Ride Your Way to Good Health – A Novice’s Guide to Health Insurance Riders

Imagine this scenario – your mother suddenly starts running a high fever. You speak to the doctor who tells you that her symptoms indicate pneumonia. You rush her to the hospital, only to find out that her condition is worse than you estimated. You learn that your mother is going to need long term care. When it comes to a loved one, such a diagnosis is enough to break your spirit. But if you have health insurance with comprehensive coverage through additional riders, you can focus on getting the necessary treatment without stress. So, what is a rider in health insurance? Let’s find out! 

What is a Health Insurance Rider? 

A health insurance rider is simply a facility that allows you to enhance your coverage benefits. It covers the costs of those specific medical expenses not covered under your base mediclaim policy. Riders essentially allow you to customize your health insurance policy to your liking, and reduce your costs when you need to file a claim. However, you need to pay a little extra for every rider you add to your health cover plan.  

Types of Health Insurance Riders in India  

You can typically choose from the following medical insurance riders in India: 

• Critical Illness Rider 

Treatment costs of illnesses like cancer, heart diseases, strokes, paralysis, etc., can be enormous. A critical illness rider helps you bear the costs easily. Here, the insurer pays the sum insured as a lumpsum to help deal with the medical costs. 

• Hospital Cash Rider 

In case a treatment leads to long-term, indefinite hospitalization, you may exhaust your base policy’s sum insured. But with the hospital cash rider, your insurer provides a fixed daily cash allowance that covers the cost of each day of hospitalization. 

• Maternity Rider 

Tailored for individuals planning to start a family, this rider covers maternity expenses, including prenatal and postnatal costs. It includes coverage for normal and C-section delivery expenses up to a fixed limit and other expenses associated with childbirth. 

• Personal Accident Rider 

If you are your family’s sole breadwinner, and if an accident lead to disabilities, or worse, your death, the incident can impact your family financially. With a personal accident rider, you can protect yourself and your family from financial ruin.  

• Ambulance Rider 

During medical emergencies, you may need to call an ambulance to take you to the hospital. The hospital may levy a significant fee for overing this ‘hospital-on-wheels’ service. But your insurer foots this bill if you opt for an ambulance rider.  

• Top-Up Rider 

A top-up rider allows you to continue receiving insurance coverage even after you’ve exhausted the sum insured of the base policy. The sums insured under these riders tend to be high, while premium costs are typically lower. 

• Room Rent Waiver Rider 

Many health insurance policies have sub-limits on room rent. If you choose a higher-end room, you may have to bear the costs exceeding the applicable sub-limits. But with a room rent waiver rider, you can seek admission in any room regardless of the sub-limits. 

How Can I Add Riders To My Mediclaim Policy? 

It is rather easy to customize your health insurance plan with add-on riders. Just like you shop for anything else, you can add the riders to your cart with your chosen health cover plan. But remember, you can add riders only while buying or renewing your policy. Also, critical illness and maternity riders involve waiting periods, during which when you cannot file insurance claims. So you must plan and purchase them accordingly. This way you can use the riders when the need arises.  

Benefits of health insurance riders 

Following are the key benefits of getting insurance riders: 

• Customization 

Riders allow you to customize your health insurance coverage according to your unique requirements. This ensures that you only pay for the specific benefits you need and avoid unnecessary expenses. 

• Comprehensive Coverage 

By adding riders, you can avail of more, well-rounded coverage benefit which address your specific health concerns not adequately covered in a standard policy. 

• Cost-Effectiveness 

Riders are a cost-effective way to enhance coverage without opting for an entirely new insurance policy. You can choose specific riders and modify/remove them based on your changing needs. 

• Financial Security 

Most riders provide financial security, especially when a medical diagnosis leads to long-term treatment, disabilities or death. They help you bear the expenses beyond the basic coverage terms.  

How Are Riders Linked With The Plans You Buy? 

Insurance riders are closely linked to the health insurance plans you purchase. When selecting a health insurance policy, you can review the available riders and choose those that align with your health and lifestyle needs. Additionally, riders assist with tailoring your health plan per your needs. For example, if you are concerned about the financial implications of a critical illness, adding a critical illness rider helps manage the treatment costs while reducing your financial burden. 

Get 360 Degree Coverage With Manipal Cigna Health Insurance Riders  

When it comes to health insurance, you should not cut corners. One way to ensure you can enjoy all-encompassing coverage is to create a solid plan with all the necessary riders. By exploring riders for enhanced insurance coverage from Manipal Cigna Health Insurance, you can customize the ideal health plan – one that reduces your out-of-pocket expenses while offering 360 degree coverage.  

Get Manipal Cigna’s Health 360 Shield, Advance and OPD Riders For Wholesome Coverage. 

FAQs 

How many types of health insurance riders are available? 

Health insurance riders are categorized into various types. The common ones include critical illness, hospital cash, maternity, personal accident, ambulance rider, etc.  

What are insurance riders beneficial for? 

Insurance riders provide benefits such as customization, comprehensive coverage, cost-effectiveness, and financial security. They allow you to tailor your insurance plan per your specific needs. 

Are there any legal and regulatory considerations for insurance riders? 

Yes, legal, and regulatory considerations apply to insurance riders. Insurers can only provide riders that are approved under IRDAI laws, while ensuring transparency and compliance.  

How can I select the right insurance rider? 

To select the right insurance rider, you must take factors like your health concerns, lifestyle, and budget into account. You must also review the available riders, assess their costs and benefits and then determine whether or not you should add them to your health plan. 

What is the process to add an insurance rider to my health policy online? 

You can easily add riders to your health plan. You can buy them at the time of purchasing a new health policy or renewing it, by adding them to your cart and paying the applicable premiums. 

What is the process to remove an insurance rider from my policy? 

You can remove an insurance rider while renewing your health policy. You typically need to send an endorsement to your insurer to remove the rider or contact your insurance provider through their customer care helpline.