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What is an Insurance Rider?

Every healthcare policy plan is outlined with the coverage provided as well as any limitations to the policy. This is so that policyholders fully understand what is covered and what is excluded within the health insurance policy. In the instance that you have a pre-existing health condition, your policy plan may apply some additional limitations to the coverage extended on your policy. Any amendments to your medical policy's terms of coverage or additional limitations to the coverage on your standard medical or long term care insurance policy are gathered in an attached document. Most riders are based on pre-existing health conditions that would be explained in the document that is attached to your health insurance plan. That attached document is called a medical rider.

When applying for medical coverage with Medicare supplemental insurance, you will be asked to provide a vast selection of information about your medical history. It is very important to be honest and forthright with your past and current medical conditions, as any omissions or fabrications could potentially jeopardize the status and validity of your medical policy. If you have a current medical condition, your policy plan will implement a rider to address that previous or current medical condition. If it is a short-term medication condition, such as a minor back injury or broken bones, it is possible that the medical rider attached to your policy will be only applicable for approximately one year.

Why Plans Include Riders

Medical insurance companies are designed to protect you against medical risks. In order to protect you during your time of need, they also need to protect you when you are without ailments. This is why it is imperative to maintain a health insurance policy at all times. The premiums paid during times of good health assist with coverage provided in times of challenged health. This also helps in making healthcare costs more reasonable and affordable.

Medical insurance companies will not necessarily deny health insurance for pre-existing conditions. Instead, they will issue a rider onto your core health policy plan that limits the coverage provided for pre-existing conditions. This ensures that the medical company is covering you for health conditions applicable within the time frame of your active policy. Riders are timed exclusions, most last approximately one year. When your rider period is over, indicating that your pre-existing injury is fully healed and no longer a current condition, your policy may elect to remove the rider and any medical treatments from that point forward will be covered normally under the coverage terms of the medical plan.

Other Types of Riders

The most common rider is the exclusion rider as outlined above. However, there are other types of riders that one may elect for their Medicare supplemental insurance policy. The most common rider, other than the exclusion rider, is to add additional coverage on to your medical policy plan. Some policyholders opt to pay premiums for extra coverage above the coverage that is given in the basic medical policy. This could be for a variety of reasons. If you have a condition that you would be willing to pay additional premiums for additional coverage, it would be worth adding this rider on to your medical insurance policy.

Other riders exist, but their applicability depends on your particular health status. If you are looking for a rider to your Medicare supplemental insurance policy, consider your personal medical condition as well as your financial status. Insurance riders do typically change the cost of health insurance premiums, so be sure that your medical policy and corresponding rider premiums are appropriate for your financial means.


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