Photo: Pixabay
Photo: Pixabay

While medical insurance is a great investment in itself, sometimes it may require the additional benefit of add-ons. For the uninitiated, add-ons offer extra coverage at the cost of an addition to the premium. A family medical insurance policy especially may need add-ons as it includes several members of different ages who may be at risk for one thing or the other. Complete financial protection is necessary to give your loved ones the access to high quality treatment. With that in mind, we take you through 3 important add-ons to purchase with family health insurance plans to give your family that complete coverage.

1. Critical Illness insurance add-on

It is usually believed that only those who are at a senior age require this rider. However, if recent trends are to be believed, critical illnesses are also affecting those of a younger age. People in their 20s or 30s are now dealing with life-threatening illnesses.

Therefore, regardless of whether you have a senior member in your family or not, you should purchase this add-on with your medical insurance to financially prepare yourself. Most critical illness insurance add-ons cover a wide ranging variety of diseases such as cancer, coma, paralysis, strokes, Alzheimer’s disease, Parkinson’s disease, loss of speech/sight/hearing capacity, third degree burns, benign brain tumour, and so on. The lump sum pay-out received on the diagnosis of these illnesses can be used for the patient’s treatment as well as other purposes as one wishes.

2. Daily hospital cash rider

The daily hospital cash rider offers the policyholder a particular, pre-decided amount on a daily basis in case of extended hospitalisation for an illness or accidental body injury. One can avail amounts up to Rs 5000 daily for regular hospitalisation and double of that amount in case of ICU. These amounts can be used by the policyholder as they wish.

Now, your regular Mediclaim policy may help you cover the treatment costs to a great extent if you or your loved ones are hospitalised. However, one may have to take on the charges for consumables themselves. This can be a large amount in case of extended hospitalisation. The daily hospital cash rider can help you cover these costs. If the breadwinner of the family is the patient, this rider can help cover the daily expenses of the household, the transport to and fro the hospital, the out-of-pocket expenses for treatment, and so on. Hard-earned savings can be retained thus.

3. Vector-borne diseases medical insurance add-on

With the frequency and severity of illnesses such as dengue, malaria, Kala azar, and so on increasing, especially as the monsoons arrive, extra financial protection against them becomes necessary. Adding the vector-borne diseases add-on to your family health insurance plans can be a good way to do that.

This benefit-based add-on provides the policyholder with a lump sum amount on diagnosis of this illness. Treatment for these illnesses can go for a long period of time, leading to a break in regular income if the patient has dependents. This lump sum amount can help fill in the income gaps. Furthermore, a Mediclaim policy often has sub limits on the hospital expenses, which can be taken care of with the help of the lump sum amount.

These add-ons can offer overall financial protection to your family, whether it be children or senior citizens. It is not necessary that you have to purchase all of them. You can take a look at the medical risks and requirements of your family and go ahead with the add-on/s that suit you the best for your family health insurance plans.

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Free Press Journal