A health insurance policy covers an adult in case of medical emergencies, but what happens when children fall ill? To avoid financial crises and ensure that your child gets the required medical attention, buying a health insurance plan is probably the best solution.
Nowadays, with increasing costs of availing treatment and hospitalization, one can feel a financial burden in case a child falls ill. The emotional suffering also increases multi-fold when children suffer a sickness. A loving parent can provide the required emotional support whereas a health policy can provide strong financial support.
5 Things you need to know about Children health insurance
#1 Health insurance plans for newborn babies
Welcoming a new baby in the family is sheer joy as well as a great responsibility. Newborn babies experience a drastic change in the environment when they are born. Mother’s womb is like a protective bubble that retains a healthy environment for the baby. Once a baby is born, the protective covering is no longer intact. This makes the baby highly vulnerable to a number of potential diseases. Jaundice, skin disease, and inflammation of the respiratory tract are seen commonly among newborn babies. To provide a financial support to treat such diseases, some health insurance companies in India provide a health policy for a newborn as young as 16 days. However, other companies apply a 90-day waiting period to cover a baby under health insurance plans.
#2 Intimating the insurer for including a child under health insurance plans
A policyholder who has delivered a baby can intimate her health insurance company within 7 days of the child being born. This will allow an insurer the time to add the new family member under respective health insurance plans. In the meantime, one can also consider various health plans available for a child. A joint decision can be taken about adding the child to an existing health plan or to a separate health policy.
#3 Postnatal Care
Usually, the cost of treatments related to postnatal care as well as vaccinations would be covered under parent’s health insurance in India. Some insurers shy away from including a baby under insurance due to higher risk. Thus, the 90-day waiting period. After which a separate insurance plan can be bought just to cover the medical costs of a child.
A health insurance policy for children may provide an all-around coverage depending upon the terms of the plan. Most insurance companies provide a financial cover for pre-hospitalization, hospitalization and post-hospitalization expenses related to surgery. Services like ambulance expenses and daily cash benefit may also be included under the plan. Some insurance companies may also provide one free medical check-up every year and a life-threatening disease can be fully covered under the child’s health insurance policy.
#5 Claim-free years
Various types of insurance policies provide a discount on premium or increase in sum assured is awarded if no claims are raised during the term of an insurance policy. Likewise, a health insurance policy may also offer a discount on premium, at the time of renewal, if no claims are raised. Usually, a 50% waiver of the premium is applicable on one year of not raising claims. This can go up to 150%. Some insurers may also increase the amount if the basic sum assured gets exhausted. For every claim-free year, the basic sum assured may also be increased by 50%. Thus, taking good care and not raising a claim for simple medical treatments can be fruitful in the long run.
The Bottom Line
Children are the future, they are the essence of a family. When they fall ill, the entire family’s happiness is jeopardized. To aid a speedy recovery and ensure strong financial support, a health insurance plan is a must for your children.
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