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Tata Capital > Blog > Wealth Services > What is a Rider in Health Insurance? Its Types and Benefits

Wealth Services

What is a Rider in Health Insurance? Its Types and Benefits

What is a Rider in Health Insurance? Its Types and Benefits

Owing to the rising healthcare costs, health insurance plays a crucial role in protecting you and your family from the unexpected burden of medical expenses. It helps you secure your family's well-being by providing them with the best treatment.

However, in cases when your health insurance policy is not able to fulfill your requirements, you can add riders to customize your policy according to your healthcare and financial needs. So, what are riders and how do they help you fill in the gaps in your policy coverage? Read on to know.

What is a rider in health insurance?

A rider in health insurance is an add-on that policyholders can include to customize their coverage according to specific needs. These are the extra benefits you can buy over and above your basic policy by paying an additional nominal premium.

Riders allow you to enhance the scope of your policy coverage by offering access to extra benefits that might be absent from the base policy, thereby eliminating the need to buy another policy.

Types of riders in health insurance

Let's explore the different types of riders that you can add to your health insurance -

Critical illness rider

This rider offers financial support if you are diagnosed with a critical illness such as cancer, heart attack or stroke. It provides a lump sum amount that can be used to cover medical expenses, medications and lifestyle adjustments during your recovery.

Personal accident rider

Accidents can happen unexpectedly, and this rider offers coverage for accidental injuries or death. It offers financial assistance for treatment rehabilitation and in the unfortunate event of demise, a lump sum amount is provided to the nominee.

Room rent waiver

In many cases, health insurance policies carry a maximum limit on the hospital room rent. If the room rent exceeds this limit, you will have to pay the extra amount. Here, a room rent waiver removes this limit, allowing you to avail a room of your choice without paying extra.

Maternity cover rider

Adding a maternity cover rider to your health insurance policy covers specific expenses incurred during childbirth. The coverage could include delivery expenses, pre and post-natal expenses and even newborn care.

Hospital Cash Rider

Hospitalisation often leads to additional expenses beyond medical bills. The hospital cash rider provides a daily cash benefit during the hospital stay, helping you manage extra costs like transportation, food, or accommodation.

OPD coverage rider

The OPD coverage rider covers medical expenses related to the outpatient department such as doctor consultations, medication and diagnostic tests.

Benefits of riders in health insurance

Riders are useful in maximising the coverage and terms of your health insurance policy. Here are the various benefits of availing riders-

1. Customised Coverage

Health insurance riders allow you to tailor your policy according to your specific requirements. This customization ensures that you only pay for the coverage and benefits you genuinely need, avoiding unnecessary expenses.

2. Enhanced Protection

By opting for riders, you can significantly enhance your protection against unforeseen events. Whether it's a critical illness, maternity-related expenses or accidental injuries, riders offer an extra layer of financial security than what a standard health insurance would offer.

3. Financial Planning

Riders enable better financial planning by addressing specific health concerns and combining various coverage options within single health insurance. Rather than relying on a pre-designed health insurance plan, you can strategically choose riders that align with your and your family's needs and potential health risks.

In the end

While riders carry an added cost over and above your base policy, they help make your policy more comprehensive by providing coverage benefits you genuinely need.

Protect the health and well-being of your family by mindfully choosing the best riders. Talk to the experts at Tata Capital Wealth to invest in the best health insurance policies or to get started with your investment journey for a secure financial future.

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