Pros: Having a rider can give you extensive control on your out-of-pocket expenses while making a claim. The main advantage of having a rider is that it is affordable and provides extra coverage under the base health policy.
However, policyholders must be very cautious while choosing riders in a health policy. Cons: The primary disadvantages of having a rider are a slight increase in premiums, limits on the coverage and the waiting period.
For instance, most insurance companies have limits on coverage for the maternity benefit rider, and certain conditions must be met to avail of the benefits.
Therefore, it is necessary to ensure that the product being bought is aligned with buyer requirements. John Mayne, executive director, Coverfox