Imagine you’ve just bought a car. It’s reliable, gets you from point A to point B, and comes with all the standard features. But then, you start exploring the world of upgrades – premium sound systems, advanced safety features, heated seats, and more. These upgrades enhance your driving experience, making it more enjoyable and tailored to your needs. Now, think about your health insurance in the same way. You might have a good policy that covers the basics, but what if you could upgrade it to better suit your life? That’s where insurance add-ons come in, offering additional coverage for specific risks or needs.
But how do you navigate the complex world of insurance add-ons? How do you know which add-ons are right for you? That’s where CoverSure’s Know Your Policy feature comes into play. Think of it as a personal guide, much like a car dealer who knows every feature and upgrade available for your vehicle. This tool helps you explore the available add-ons in your health insurance policy, understand what they offer, and decide which ones are worth adding
In this blog, we’ll delve into how you can use CoverSure’s Know Your Policy to discover and select the best add-ons for your health insurance.
What Are Riders In Health Insurance?
Riders, often called add-ons or optional covers, are like bonus features you can add to your basic health insurance plan. They give you extra coverage or additional benefits, and the great thing is, it’s entirely up to you whether you want them or not.
The best part? There’s no need to jump through hoops to get these add-ons. When you’re signing up for your health insurance plan, you can simply choose the add-ons you want, pay a little extra, and you’re good to go. It’s an easy way to enhance your coverage without any hassle.
Types Of Health Insurance Add-ons
✅Hospital Cash Benefit Add-on
When you get admission in the hospital, there are often extra costs that your regular health insurance doesn’t cover – like transportation, meals, and other out-of-pocket expenses. This is where the Hospital Cash Benefit add-on comes in handy. It gives you or your family a fixed amount of money for a set number of days to help cover those additional costs while you’re in the hospital.
You’ll receive a payment for each day you’re in the hospital, as long as your stay is at least 24 hours. The amount you get is predetermined when you purchase the add-on, and it stays the same no matter what your actual expenses are. Just keep in mind that the specifics of this benefit can vary depending on your insurance provider.
✅OPD Cover
If you’re regularly visiting the doctor for check-ups, tests, or prescriptions without needing to be hospitalized, those out-patient department (OPD) costs can really start to add up. Over time, these expenses can become a burden. But with the OPD add-on, you don’t have to worry about paying for these visits. It takes care of the costs, allowing you to focus on your health without stressing over the bills.
✅Maternity Cover
Some health insurance plans offer maternity coverage as an optional add-on, which can be a lifesaver when it comes to handling the costs of pregnancy and childbirth. This coverage can significantly reduce the financial stress that comes with starting a family, allowing you to focus on staying healthy and caring for your new baby.
In many cases, the plan will even cover the baby for a certain period after birth, giving you some extra peace of mind. However, it’s important to remember that there’s usually a waiting period before you can actually use this benefit. Depending on the plan, this waiting period could be anywhere from 9 months to 4 years or more. There may also be other specific conditions related to this coverage that you’ll need to be aware of, so it’s always a good idea to check the details before you sign up.
✅Personal Accident Rider
Imagine having a shield that protects you and your family from unexpected accidents and difficult times. That’s exactly what a personal accident rider does. By adding it to your existing health insurance, you’re ensuring that, in the event of a disabling injury or fatal accident, you or your nominee will receive a lump sum payout. This financial support is there to help you through those tough times, as long as you meet the policy’s terms and conditions.
✅Critical Illness Cover
If you get a critical illness diagnosis that your insurance policy covers, the insurance company will give you a lump sum payment, based on the terms of the policy. This could be for serious conditions like cancer, heart attacks, brain tumors, etc. The payout can be a huge help in covering extra costs that come up after your diagnosis or even serve as a source of income while you focus on your recovery.
However, keep in mind there’s usually a waiting period and a survival period before you can access the funds, and your policy may not cover every condition. Also, the list of covered illnesses can vary from one insurance company to another, so it’s really important to review the policy details to know exactly what’s included.
✅Room Rent Waiver Add-on
In many basic health insurance plans, especially those with coverage under 5 Lakhs, there’s often a cap on how much the insurance will cover for your hospital room. If you choose a more expensive room, you might end up paying a portion of the bill that’s more than just the difference in room rent.
This add-on helps you avoid that. It lets you choose any room you prefer – whether it’s a shared room, a private AC room, a suite, or even a deluxe room, without worrying about hitting the room rent limit. It gives you the freedom to select the type of room that suits your needs and comfort when you’re in the hospital.
✅Global Cover (Overseas Treatment)
Think of the global cover as an extra safety net for your health insurance, but it extends beyond India. If you fall ill in India and need treatment abroad, or if you have a medical emergency while traveling outside the country, this cover can help take care of some of those medical bills.
However, the extent of what’s covered depends on your specific insurance plan, so it’s crucial to check your policy details to know exactly what it covers when you’re overseas. Having this cover gives you peace of mind, knowing you’re protected no matter where you are in the world.
✅Super No Claim Bonus
Super No Claim Bonus is like the enhanced version of the regular No Claim Bonus. It rewards you for not making any claims, but with an added boost: your sum insured increases by an extra percentage on top of the usual bonus. This feature might also be known as a ‘No Claim Bonus Booster’ or ‘Super Cumulative Bonus’ in some policies.
While some insurance plans include this feature automatically, others might require you to pay an extra premium to get it. The idea is simple: for every claim-free year, your coverage grows significantly. However, if you do make a claim, the bonus reduces at the same rate it was earned.
✅Unlimited Restore Benefit
If you exhaust your sum insured during a policy year, the Restoration Benefit steps in to top it up. Different insurance companies might call it Restore, Reinstatement, Refill, or Reset, but the idea is the same. Typically, this benefit is available only once a year with most policies.
However, some plans offer the flexibility to use this benefit multiple times within the same year. In some cases, you can opt for unlimited restoration as an additional feature, though it does come with a higher premium. If having that extra layer of protection gives you peace of mind, it might be worth considering the added cost.
✅Consumables Cover
Consumables like gloves, nebulization kits, and oxygen masks are crucial for medical treatments, but health insurance usually doesn’t cover them, even if you have a comprehensive plan. These items are usually classified as non-payable by the IRDAI, meaning you’ll likely have to pay for them out of your own pocket, which can affect your savings.
However, some insurance plans now offer coverage for these non-medical items, either as part of the plan or as an optional add-on. This coverage helps manage the cost of consumables up to a certain limit, reducing the financial strain on you.
Curious about the add-ons available with your health insurance?
That’s where CoverSure Know Your Policy feature can be a real game-changer. Imagine having a tool that breaks down your policy, making it easy to understand every little detail – from what’s covered to what’s not, and everything in between. This feature goes beyond the basics, offering you a clear view of all the add-ons you can include with your policy.
With this kind of transparency, you can tailor your coverage to fit your unique needs and preferences. Whether you’re looking to enhance your coverage with extra benefits or simply want to know exactly what you’re paying for, Know Your Policy makes it straightforward and stress-free. It’s all about giving you the confidence that you’re maximizing your health insurance to its full potential, without any surprises down the road.
