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Hectic work schedules, sedentary routines, and incorrect eating habits have all given rise to many lifestyle diseases. And as we all know, falling ill these days can cost you a fortune. Luckily, family health insurance can back us up when we need medical treatment.
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Hectic work schedules, sedentary routines, and incorrect eating habits have all given rise to many lifestyle diseases. And as we all know, falling ill these days can cost you a fortune. • Luckily, family health insurance can back us up when we need medical treatment. • A good health insurance policy can cover costs incurred for hospitalisation, pre- and post-hospitalisation care, ambulance charges, and day care procedures, among other things. • This wide scope of coverage can truly protect your hard-earned savings. Else, a single week in the hospital can wipe your bank account clean. • Now, when it comes to our health, we each have unique needs. This also means that we might have varying requirements of coverage in health insurance. • There cannot be a ‘one-size-fits-all’ approach. Thus, health insurance companies offer certain add-ons or riders that can be purchased along with a health insurance policy. • These added benefits help customize your coverage just as you need it. In this article, we take a look at 3 major add-ons that you must consider when buying or renewing health insurance.
Critical illness cover • A critical illness cover pays you a lump sum if you are diagnosed with any of the critical illnesses that are covered by the insurance company. • Critical illnesses generally include cancer, heart attack, paralysis, kidney failure, major organ transplantation, and multiple sclerosis, among other conditions. • While your health insurance policy will cover you for your hospital treatment costs, remember that being diagnosed with severe disease can also bring along many other expenses. • For instance, you may need to take time off work while you rest at home and recuperate. • At the same time, you still need to meet your financial obligations such as paying your child’s school fees, affording the groceries, keeping domestic help, and so on. • The critical illness insurancepayout can be used for any financial responsibilities that you deem necessary during the course of your treatment.
Personal accident cover • This health insurance add-on covers the policyholder against death or disability due to an accident. • For instance, if the policyholder unfortunately loses a limb or an eye in an accident, they receive a certain amount of payout if they have this add-on. • This payout can truly come in handy. Remember that an accident may tragically leave you permanently disabled and unable to work. • In this case, the lump sum that you receive from this add-on can be used to provide for your family and keep food on the table. • If the policyholder unfortunately passes away due to complications from their accident, their family (nominee) receives the payout. • Remember that this payout only occurs if the insured person passes away due to an accident and not if they die from natural causes.
Hospital cash cover • If you sign up for this add-on, you receive daily cash from your insurance provider. • All you need to do is submit proof of hospitalisation of a minimum duration of 24 hours. The money gets transferred to you and you may use this cash as you need. • The daily cash allowance can prove handy for a number of extra expenses that arise during hospitalisation, such as transportation costs for your family members, keeping a night nurse, and so on. • Remember that different health insurance providers offer varying amounts under this add-on. • So, be sure to check how much you can expect to get paid under this add-on and for how many days. • Do make sure to speak to your insurance company about these riders soon in order to enhance your coverage. We hope this article has proved helpful for you. • Take care and stay fit!