Health Insurance Plans for Children: Types, Benefits

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Health Insurance Plan for Children

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Health insurance is no more a luxury. It is a necessity, especially in this pandemic situation, medical insurance is critical. Ensuring your child stays fit and healthy is the priority of any parent and buying health insurance for children is the first step to ensure the well-being of your child. Read on, as this article will provide you with all the information related to Health Insurance Plans for Children.

Health Insurance Plan for Kids
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Every parent makes sure that their kids grow up healthy, and the child’s healthcare is one of the critical components of financial planning. Children have a lower immunity power when compared to adults, and the ever-rising cost of healthcare is an added financial burden. That’s when health insurance for children becomes crucial. From the time of birth, every child needs special medical care, so buying health insurance for your child is a valuable investment. The health insurance policy provides financial backup by covering the medical expenses arising due to health emergencies.

Types of Medical Insurance Plan Available for Child
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Types of Medical Insurance Plan Available for Child

There are different types of child insurance plans. It all depends on what type of medical coverage you need. The insurance companies in India offer a variety of health insurance plans for kids. Below are the different types of medical insurance plan available for children

Individual Child Health Insurance Plans
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An individual health insurance plan, for children provides extensive medical coverage. It is a standalone plan and also comes with an array of benefits. In other words, it is an individual health insurance plan, which covers your child’s medical expenses. One of the major advantages of an individual plan is that the entire sum insured amount can be utilized for the child’s medical treatment or expenses. The individual child health insurance plans also come with several other benefits. Apart from the regular medical treatment and hospitalization coverage, an individual plan may also cover ancillary services such as ambulance cost, lab diagnosis, medical check-ups, etc. The individual plans may also offer cashless hospitalization, depending on the terms and conditions of the policy.

Family Floater Child Health Insurance Plans
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Unlike the individual child health plan, which covers only the child, the family floater plan covers the entire family. Generally, family floater plans are long-term plans, and the plan will be valid up to 2 to 3 years, depending on the terms and conditions of the policy. The plan covers the policyholder's parents, spouse and up to 4 children. One of the biggest advantages of family floater plans is the flexibility of the addition of nominees.Newborn babies are covered by this plan. A family floater plan covers newborn babies up to 90 days, with coverage benefits such as hospital stay and vaccinations. Also, toddlers, children, teenagers and individuals up to 25 years of age are covered under the family floater policy.

Eligibility
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The eligibility criteria for a child health insurance plan vary from insurer to insurer. But there are certain common factors for a child to qualify for child health insurance benefits. Below are a few common eligibility criteria for availing child insurance health insurance benefits:

Benefits of Buying Kids Health Insurance Policy Online
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The sole purpose of buying health insurance for your kids is to make sure that your child gets the best medical care in case of health emergencies. Apart from that, buying child health insurance online is very easy and comes with a host of benefits, which are listed below.

Extensive Coverage
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Generally, child health insurance plans offer comprehensive coverage. A new-born baby can be covered from day one, and the policy will cover hospital stay charges, infant vaccinations, etc.

Lower Premium
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The insurance premium for a child health insurance plan is lower, given the fact that the risk factor is low in insuring a child. It applies to both individual and family floater plans. The earlier you buy a health insurance policy for your child, the lower the premium amount.

Additional Benefits
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A child health insurance plan offers additional benefits for the child, such as expert consultations and advice on diet and nutrition. Child health insurance offers an all-round coverage when it comes to healthcare.

Discount
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If you do not make any claims during the previous policy period, the insurance company will offer you a No Claim Bonus discount. The discount can be availed when renewing the policy as the discount is applied to the insurance premium.

Financial Backup
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A child health insurance policy provides you with financial backup. With the cost of healthcare services increasing day-by-day, the health insurance policy for your child will reduce the financial burden.

Ease of Purchase
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In this digital era, almost everything can be done online. The same applies to insurance as well. You can purchase child health insurance online, and the process has become very simple compared to the traditional offline purchase. You can compare different insurance plans and buy the right health insurance for your child.

