loss of two limbs, loss of a limb and an eye, and his inability to work, the insurance company pays him / her the full amount guaranteed. However, in the event that he has a partial disability and is able to support himself, the insurance company will pay the part of the guaranteed amount (the amount will be determined by the insurance company) according to the injury. For example, if the policyholder loses one eye or one party, he / she will receive 50% of the amount guaranteed. But if he lost the hearing aid in one ear, he would get 15% of the amount guaranteed.
4. Assignment of the room rent:
Many insurance policies come with a maximum room rent. For example, suppose you have a health insurance policy with a maximum room rent of INR 2,000 per day. Now, if you are in hospital and the daily room rent is Rs 4,000, then you have to pay the extra amount out of your pocket.
Now, if you add the room rent exemption contestant with your policy, you can make use of the room of your choice (subject to simple conditions like it can’t be a suite) without paying extra money.
5. Hospital money contestant:
Under this rider, in the event that he is hospitalized, the insured receives a cash sum for all days spent in the hospital. The amount varies from policy to policy. This is a reimbursement for lost wages during hospitalization.
However, to take advantage of most daily hospital cash plans, you need to stay in the hospital for at least 24 hours to take advantage of this benefit.
minimum:
Riders are making your health policy a little more expensive but at the same time, they make your health insurance policy more comprehensive. And if you compare the amount of the premium against the need, getting passengers is more cost-effective. But for that, you’ll have to make sure you have the right type of rider in your policy.
