Health Insurance Add-ons to Boost your Health Insurance Coverage

While buying a health insurance policy for your family , you may find several plans in the market. It is vital to purchase one that offers comprehensive protection against various expenses. The coverage should align with your specific needs. At the same time, the policy should have an affordable premium. But, getting all these benefits in a single health insurance policy can be difficult. So, the best alternative is to customise your policy by buying add-on covers.Health insurance add-ons are additional coverage options that let you extend the scope of your base plan. All insurers offer a variety of add-ons that you can choose to suit your specific needs. These covers will be helpful during an emergency to meet the medical expenses that are not covered under the regular plan.While you can buy as many add-ons as you want, you must know that every add-on comes with a cost, and it will increase the premium proportionately. Nonetheless, the health insurance add-ons allow you to boost the coverage. Some of the important add-ons that you can consider purchasing include:

As the name suggests, critical illness add-on provides coverage against life-threatening conditions like cancer, heart attack, kidney failure, etc. It is a valuable add-on cover if you have a family history of any critical illness. Upon diagnosis of any disease covered under the policy, the insurance companies provide a lump sum amount equal to the sum assured to cover the medical expenses.Generally, a critical illness add-on provides coverage against 10-15 ailments. Therefore, it is advisable to do your research and purchase a plan that covers a specific condition that you may have.

When you are hospitalised, the health insurance will cover only the treatment-related expenses like medicines, doctor’s fees, diagnostic tests, etc. But, what about other non-medical expenses? This is where daily cash allowance add-ons can be useful.Under this coverage, the insurance company will provide a daily cash allowance that allows you to manage the additional expenses like mineral water, food, attendant expense, etc.

The daily bed charges or the room rent contributes to a significant percentage of the overall hospital bill. Generally, a standard health insurance policy comes with a room rent limit. For example, let us assume the room rent limit is Rs. 2000 per day and if you are admitted to a deluxe room that charges Rs. 3000 per day, then you must pay the additional cost from your pocket.Remember, the hospital levies the room rent based on the type of room you occupy. In the same hospital, the charges may be low if you stay in a general room as compared to an AC room or a deluxe room. If you have the room rent waiver add-on, you can opt for a deluxe room without worrying about additional expenses.

Suppose you want to avoid the hassles of buying a new maternity policy and pay an extra premium. In that case, you can buy a maternity cover as an add-on cover to your existing health insurance policy. This rider will provide coverage for all the medical expenses incurred during childbirth. However, most maternity covers come with a waiting period ranging from 12-48 months. The coverage offered also varies from insurer to insurer.So, it is advisable to purchase this health insurance add-on much before you plan to have a child. And check the expenses covered under the policy to make an informed choice. It is better to buy a plan that covers both the mother and new-born baby.

Now that you know about the various add-on options you can purchase and their benefits, ensure that you assess your needs well and choose the right add-on to get maximum coverage.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.