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Health Insurance Plans for Children: Types and Benefits

Team AckoAug 10, 2021

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 Children

Health Insurance Plan for Kids:

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:

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:

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:

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:

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:

  • If the parents already have a family floater policy, the newborn baby will be covered from day one to 90 days.

  • A baby above 91 days can be added to the existing family floater policy by paying an additional premium. (Critical Illness and Personal Accident add-on benefits will be available once the child is 18 years old.)

  • In case of an individual child health insurance plan, a child of an age of 1 day can be covered by the policy, provided either of the parents are included in the health insurance plan.

  • The maximum age limit for a child to be included in a family floater policy is between 20 and 25 years. (Depends on the insurer).

  • You need to submit certain documents to buy an individual child health insurance plan or to add your child to the existing family floater plan. You need to submit documents such as birth certificate, maternity discharge summary and medical reports if the child is suffering from any medical condition.

Benefits of Buying Kids Health Insurance Policy Online:

The sole purpose of buying health insurance for your child 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 overage: 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: 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: 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: 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: 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: 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?

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 child health insurance benefits:

  • Visit any of the insurer’s network hospitals for your child’s treatment. You can make use of the cashless claim facility, which applies to both emergency and planned treatment.

  • For planned treatment, you have to inform the insurer at least 4 days before the treatment date. For emergency treatment, you can contact the insurer’s helpdesk in the hospital and produce the health insurance card to avail cashless treatment.

  • You can also apply for a reimbursement claim for child health insurance policy if your child has availed treatment in a hospital of your choice.

  • For a reimbursement claim, you have to submit all relevant documents such as medical certificate, investigation reports, discharge summary, hospital bills, prescriptions and pharmacy receipts.

How to Choose the ACKO Health Insurance Plan for Children?

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:

  • Step 1 - Visit the website www.acko.com or download the smartphone app.

  • Step 2 - Click on the Products menu and choose Health Insurance.

  • Step 3 - On the form, select the nominees.

  • Step 4 - Click on the Son/Daughter option to add your kids to the health insurance policy.

  • Step 5 - Click on Get Started.

  • Step 6 - Enter a few basic personal details and click Continue.

  • Step 7 - Choose the health insurance plan and pay the premium online.

  • Step 8 - The health insurance policy certificate will be sent to your email address.

Things to Remember:

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:

  • Policy Coverage: Go through the policy coverage benefits before buying a child health insurance policy. Make sure that the plan offers adequate coverage and suits your needs. A health insurance plan for your child is to reduce the financial burden, so make sure that the policy provides comprehensive coverage.

  • Additional Perks: Several child health insurance plans come with additional benefits. So, you can consider opting for a health insurance plan which offers additional coverage benefits such as consultation with expert doctors, no limit for the room rent, no co-payment, etc.

  • Cashless Treatment: Make sure that the insurance company has a good number of network hospitals, especially near your place of residence. Network hospitals are the hospitals which have a tie-up with your insurer, and you can avail cashless treatment in such hospitals.

  • Sum Insured Amount: Choose the sum insured amount wisely, and make sure that it is sufficient for your medical needs. Insufficient sum insured amount will be a worry during claims. So, always opt for a sum insured amount that best suits your needs and also falls under the budget.

  • Critical Illness Cover: Only a few child health insurance plans offer critical illness cover. And the CI or critical illness cover is offered for only specified illness. Opt for a health insurance plan which offers cover for the most number of critical illnesses.

Frequently Asked Questions:

Below are some of the most commonly asked questions about health insurance plans for children:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

Also, check: Things to Know While Buying Health Insurance for your Children

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