Parents always do their best to provide everything for their children. As a responsible parent, you take the best care of your kids. However, children have comparatively lower immunity and are more prone to getting sick. Right from the time of birth, the child needs medical care, vaccination and frequent visits to the paediatrician. Having health insurance is valuable to provide financial security and backup when you need it the most. Sometimes parents tend to overlook the requirement of a policy for their children because of various reasons, but in times of contingency lack of healthcare facilities and proper treatments can be risky for your children. Insured children have access to world-class facilities more than uninsured ones.
Reasons to Buy Health Insurance Policy for Children
There are some important reasons to buy health insurance for kids
- Developing Immune System: The immune system of children is still in the developing stage. They can easily catch illnesses as compared to adults. With the help of a health insurance policy, you will have financial help in case of a medical emergency.
- Slow Reflexes: Children cannot sense danger and therefore they are more prone to accidents. In such a case, the child might require a few days of hospitalisation. Having health insurance will help you save on medical expenses.
- Environment Risks: With the rising pollution and eating unhealthy food, children are put at risk of health problems like asthma, allergic reactions, etc. thus having health insurance for your children is necessary.
- Expensive Dental Care: Children tend to get hurt while playing at home or school and might need dental treatments. As dental treatments are quite expensive, having health insurance is beneficial.
- Overall Development of the Children: It is essential to track the overall development of your children. The health insurance company provides regular checkups, vaccinations, etc. to catch any illness right in time for proper treatment.
Advantages of Buying Health Insurance Plans for Children
- Financial Security: If you have health insurance for your child, you do not need to be worried about the medical costs in times of crisis. You can keep your savings intact and remain financially secure.
- Cashless Treatment: Health insurance policy allows you to avail of cashless treatments at the network hospital of the insurance company. You don’t have to worry about paying the medical bills or waiting for reimbursement. It is a hassle-free process.
- Cover Pre and Post-hospitalisation: The insured gets the coverage 30 days before and 60 days after hospitalisation.
- Tax Benefits: You can avail of tax benefits on the premium you pay for your insurance policy under Section 80D of the Income Tax Act.
Types of Health Insurance Plans for Children
- Individual Health Insurance Plans: This plan is a standalone plan for the child. It only covers the child and not the family. You can customise the plan and choose the sum assured and the premium depending upon their health needs.
- Family Floater Plan: This plan covers the entire family including the children. The sum assured amount is shared and offers wide coverage with additional benefits.
Benefits of Individual Health Insurance for Children
- Affordable Premiums: The risk involved while buying a policy for children is lower therefore, the premium amount is affordable.
- Extensive Coverage: The policy offers comprehensive coverage. The child is covered from day one and it also includes medical facilities like hospital stays, vaccination and daycare, etc.
- No-claim Bonus: Having an individual policy, your child can enjoy no-claim years. This enables you to get a discount at the time of policy renewal.
- Easy to Purchase: It has become easier to purchase a policy that matches your requirements. You can compare the prices of various policies online. It is a hassle-free process to buy the policy.
- Additional Benefits: Some health insurance policies provide additional health care benefits for your child-like an expert consultation on nutrition and diet.
Benefits of Family Floater Plans Including Children
- Easy Documentation: Buying a family floater plan is easy as you only have to track one policy for every member. It makes it easy in filing claims and paying premiums.
- Discounts: Whenever you add a family member to the insurance plan, you get a discount. In the case of a child, you may also get a discount on the premium amount.
- Fixed Premiums: Most family floater plans have fixed premiums throughout the policy duration.
- Customisable Add-ons: Depending upon your needs you can easily customise the policy and add on various benefits.
Inclusions in Health Insurance Plans for Children
Various inclusions are
- In-patient hospitalisation expenses
- Newborn cover
- Daycare treatments
- Pre-hospitalisation expenses
- Post-hospitalisation expenses
- Vaccination cover
- OPD treatment
- Ambulance charges
- Domiciliary treatment
Key Points to Remember before Buying the Policy for Your Children
You should consider the following points before purchasing
- The Sum Assured: Make sure you opt for an adequate sum assured to cover the required medical needs in times of emergency. Choosing a low sum assured would mean paying money from your pocket.
- Check the Policy Coverage: The insurer provides a list of inclusions and exclusions in the plan. You should have a piece of complete knowledge regarding what is covered in the policy. It is advisable to choose the policy which provides maximum coverage.
- Add-ons: You can buy add-on benefits for your child in the plan. You must go for the essential add-ons as the unnecessary ones will only increase the premium amount.
- Network Hospitals: It is advisable to buy a policy which has more network hospitals near your house to avail of the cashless benefits. Make sure to go through the list of all the network hospitals before buying the policy.
- Newborn Cover: If you are planning a baby, you can buy a newborn cover. This provides medical facilities to the baby against all illnesses from day 1.
- Compare the Plans Online: You can check various policies online and compare the prices before buying the one that matches all your requirements.
Conclusion
With increased pollution, lifestyle changes and wrong eating habits, your children are more prone to illness and diseases. Having a health insurance plan can safeguard your child’s future by preparing you for the uncertain medical help your child might require. It will also provide financial security as you won't have to use your savings. As parents, no one wants to take risks for their child and having a policy is one step in the right direction.
