A Guide to Important Riders You Can Add to Your Health Insurance Plans

A Guide to Important Riders You Can Add to Your Health Insurance Plans

Bajaj Finserv Health
September 29, 20215 mins read

Key Takeaways

  • Include a maternity rider when you buy health insurance plans
  • Add a critical illness rider to your individual health insurance policy
  • Opt for a room rent waiver when investing in medical insurance

Health insurance plans provide much-needed financial stability in times of need. Though these plans offer monetary support, investing in healthcare insurance also gives you mental peace and relieves stress when you need medical support. While health insurance companies offer plans with different features, all your requirements are not likely to be covered under a single plan.

To meet these needs, insurance providers offer riders, which are amendments to the coverage offered by healthcare insurance to suit your needs. Any additional benefit added to basic private health insurance is called a health insurance rider. Using a rider helps you get better individual health insurance coverage at budget-friendly costs.

Here are different health insurance riders provided by medical insurance companies that you can consider.

Additional read5 Tips to Buy the Best Family Health Insurance Policy

Use a maternity rider to manage your pregnancy-related expenses 

When you buy best health insurance, you can opt for a maternity rider to cover costs related to delivery. You can avail it only after your waiting period is over. However, this waiting period may be anywhere beyond 2 years depending on the plan. In some health insurance plans, you may get an additional feature of coverage for infants right from birth until the plan matures [1]. As this rider mainly focuses on covering your delivery expenses, other expenses such as those for vaccinations may not be covered. So, compare different policies and then choose the best health insurance rider.

health insurance riders

Purchase a critical illness rider to manage terminal illnesses 

This is one of the most important riders to consider, especially when purchasing health insurance for senior citizens. Critical illnesses include heart attacks, kidney failure, cancer or tumor. With this rider added to your policy, your insurance provider will bear treatment costs for the critical illness mentioned in the policy up to the specified limit [1]. You’ll get the assured sum as per the rider you select.

Consider a hypothetical example to understand this rider better. Say you have private health insurance of Rs.15 lakhs along with a critical illness rider of Rs.5 lakhs. In case you are diagnosed with any of the critical illnesses as mentioned in the policy, your provider will pay you the lump sum amount of Rs.5 lakhs immediately. This is irrespective of the total cost incurred during treatment. You may purchase this rider by itself or in combination with your base policy. While some insurance providers offer riders that cover about 15 critical illnesses, there are many others providing coverage for more.

Additional read6 Important Tips to Choose the Right Senior Citizen Health Insurance Policy

Add a personal accident rider to your private health insurance 

Adding this rider to your basic policy helps you get compensated during an accident. If it leads to partial or total disability, your insurance provider will pay you the sum assured. The amount paid is based on how severe your injury is. For instance, if there is loss of eyesight or any limbs due to which you are unable to work, then the complete sum assured will be paid out. All these terms are fixed by the health insurance provider based on the extent of the injury [2]. Read them carefully to enjoy maximum benefit.

Choose the hospital room you prefer using a room rent waiver rider 

This rider helps you choose a room that exceeds the basic limit of your existing health insurance. In case you prefer a room with a high sub-limit, you can opt for one without paying out of pocket. Most plans have a set limit for room rent. However, with this rider in place, you can freely pick the room you are most comfortable with, up to certain limits, during your treatment.

Receive daily cash for loss of pay with a hospital cash rider 

This rider helps you manage daily hospital expenses during your stay in the hospital. However, this option can be used only once during your policy tenure in most cases. Remember, you may be paid cash only for specific number of days as per your plan. To avail this rider, it is mandatory that you get hospitalized for a minimum period of 24 hours. The cash benefit is usually considered as a compensation for missing out on income while you are hospitalized.

Now that you are aware of the benefits of various health insurance riders, you may agree to the fact that they provide security for unexpected or planned treatment. Adding them to your existing health insurance plans can help you enjoy tax benefits as well. However, these riders come with certain conditions that need to be well understood by you before you invest in one. Add only those riders which seem most suitable to your unique needs to avoid wasting the money spent on premiums.

In this regard, check out Aarogya Care Plans offered under Bajaj health insurance on Bajaj Finserv Health. Some of the benefits offered by these plans include preventive care perks like lab tests at partner diagnostic centers, tele-consultations with a variety of doctors, as well as health packages and discounts at network hospitals. These features add as much value as riders and are available at affordable premiums.

A Guide to Important Riders You Can Add to Your Health Insurance Plans banner
  1. https://d197for5662m48.cloudfront.net/documents/publicationstatus/58886/preprint_pdf/92fbba935fe8fbda1e60c3751ac5c75f.pdf
  2. https://www.policyholder.gov.in/what_health_insurance_to_buy.aspx

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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