The main objective of choosing a Rider with your health insurance policy is to further enhance the protection provided by the insurance companies. It provides coverage for specific risks. Most riders who come with a health insurance policy are optional. This helps in increasing base plan coverage at a lower cost. Most importantly, you and your family can be very helpful while claiming the right health insurance Riders.
Depending on the specific needs and requirements of policyholders, insurance companies along with riders give them the option to customize their health insurance cover. These riders are basically like accessories. These can be combined with the main insurance cover to enhance its overall value and functionality. These are additional features that have to be purchased with a basic policy. We are telling you what are the important health insurance riders.
In India, 62% of the total medical expenses of the people are additional external expenses. Given this expensive expense, it is very important to have an OPD cover rider in a health insurance policy. Such plans cover the outpatient department (OPD) expenses of the insured.
OPD covers some major expenses like pharmacy bill, dental treatment, diagnostic test, consultancy etc. Currently, there are some major insurance companies such as Apollo Munich and Max Bupa, which offer cashless OPD claim settlement, OPD benefits in future premium payments, etc.
Under this rider, the policyholder gets a certain cash benefit on admission to the hospital. Hospital Cash Benefit Rider helps you with daily cash benefits, regardless of your medical expenses. They are also entitled to a lump sum benefit in case of intensive surgery for any specific disease.
It is very important to have a disease-specific rider in your health insurance, such as a cancer care plan. It also provides cover besides hospitalization of the patient. In some cases, the total cost of treating cancer in India can be more than Rs 15 lakh. Such plans provide an immediate lump sum despite the total expenses incurred during actual medical treatment. As per the terms of the policy, 50 per cent of the total sum insured is paid at an early stage of cancer. In addition, 100% of the sum insured is paid in the major/advanced stage. However, the insured person is required to survive for 7 days for this plan.
