What to Keep in Mind When Adding Your Children to Health Insurance?

Health insurance isn’t important just for adults. It is also important to secure the health and wellbeing of your children. Any parent’s main goal is to ensure that their kids grow up strong and healthy, and one can never be too careful when it comes to their health.

Since children are sometimes prone to injuries and ailments, it is important to safeguard their health with the right kind of health insurance, that will also ensure that you are protected from rising medical costs.

Generally, you can’t get a health insurance plan just for children (until they turn 18), but you can add them to your existing plans. Here are some things to look for when adding your children to your health insurance plan.

1. Type of Plan

There are a number of different types of health insurance plans which allow you to cover your children. Top examples are Family Floater Insurance, Employee Health Insurance, and Individual Health Insurance policies. Each of them has its pros and cons, so consider carefully before picking one that is correct for your family and your children.

• Family Floater Health Insurance – With this kind of plan, one policy covers all the family members, including the children, from infancy up to 25 years. They all share the same sum insured, so the premiums are lower.
• Employee Health Insurance – Salaried employees, might be covered by a corporate health insurance plan that also includes dependent children. However, this coverage will stop once you leave that company, and your children will become unprotected.
• Individual Health Insurance – You can get individual plans for each member of your family, and while the combined premium may be higher, it will ensure that your children are covered by an individual sum insured amount. This is recommended for larger families.

2. Wide Coverage

You need to assess the scope of the coverage of the policy, i.e., what situations and treatments are covered by the health insurance policy. Try to opt for a comprehensive policy that covers things like pre- and post-hospitalization expenses, critical illness benefits, regular check-ups, and high room rent limits.

This means that your children will be able to get high-quality medical care during any unforeseen medical emergencies without you having to worry about the cost.

3. Adequate Sum Insured

The sum insured is the maximum amount your health insurer will be able to cover in case you make a claim. As seen above, when you have different polices, the sum insured amount will be distributed differently.

Thus, it is important that you ensure that there is a sufficient amount to meet the medical expenses of the child (or the whole family in case of a Family Floater Plan). This way, you can ensure that in case of any hospitalization to medical treatment, you don’t have to worry about paying expenses out-of-pocket and putting a dent in your savings for your children’s future.

4. Age of Your Children

One of the things to consider when buying health insurance for your children is their age. Children have different healthcare requirements at different ages, and as they grow. Here are some things to look out for at different stages of life:

• Birth – Many health insurance plans will only cover children after 90 days from their birth. So, look for a plan with a maternity benefit or add-on cover that include coverage for a newborn.
• Childhood and Teenage Years – Since these are the years when children are prone to accidents and communicable diseases, it is crucial that they have good health coverage. While it is recommended to include young children under an existing family floater health insurance policy, if you feel your children require a higher sum insured, you can also consider getting them an individual plan. Additionally, it’s wise to think about life insurance for parents, as this can provide financial security in case of unforeseen events, safeguarding your children's future and health needs. Secure coverage through both health and term life insurance to ensure comprehensive protection for your family.
• Young Adulthood – While family floater plans usually cover dependent children until they turn 25, as they grow up, and start careers, it would be a good time to consider moving them to an individual policy so they get maximum coverage, and can finish waiting periods while still young.

5. Newborn or Post-natal Care

It would be wise to opt for a plan that provides coverage for postnatal care, as there might be a number of expenses that arise in the days after your child is born, including inoculations or vaccinations. But, do not assume that your health insurance plan automatically covers newborns. In fact, many family plans will only cover children after 90 days from their birth, or might have a long waiting period for the same.

Look out for maternity add-on covers and benefits that include coverage for newborns and post-natal care, so that these medical expenses will be looked after.

6. Ensure Cashless Facilities

Cashless hospitalization is when you can avail treatment at a network hospital, and the costs will be taken care of directly between the hospital and your insurance company. This protection is essential days, especially for children.

Kids are prone to accidents and illnesses, and in case of such an emergency, you can focus completely on their welfare without having to worry about paying the bills. Ensure that there are network hospitals that are easily accessible in your area, and near your children’s school as well.

7. Understand the Exclusions

Finally, when securing your child’s future with a health insurance plan, you must check the policy’s exclusions. These will be those instances where you won’t get coverage, and you cannot make claims under your health insurance.

For example, most health insurance plans exclude coverage for hospitalization without a doctor’s recommendation. By learning these exclusions, you will know the limitations and the scope of the policy.

Conclusion

Buying a health insurance plan for your children is the best way to ensure that you have both financial security and peace of mind. It means that you can safeguard your children’s health without majorly affecting your savings. And, as with any insurance purchase, remember to thoroughly go through the terms and conditions of the policy, and to compare different policies available on the market so that you can get the best option for your family’s medical requirements.