3 Add-Ons You Must Consider When Buying Health Insurance

 

Hectic work schedules, sedentary routines, and incorrect eating habits have all given rise to many lifestyle diseases. And as we all know, falling ill these days can cost you a fortune. Luckily, health insurance can back us up when we need medical treatment. A good health insurance policy can cover costs incurred for hospitalisation, pre- and post-hospitalisation care, ambulance charges, and day care procedures, among other things. This wide scope of coverage can truly protect your hard-earned savings. Else, a single week in the hospital can wipe your bank account clean.

Now, when it comes to our health, we each have unique needs. This also means that we might have varying requirements of coverage in health insurance. There cannot be a ‘one-size-fits-all’ approach. Thus, health insurance companies offer certain add-ons or riders that can be purchased along with a health insurance policy. These added benefits help customize your coverage just as you need it. In this article, we take a look at 3 major add-ons that you must consider when buying or renewing health insurance. 

1.      Critical illness cover

A critical illness cover pays you a lump sum if you are diagnosed with any of the critical illnesses that are covered by the insurance company. Critical illnesses generally include cancer, heart attack, paralysis, kidney failure, major organ transplantation, and multiple sclerosis, among other conditions.

While your health insurance policy will cover you for your hospital treatment costs, remember that being diagnosed with severe disease can also bring along many other expenses. For instance, you may need to take time off work while you rest at home and recuperate. At the same time, you still need to meet your financial obligations such as paying your child’s school fees, affording the groceries, keeping domestic help, and so on. The critical illness payout can be used for any financial responsibilities that you deem necessary during the course of your treatment.

2.      Personal accident cover

This health insurance add-on covers the policyholder against death or disability due to an accident. For instance, if the policyholder unfortunately loses a limb or an eye in an accident, they receive a certain amount of payout if they have this add-on. This payout can truly come in handy. Remember that an accident may tragically leave you permanently disabled and unable to work. In this case, the lump sum that you receive from this add-on can be used to provide for your family and keep food on the table.

If the policyholder unfortunately passes away due to complications from their accident, their family (nominee) receives the payout. Remember that this payout only occurs if the insured person passes away due to an accident and not if they die from natural causes.

1.      Hospital cash cover

If you sign up for this add-on, you receive daily cash from your insurance provider. All you need to do is submit proof of hospitalisation of a minimum duration of 24 hours. The money gets transferred to you and you may use this cash as you need. The daily cash allowance can prove handy for a number of extra expenses that arise during hospitalisation, such as transportation costs for your family members, keeping a night nurse, and so on. Remember that different health insurance providers offer varying amounts under this add-on. So, be sure to check how much you can expect to get paid under this add-on and for how many days.

Do make sure to speak to your insurance company about these riders soon in order to enhance your coverage. We hope this article has proved helpful for you.

Take care and stay fit!