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Today, in the purview of the rising medical costs, health insurance policy is a must-have for all. It helps you secure your family's financial future against medical emergencies. Like other insurance, health insurance also has certain limitations; they may not provide enough coverage against specific events, risks, or diseases, unless specified in the policy documents. In such a situation, it is advisable to buy add-ons or riders.
As the name suggests, add-ons or riders are additional coverage options that you can voluntarily purchase to extend the scope of your standard health insurance policy. You can buy add-ons to suit your needs at the time of buying the policy or when you renew it.
Critical illness rider
If you have included your old-aged parents under the policy, it is advisable to purchase the critical illness riders as they can be vulnerable to being diagnosed with life-threatening conditions such as cardiac ailments, cancer, kidney failure, etc.
Under this rider, if you or any of the family members covered under the plan gets diagnosed with critical illnesses, the insurer will immediately pay the additional sum assured to cover the treatment expenses, irrespective of the actual cost.
This means that if you have any spare amount after paying the hospital bill, you can use the money for miscellaneous expenses.
Generally, the standard health insurance plans do not cover expenses related to pregnancy and childbirth. However, if you have recently married or are planning to have a child, you must have maternity cover. The extent of the coverage you get depends on the terms and conditions of the policy.
Many people do not like to avail of allopathic treatment; instead prefer the alternative treatment methods. Most health insurance plans do not cover the expenses for AYUSH treatment. AYUSH stands for Ayurvedic, Yoga, Unani, Siddha, and Homoeopathy. However, if you have this add-on, you can get coverage for expenses incurred on the alternative treatment methods.
A standard health insurance coverage does not include treatment expenses you may incur overseas. If you are involved in a profession that requires you to travel frequently or if you go on business trips, having this rider will be useful.
If something happens to you while travelling or when you are on foreign soil, and you need to be airlifted to the nearest hospital, the air ambulance rider will help you cover the expenses.
Domiciliary treatment cover
If you are diagnosed with any condition that requires you to get medical attention at home, having a domiciliary treatment cover can help you get the coverage for the expenses incurred.
Co-payment waiver cover
Most standard health insurance plans have a co-payment clause, especially if you have included senior citizen parents in your plan. As per the co-payment clause, you need to pay a certain amount from your pocket (generally 20%) while the insurance company pays the balance amount. However, if you have this add-on, the insurer will cover the full expenses.
Buying add-ons is a cost-effective way to cover the specific risks that are not covered under your standard health insurance policy. If you are buying health insurance from Kotak General Insurance, you get a wide choice of plans and add-ons to suit your needs. To know about our plans, visit our website.
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