All your health-related expenses get covered after buying Standard Medical Insurance. However, it may not cover specific requirements. Opting for add-ons brings significant benefits to policyholders. If you have already bought a Health Insurance Policy, it is time to learn about the add-ons. They are additional benefits or coverages which do not come within the existing features of the policy but are added separately in exchange for an additional premium.

Types of add-ons

Per the IRDAI, the collective premium for all riders under a single policy cannot exceed 30% of the original premium amount. The following are the add-on types:

Room rent waiver

In a Standard Medical Policy, the hospital room rents are capped to a specific limit. Including the room rent add-ons may increase or lower the limit. With no limit, room rent can extend up to the sum insured. It is an essential rider if you get admitted to a hospital in a metropolitan city, where room rents are considerably higher.

Maternity cover

With this cover, you receive coverage for all expenses related to pregnancy and childbirth. Some General Insurance companies also provide coverage for the child’s expenses up to the policy’s maturity period or up to three months from the child’s birth.

Hospital cash cover

Under this rider, you get a daily cash allowance from the company for your hospitalisation period. The insured should remain in the hospital for more than 24 hours or one day to receive the allowance. It helps compensate for the loss of pay during hospitalisation. You can utilise it to meet necessary expenses, including conveyance, food, etc.

Critical Illness cover

Insurance companies provide a lumpsum amount to the patient when diagnosed with any critical illness, irrespective of the cumulative treatment expenses. For example, you buy a Health Insurance Policy offering an insured sum of Rs. 5 lakh. You also buy a Critical Illness cover add-on of a sum assured up to Rs. 15 lakh.

If you have cancer and raise a claim with your Insurance company, it will immediately pay out a lump sum of Rs. 15 lakh even if your total treatment costs are Rs. 9.5 lakh.

Personal Accident cover

It provides financial coverage for accidental damages suffered by the insured individual, such as permanent disability, partial disability, death, etc. In case of accidental death, the insured individual’s family receives a lumpsum amount under this add-on.

AYUSH cover

You can avail of financial coverage for hospitalisation expenses related to alternative treatment methods, like Ayurveda, Yoga, Unani, Siddha, and Homeopathy. Remember that this cover is only available for senior citizens.

Conclusion

It is important to assess the insured individual’s existing medical conditions, lifestyle, family’s medical history, etc., to decide which add-ons would be suitable before opting for them. Go through online and brick-and-mortar Insurance provider quotations to get the best deal for your family.