5 Health Insurance Riders to Learn More About

The current global economy has made life costly, which affects the health sector as the cost of medical care skyrockets.

One of the wisest financial decisions to make in these times is to take advantage of health insurance for yourself and your family, which is easy with most things handled digitally these days. You could get a healthcare policy in minutes via an online insurance marketplace. FindaPlan has more on this.

Sometimes, however, you may realize that the policy you are on doesn’t meet all your needs. Instead of getting stuck with an insurance cover that doesn’t fully accommodate you, you have the option of adding riders.

What is a Health Insurance Rider?

Insurance companies have different kinds of health plans to cater to their clientele. But these plans can never meet everybody’s medical needs.

The solution to this problem is a rider, which is simply additional cover tied to your main healthcare plan to accommodate more of your needs.

Since you have special requirements not included in your original health plan, adding riders allows you to expand your coverage to include these requirements.

Health Insurance Riders You Should Know About

There are plenty of health insurance riders, but here are some that are popular with policyholders:

1. Maternity Coverage

Before 2014 when the ACA determined that all standard health plans should cover maternity, most providers didn’t cover it. While they do now, it’s not all of them.

If you are on a plan that predates the ACA or is not regulated by the body at all, your next best option is adding a maternity rider to your policy.

Adding the maternity benefit to your policy covers certain costs during childbirth and may cover the newborn baby.

2. Double Indemnity 

While health insurance is meant to cover medical expenses, some providers don’t include accidental injuries on their health plans.

If your health plan doesn’t cover accidents, you can saddle it with a double indemnity rider or personal accident rider instead of going for a different plan.

A personal accident rider is just as comprehensive as a separate plan as it covers various kinds of accidents, including:

• Permanent partial disability
• Permanent total disability
• Temporary total disability
• Temporary partial disability
• Accidental death

In the event of accidental death, the insurance provider pays death benefits to the policyholder’s family.

3. Hospital Allowance

Your primary plan may take care of the hospitalization and other treatment costs. But, sometimes, hospitalizations lead to further expenses that aren’t directly related to your treatment.

These unrelated expenses, such as food, travel, and upkeep for your dependents, come under the hospital allowance or hospital daily cash rider. Still, this daily cash is yours to use according to your needs during your stay in the hospital.

When the rider is activated and how much you receive daily varies depending on your insurance company.

4. Critical Illness Cover

You may have good medical insurance, but the cost that comes with treating a critical illness can be a devastating financial burden. 

Most insurance providers won’t cover critical illness under the standard health plan because life-threatening conditions like cancer or a stroke can be extremely costly to treat.

However, you can add critical illness as a rider on your current health plan the same way you would on a life policy. Usually, the number of diseases and medical conditions you can include on this rider depends on your insurer and what you are willing to pay for the policy.

5. Room Rent Waiver

Your health plan pays for the hospital room you occupy. But there’s a cap to how much your policy can cover in room charges. If you end up staying in a room that costs more than the specified amount on your policy, you pay the difference from your pocket.

The problem is you may end up in a more expensive room during medical emergencies. To avoid footing the extra charges, you may add the room rent waiver to your plan to increase your limit or remove those limitations. 

Final Thoughts

Riders have become a big part of insurance, bridging your current plan and the extra benefits you desire.

By taking advantage of health insurance riders, you secure more comprehensive coverage than is possible with a standard health plan. Sure, you will pay extra in premiums, but the benefits make these add-ons worth it.

Still, as you shop around for a suitable health plan, you may want to discuss the rider options your prospective insurer offers to make sure they meet your needs if you choose to buy them later.