How Does Children Health Insurance(CHI) Plan Work?
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Child health insurance plans work similar to any other standard health insurance plan. The policy provides coverage against medical expenses of your child. Either you can have a separate/individual health insurance policy for your child, or you can add your child to the existing family floater health insurance policy. It all depends on what kind of coverage benefits you are looking for.

Generally, a child health insurance plan provides coverage against pre and post-hospitalisation, day-care treatment, domiciliary treatments, etc. An individual child health insurance plan offers additional coverage for medical services like lab diagnosis, ambulance cost, etc. Some insurance companies also cover critical illness and offer free annual medical checkup for claim-free policy renewal. But the benefits may differ depending on the conditions of the policy.

Below are the ways to avail these children's health insurance benefits:

How to Choose the ACKO Health Insurance for Children's?
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ACKO is a digital-first insurance company, and you can buy/renew health insurance online. Buying a health insurance plan for your child at ACKO is simple, and it takes just a few minutes to purchase the policy. Follow the steps below to buy ACKO health insurance plan for children:

Things to Remember
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Purchasing health insurance for your child can be tricky if you are not aware of the fundamentals of the insurance policy. There are several factors to be considered before you opt for a health insurance policy for your child. Below are the points you should consider before buying a child health insurance policy:

Frequently Asked Questions (FAQs)
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Below are some of the most commonly asked questions about health insurance plans for children

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Can I buy a health insurance plan for just my child?

Yes, you can buy an individual health insurance plan for your child. You can opt for a separate child health insurance plan which covers a child right from day one. An individual plan is a standalone health insurance plan for your child.

Which is the best health insurance plan for my child?

There are a variety of child health insurance plans available. Choosing the best health insurance plan depends on your needs and the coverage benefits offered by the insurance policy. You can either go for an individual child health insurance plan or opt for a family floater plan. It all depends on your choice.

Is a newborn baby covered under the parent's health insurance plan?

Yes. If the parents have a family floater health insurance policy, then the newborn baby is covered under the insurance policy. The policy will cover the medical expenses of the newborn baby for up to 90 days, and post 90 days the baby can be included as a nominee in the family floater plan.

How many members can be covered under the family floater health insurance plan?

A family floater health insurance plan covers the policyholder’s spouse, parents and up to 4 children. So, technically, the family floater plan covers a maximum of 8 members including the policyholder.

Which documents do I need to submit to buy a child health insurance policy?

You need to submit the birth certificate of the child and hospital discharge summary (maternity) to buy a health insurance policy for your child. Note that the required documents might vary from one insurer to another, and you might be asked to submit any other relevant documents.

How long will my child continue to get the benefits of a child health insurance plan?

The family floater insurance plan will cover your child as an infant and teenager. The maximum age limit for the coverage is between 21 and 25 years, depending on the insurer. Post that, the child will be treated as an adult, and has to purchase a separate health insurance policy.

Does a child health insurance policy offer critical illness cover?

Yes, some child health insurance plans offer critical illness cover. Go through the inclusions of the child health insurance plan to know whether the policy provides critical illness cover.

Can I buy a child health insurance plan online?

Yes, you can buy child health insurance plans online by visiting the insurer’s website, for example, www.acko.com. If you are buying a health insurance plan for your child from ACKO, then you just need to enter a few personal details to get the health insurance quotes.

How can I avail cashless treatment in a child health insurance plan?

To avail cashless treatment for your child, you need to visit any of the insurer’s network hospitals. You need to produce the health insurance card at the hospital and fill the application to avail cashless treatment. You can avail cashless treatment facility for both planned and emergency treatment.

Is there any discount benefit in child health insurance plans?

Yes, you can avail the No Claim Bonus discount if you have made zero claims during the tenure of the previous policy. The discount will be applied to the premium when you are renewing the child health insurance policy.

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