Think your health plan is enough? CA lists 3 must-have add-ons

Simply having health insurance isn't enough. CA breaks down three add-ons that can protect your finances from surprise medical costs.

Owning health insurance has become essential as medical costs have been faster than income. Yet experts warn that a standard policy alone often falls short of true financial protection. Chartered accountant Nitin Kaushik, in a social media post, highlighted that the difference between a token policy and genuine coverage lies in the right add-ons.

 

1. Instant Cover: Avoid costly waiting periods

 

Most health insurance plans impose waiting periods of 2-4 years for pre-existing conditions like diabetes, hypertension, or thyroid disorders. The instant cover add-on allows policyholders to access coverage for these conditions in as little as 30 days.

 

“About one in five Indians aged 18-35 suffers from a lifestyle disease. Waiting years could cost you lakhs

 

in medical bills,” Kaushik explained. This add-on bridges a critical gap for those who cannot afford to delay treatment.

 

2. Consumables Cover: Shield against hidden hospital costs

 

Hospitalisation comes with unavoidable extras, such as syringes, gloves, masks, and other consumables, which often account for 15-20 per cent of the bill. On a Rs 3 lakh hospital bill, this could mean Rs 45,000-Rs 60,000 out-of-pocket unless you have coverage.

 

“This add-on effectively saves you an EMI every time you’re hospitalised,” Kaushik noted. For families with parents above 55, who already face higher premiums, this coverage can make a tangible difference.

3. No Claim Bonus: Grow coverage over time

The No Claim Bonus (NCB) rewards policyholders for staying healthy. Starting with a Rs 10 lakh sum insured, the coverage can grow 5-10 per cent every claim-free year, potentially reaching Rs 15-20 lakh or more. Kaushik emphasised, “Why pay Rs 2.5 lakh extra upfront when you can earn more coverage through consistent claim-free years?” This add-on turns health insurance into a financial growth tool, not just a safety net.

 

Choosing the right plan matters

Experts like Narendra Bharindwal, director and president of the Insurance Brokers Association of India stress that premiums rise with age. Individual plans for senior parents often work better than family floaters, which can leave coverage exhausted quickly.

 

Ashish Yadav, senior vice president of ManipalCigna, highlights flexibility in plans to suit affordability, while Siddharth Singhal, business head, health insurance of Policybazaar.com recommends evaluating waiting periods, hospital networks, and hidden benefits such as domiciliary care.