Hyderabad: In the event of unexpected hospitalisation, having insurance to support you financially can be a big relief. Most people think of low premiums while taking a health insurance policy. An insurance policy for an adequate amount should be taken in current requirements. Even with comprehensive health insurance, its benefits may be limited in some cases. This is where supplementary policies come in handy.
Sum insured is a crucial factor when choosing a health insurance policy. The necessary add-ons and riders should also be taken for this. Many insurers now offer additional coverage to a comprehensive health insurance policy. Additional policies (add-ons) are some special policies that are optional, along with the basic health insurance policy. These policies are useful only when the insured has certain requirements. Some additional premium has to be paid for these. Anyone with individual and family floater policies can avail of these add-on coverages.
Also read: Health insurance compulsory to beat medical inflation
As per Insurance Regulatory Development Authority of India (IRDAI) norms, the premium charged for supplements or riders should not exceed 30 per cent of the standard policy. If we look at some of the major affiliate policies...
Critical illness cover: Generally, health insurance policies cover all types of treatment. In this case, the question arises of why critical illness covers specifically. Standard policies only cover medical expenses. Don't provide large sums of money at once in case of serious illness. If the policyholder is diagnosed with any critical illness while taking the Critical Illness Cover, the policy will immediately provide compensation to the extent of the policy value. It is applicable only in the case of diseases specified in the policy.
Personal accident insurance: Health insurance covers accidents without any waiting period. Only expenses incurred during hospitalisation are covered by health insurance. The policyholder does not get financial security when he gets a partial or permanent disability. It is in such cases that a personal accident insurance rider helps. In case of unfortunate death... the nominee will get the policy value.
For day expenses: The policyholder can take a hospital cash cover policy to pay cash for expenses from the day of hospitalisation. To avail of this benefit the insured has to stay in the hospital for at least 24 hours. For 14 consecutive days from the date of hospitalisation, up to a maximum of 30 days in the policy year, compensation is available at the rate of Rs 1,000 per day.
During maternity: Some health insurance companies cover maternity expenses under the family floater policy. All the expenses related to the birth and the medical expenses of the newborn baby are covered. For this one has to take maternity cover. Some policies impose a waiting period.
Top-Up: When the existing health insurance policy limit reaches the maximum limit... a top-up policy can be taken to pay the additional amount. A top-up policy is useful for increasing the sum insured and the premium for top-up is a little less.
For OPD treatment: Outpatient consultations are not covered by medical insurance policies. Daycare benefits only for certain treatments. Medical inflation is on the rise. In this context, an OPD care supplementary policy can be taken to compensate for doctor's consultation fees, and the cost of medical tests and medicines.
Determine what your needs are when choosing supplementary policies. Trying to add all the policies is not good. It is financially burdensome. So, take the right decision with full knowledge, says Kotha Karthik, Vice-President, Star Health and Allied Insurance.
