Family Health Insurance Plan Add-Ons that you should consider
The healthcare exigency and medical inflation have compelled everyone to purchase various health insurance plans that will help them to combat various diseases. But you may not get adequate benefits from your base policy, especially if you have purchased a family health insurance policy. That’s why the markets are crammed with various insurance add-ons or riders that will strengthen your policy and benefits. A family medical insurance policy demands add-ons as it includes various members of different aged people under one single plan. Complete healthcare, as well as financial protection, is mandatory for each of your loved ones so that they will get the best quality treatment for their medical needs. Here an insurance rider comes to help with all your family member’s healthcare requirements.
What are add-ons in your health insurance plans for a family?
Insurance add-ons are often called riders that you can include in your basic health insurance policy to enhance your coverage. The markets are crammed with different types of add-ons or riders and you are free to choose the best riders as per your family’s requirements. So, add-ons are just like extra toppings on your pizza. By paying additional premiums against your family policy, you can enjoy the benefits of these add-ons.
Let’s take a look at some of the popular add-ons that you must purchase with your family health insurance plan.
5 Popular add-ons that you must buy your family health insurance plan
- Critical Illness Add-on
- Daily Hospital Cash Rider
- Vector-Borne Disease Rider
- Room Rent Waiver
- OPD Add-on Cover
Critical Illness Add-on
People have a false belief that this rider is suitable for only senior citizens. But in this fast-paced world, younger people are also suffering from various critical illnesses. These days, people in their 20s or 30s are now dealing with several life-threatening diseases. Therefore, you must purchase this rider (irrespective of whether you have any senior citizen in your family or not) to strengthen your finances so that you can comfortably deal with any untoward situation. Most critical illness add-ons cover a spectrum of diseases including cancer, coma, paralysis, strokes, Alzheimer’s disease, Parkinson’s disease, loss of speech/sight/hearing capacity, third-degree burns, benign brain tumors, and so on. If any of your family members are diagnosed with these diseases, then you will receive a lump sum amount from the insurer which can be used for treatment and other healthcare purposes.
Daily Hospital Cash Rider
This type of rider offers the policyholder a pre-decided amount daily if the insured policyholder needs to be admitted to a hospital due to illnesses or accidental body injuries. You can get up to Rs 5000 daily for regular hospitalization. In the case of ICU, the amount will be doubled. A policyholder can utilize this amount as per his/her wish.
Your regular health insurance policy may reimburse the treatment costs to a certain part if you or your family members are hospitalized. Sometimes, you need to pay the costs of consumable items from your side. This amount will be quite large if you need to be hospitalized for a few days or in case of extended hospitalization. The daily cash allowance rider will help you to deal with these costs. If the sole bread earner needs to be hospitalized, then this rider will help the rest of the members to cover their daily expenses like the transport to and fro the hospital, the out-of-pocket treatment expenses, and so on. This rider also safeguards your hard-earned money.
Vector-Borne Disease Rider
In the monsoon season, the popularity and severity of some diseases like dengue, malaria, viral fever, typhoid fever, chikungunya, etc., are increasing rapidly. So, you should prepare financially before the monsoon arrives. By incorporating a vector-borne disease add-on into your family health insurance plan, you can easily deal with the situation.
If an insured person is diagnosed with these diseases, then this add-on benefit offers the policyholder a lump sum amount. You may need to spend a long period in the hospital; this may lead to a break in regular income if you have dependent members. This lump sum amount plays an imperative role in this context as it fills the gap. Moreover, your health insurance policy may have some limits on the hospital expenses. With the help of this amount, you can take care of all these needs.
Room Rent Waiver
This add-on is beneficial if any of your family members need to be hospitalized due to an illness/injury. This add-on helps them to choose a room without any sub-limit. Most health insurance companies set a cap on room rent. They will only give you coverage for standard or semi-private rooms. By opting for this rider, you can choose any private and deluxe rooms as per your wish and convenience.
OPD Add-on Cover
Though family health insurance policies offer cover for hospitalization, they hardly pay the costs of outpatient treatment (OPD) expenses. Many of your family members very often (especially senior citizens) need OPD consultation for their health and you need to bear all these expenses from your pocket. If you choose an OPD add-on cover, then your family health policy reimburses all OPD charges.
These are some imperative add-ons that you must include into your family health insurance policies, irrespective of the age of family members. By analyzing the healthcare risks and requirements of your family, you can purchase the best add-ons that are most suitable for your family members.