Parents are always concerned about the wellbeing and safety of their children till they are capable of taking independent decisions. Buying adequate health coverage for children can help in keeping the children well. It can also be an important component of financial planning for children. However, buying a good health insurance plan could be tricky.
There are so many plans available. But to decide which plan will suit your needs best is not easy. More so, while planning to buy a health insurance plan for children. Hence, here we take a look at key things you should consider while buying health plans for children:
Check basics first
As a first step before buying a health plan, experts say that parents should check the basics of health insurance. For example, according to Naval Goel, Founder & CEO, PolicyX.com, you should check the following:
- Network hospitals available in your vicinity for any kind of emergency. As kids are prone to accidents in schools or during playtime, thus the health insurance company’s cashless treatment provided in their network hospitals must be easily reachable.
- The sum insured should be sufficient to meet the regular medical expense of a child along with their parents. It is important to have a policy with ample coverage amount that will cater to any hospitalization expenses arising out of accidents or infections so that you needn’t worry about paying out-of-pocket and thus putting a dent in your savings for their future needs.
Check for OPD, vaccination facilities
The healthcare plan should also come with an OPD facility. “A health care plan should come with an OPD facility as kids at a younger age are sensitive to weather changes and seasonal flues due to which they may require frequent doctor visits,” Goel told FE Online.
According to Nayan Goswami, Head of General Insurance at Sana Insurance Brokers, parents seeking coverage for kids between ages 1 to 12 should look for a health insurance plan that takes care of vaccinations required to boost their immunity.
Check admissible age of children in family floater plans
It is given that kids are included in a family floater or adults plans. However, it is important to check the admissible age of the kid in the health care plan. “The health care plan should offer cover to the newborn baby from the 91st day onwards and the renewal should be permitted up to the maximum age. Now a days, kids can stay a part of their parents or family floater plan up to the age of 30 years however it varies from a plan to plan,” said Goel.
If you wish to add the child to your family floater plan, lower age at entry for dependents would be preferable as it would enable you to include the child very early on. Instead, if you would rather opt for an individual health insurance policy, then, too, low age at entry would be good.
Check for the range of coverage of diseases
If a baby is detected with any kind of illness since birth then the health insurance plan should provide coverage for that particular disease and that too with the least waiting period duration. Alongside, the plan should have a wider range of coverage of diseases.
What newlyweds should check
Goswami said that newlyweds who wish to have a child should consider selecting a health insurance policy that offers sufficient maternity coverage and benefits which takes care of the mother and the just born baby.
“An optimum plan should ideally cover pre- and post-hospitalization expenses along with delivery-related costs (be that for normal or caesarean procedure). Newborn vaccination expenses should also be covered, as should any complications arising during delivery,” Goswami told FE Online.
“Typically, external congenital diseases may be excluded from coverage, however internal congenital diseases and genetic disorders are now taken care of by new age health insurance plans,” he added.
It is also important to remember that coverage for the newborn (i.e. post say 60-90 days from birth) might not be effective by default. The parents might be required to intimate the insurance firm post-birth and pay an additional premium for the baby’s coverage unless otherwise specified.
What to check for a child with special needs
Goswami said that for a child with special needs it is imperative to have a comprehensive health insurance policy since the possibility to seek urgent medical attention would be higher in such cases.
As is the case with all major financial decisions, those looking to buy health insurance should carefully scrutinize and comprehend all terms and conditions attached to the plan before zeroing in on any particular option. It is better to compare multiple plans across policy features and benefits to select the best fit for your family’s dynamic and long-term medical requirements.