Are Optional Features and Add-ons of Health Insurance Worth the Cost?

In India, medical insurance is becoming increasingly important as healthcare costs continue to rise. While standard health insurance policies cover a range of medical expenses, they may not provide coverage for certain treatments or services. This is where add-ons come in, offering additional benefits that can help individuals and families better manage their healthcare needs. In this article, we will discuss the benefits of add-ons in medical insurance, whether you should add them, and what factors to consider while selecting them.

Add-ons in health insurance: Beneficial or not?

Oftentimes, when people consider purchasing medical insurance for themselves and their family, they are under the assumption that a basic policy will provide all-round coverage to them from costs related to hospitalisation. However, this is a misconception as a basic plan will provide coverage only for things mentioned in the document. As a policyholder, you can enhance the coverage and truly enjoy the benefits of health insurance by including add-ons. The add-ons you might consider are:

1. Maternity Coverage

Maternity coverage is a popular add-on in health insurance policies in India. This coverage provides financial assistance for maternity-related expenses, including prenatal and postnatal care, hospitalisation, delivery charges, and new-born care. Given the high cost of maternity care in India, this add-on can be particularly beneficial for families planning to have a child. Maternity coverage can help ease the financial burden of childbirth and ensure that families have access to quality care throughout the process. *

2. Room Rent Coverage

Room rent waiver is an add-on that waives off the existing room rent limit in your policy, allowing you to recover in a room of your choice. Hospitals have different types of rooms where a patient can recuperate after they have undergone the treatment. These rooms include intensive care unit (ICU), critical care unit (CCU), general ward and speciality room. Depending on the type of room, the hospital sets the room rent. Your medical insurance has a set room rent limit. For example, if the room rent limit in your plan is Rs.4000, and the cost of your room is Rs.3500, the cost will be covered by the policy. If the room rent exceeds the policy’s limit, however, the additional cost would have to be covered you. To get additional coverage, you can include the room rent waiver add-on in your policy. With this add-on, the existing room rent limit in your policy will either be increased on waived.*

3. Hospital Cash Coverage

Hospital cash coverage is an add-on that provides a daily cash benefit to policyholders during hospitalisation. This benefit can be used to cover expenses such as transportation, food, and other incidental costs that are not typically covered by basic medical insurance policies. Hospital cash coverage can be particularly beneficial for individuals who may have to spend an extended period in the hospital or who may need to take time off work to care for a loved one who is hospitalised. *

4. Home Healthcare Coverage

Home healthcare coverage is an add-on that provides coverage for healthcare services provided at home. This coverage can be particularly beneficial for individuals who are unable to leave their home due to illness or disability. Home healthcare coverage can provide coverage for a range of services, including nursing care, physiotherapy, and medical equipment. This can help individuals receive the care they need in the comfort of their own home, rather than having to travel to a hospital or other healthcare facility. *

5. Personal Accident Coverage

Personal accident coverage is an add-on that provides financial assistance in the event of accidental injury or death. This coverage can be particularly beneficial for individuals who work in high-risk occupations or who engage in high-risk activities such as adventure sports. Personal accident coverage can provide a lump-sum pay-out to deal with the medical expenses, lost income, and other expenses associated with accidental injury or death. *

Things to consider when choosing add-ons

Here are some factors to consider when you are looking to include add-ons in your policy:

1. Pricing: Add-ons tend to increase the premium of your policy. If you intend to include them, it is important to include the ones which might be useful for you. This helps in keeping the premium of your policy within budget.
2. Inclusions and exclusions: It is important to go through the details of the add-ons to see what is included and excluded to avoid any confusion.
3. Limitations of add-ons: Check the number of add-ons that you can include in your policy since some insurers may allow only a certain number to be included in the overall policy. *

Conclusion

Add-ons in medical insurance policies can provide a range of benefits that are not typically covered by standard policies. These benefits can help individuals and families better manage their healthcare needs and provide financial assistance in the event of unexpected medical expenses. It is important to understand which add-ons can be useful and should be included in your policy. Reach out to an insurance agent to know more about what is health insurance and add-ons in detail. *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.