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All you need to know about Health Insurance plans for children
15 January 2020
With diseases on the rise and quality healthcare becoming more expensive, it is important to ensure that your children get the best healthcare possible when they need it. You already know the benefits health insurance offers adults and senior citizens. However, did you know that children can reap the same benefits that you do from health insurance plans.
Why does your child need health insurance?
Health insurance for children can prove to be extremely beneficial as children don’t have immune systems that have reached their full strength. Hence, several diseases tend to affect young children which is why it is vital that your child stays protected at all times.
There is also an inherent need for regular visits to the doctor when you have children due to vaccinations or any other day-to-day issues. Sadly though, you can never plan for every single eventuality with a child. If there is one thing we can all agree on, its that our children deserve the best of everything.
So, that leaves us with only one question, how do you go about purchasing health insurance for your children, and what all requirements should you keep in mind while doing so? Let's answer this question once and for all today.
How should you begin your research?
Already have a health insurance plan?
It might be a good idea to talk to your current health insurance provider and check whether your children can be covered in your plan.
It should also cover diseases that children are prone to, such as mumps and measles as India has a densely-packed population in urban areas, and such diseases can spread rapidly when contracted.
To know whether you have picked the right plan or not, comb through the policy wordings for any exclusions or terms and conditions that may cause a problem when making a claim.
How will a family insurance plan help you?
A health insurance policy that covers the entire family is called a family floater plan in India. These plans offer a cover for your spouse and children (up to 4 in some cases) under a single policy. The biggest advantage here is that you don’t need to purchase health insurance for your children separately and deal with excessive premiums or even paperwork.
You can simply track everything as part of your own family health insurance plan. The claims process will also be simplified as you will only need one policy number and will have to interact with the same executives to make a claim for anyone covered in the plan. These types of plans usually offer a higher amount as cover when compared to an individual child health insurance plan.
Some of these plans also cover maternity costs after a stipulated waiting period and can even cover newborns for the first year. However, family floater plans usually stop covering children after a certain age. In which case you’ll have to purchase an individual health insurance policy for the now adult.
What is the right amount to aim for?
You’ll always want the best for your child, yet the truth of the matter is that most of us are budget bound. However, these plans can be easily customised with add-ons for optimum coverage. You can even opt for a family floater plan that will offer much higher coverage for your child.
How do I know if I'm still missing anything?
Some health insurance plans cover a child by default for 90 days after birth or even longer depending upon the policy wordings. Thus, if you are expecting a child, it might be a good idea to contact a provider to ask exactly how you can access this benefit. Accordingly, you can opt for maternity and newborn benefits with your family floater plan.
Different insurers tend to have varying terms and conditions that govern the child’s coverage from that point. Look for a plan that will cover the child from the first day. Lastly, read the fine print and ask all the questions possible (no matter how silly you think they may be) so you are clear about the health insurance policy you purchase for your child and aren’t in for a rude surprise.
With the internet, it is extremely easy to compare plans and even get quotes in a matter of minutes! For instance, insurance providers such as MaxBupa have a variety of family floater plans for all your needs. All you need to do is visit their website and compare plans to find the right fit for you. Please visit https://www.maxbupa.com