Your regular health policy might have covered most of the medical risks during your working life, but after retirement, it may miss out on one or more essential features for seniors. Porting your health policy may not be the solution because you may still miss some of the required features, as different insurance products may come with their distinctive benefits. So, choose the appropriate Health Insurance Riders offered under your available health policy to enhance its coverage. Here are some important Health Insurance Riders you may add to your health policy for greater coverage during your retirement.
Rider That Covers Features Related To Senior Care
Under senior care riders, seniors can get extra benefits such as an ambulance for planned and emergency treatment, teleconsultation services, home nursing assistance, etc. As you grow older, if you live alone or if your children live elsewhere, then senior care benefits under your health insurance policy can be very useful. Some health policies in the market may offer senior care benefits as a basic feature, but if it’s not there in your policy, you may check if it’s available as a rider under your existing health insurance product.
Critical Illness Rider
Senior people usually have to depend on their retirement corpus to meet their financial needs. When they are hospitalized, it may result in extra financial stress on them. Especially if it’s a serious illness, the financial stress can be difficult to manage. However, you can stay prepared by taking a critical illness rider to avoid the financial stress even if you come across such a serious illness. Critical illness rider gives the lumpsum insured amount on detection of any of the serious illnesses mentioned under its policy document. Insured can use the claim money for any purpose according to their requirement.
Insurance Rider For Daily Cash Allowance In Hospitalization
On hospitalization, you may incur several such expenses, which are not normally covered in a health insurance policy; for retirees, such additional expenses can be significant. So, to cover such expenses, you can take the daily cash allowance rider under your policy. A fixed amount is given by the insurance company for the number of days the insured remains hospitalized.
A Health Insurance Rider That Covers The OPD Charges
Seniors may require frequent doctor consultations and health checkups without the need for hospitalization. Each consultation or health checkup may cost them significant charges. Usually, such charges are not covered in a regular health policy. However, you can get the OPD rider to get the reimbursements for the expenses that you may incur towards multiple OPD charges.
If your health policy doesn’t give you the option to add the required riders, you may port to a health policy provided by another company that allows you to add such features as riders.
The author is an independent journalist.