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How Can You Customize Medical Insurance Plans For Your Family?
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The best health insurance riders for the family
Let us take a look at some of the beneficial health insurance riders that can help make your medical insurance plan more flexible:
1. Critical illness rider: This is an extremely useful health insurance rider. With this rider in place, you are entitled to get an additional sum assured if you contract a critical illness. You will get a lump sum amount of money. You can use this money to seek treatment or pay off any dues. It helps the family to cope up with the financial challenges at the time of an emergency.
2. Maternity rider: This is a very beneficial rider for the family. If you are planning to expand your family, get a maternity rider. The maternity costs usually aren’t covered under a regular health plan. Even if they are, there is a long waiting period. However, with the maternity rider, you can make a claim. A maternity rider will offer you coverage for maternity expenses and also protect you against the rising healthcare inflation.
3. Hospital cash: Under the clauses of this rider, the insurance provider will pay you a lump sum amount of money for the days you spend in hospital. This money can be used in any way you wish. It works to compensate for the out-of-pocket payments, pay an attendee or for any other important expense.
4. Room rent waiver: Most health insurance plans have a limitation on the amount you can spend on your room rent. It is usually about 1% of the total sum assured. This is not sufficient at times. But you definitely want the best for your family members. You want to ensure they have a comfortable hospital stay in a private room. To make this possible, opt for the room rent waiver rider. This rider removes the cap on the room rent expenses.
5. Personal Accident Waiver: If there is any injury resulting from an accident, you will get an additional sum assured with this rider. If there is any kind of total permanent disability or permanent partial disability or temporary total disability resulting from the accident, or even death, your nominees will get a death benefit. This is a useful rider as it helps take care of the future expenses too.
How to customise your medical insurance plan with rider?
Now that you know how useful a rider is, you definitely must consider getting a few as per your requirement. A health insurance rider can be added to any basic health insurance plan. You need to speak to your insurer and enquire about the costs of the riders. Riders are available at an added cost. Make the payment and the add-on covers will be added to your family floater health plan or an individual health insurance plan. However, before you make a purchase, analyse your requirements and weigh them against the benefits offered by the riders. Unless the benefits match your needs, you won't be able to fully customise your family’s health insurance cover.
The bottom line
It is vital to buy health insurance these days. However, the cover you buy should be large enough to protect all the members of your family in a comprehensive manner. If you feel the base health plan is not enough, consider buying some add-on covers. These covers will help you customise the plan and make it work better for you as well as your family members. Speak to your insurance provider and see which riders are available. Pick the best riders out of the lot and make a purchase. Your health insurance plan will be customised and you will get the most out of it.
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