A new addition to your family means more joy, more memories, and of course – more responsibilities. For parents of newly born babies, very few things are as important as the health of their little ones. Even the slightest health problem to the child often sends the parents in a tizzy. As a result, making sure the baby is healthy and has access to quality treatment – in case anything does happen – is a big responsibility for parents. A health insurance policy for the baby can be a great help to you during such times.
In this article, we are looking at 5 things you should know about health insurance for babies. Hopefully, these will help you decide on the best coverage for your little one.
#1- Inclusion in the family floater policy
The best way to ensure your child stays protected during medical emergencies at affordable rates is to add your child to your family health insurance plan. To add your newly born baby into the policy, you could wait till the annual renewal of the policy and inform your insurer about the new addition. Or you could add them during the year as well. There would be a different procedure for the latter. Another option for covering your baby’s health would be to add them to your corporate group health insurance policy. However, it may have certain limitations that might not be suitable for your baby’s health needs. So, a family floater health insurance policy would be the preferred option.
#2- Coverage begins after a particular duration
Most health insurance plans offer coverage for the new born baby after they have completed the minimum age for cover set by the insurance provider. Very rarely do insurance companies offer health insurance from the first day of the baby’s birth.
#3 -Documentation required for coverage
When you are planning to insure your child under a health insurance policy, you will be requiring certain documents such as the birth certificate of your baby, maternity discharge card, and so on. If your baby had been hospitalized for some reason before the health insurance policy is to begin, you should inform the same to the insurer and provide the relevant documents. You may also have to provide a photo of the baby to the insurer to avail cashless treatment for your baby in the future.
#4 -Increase in premium and sum insured
Adding a new member of the family into an insurance policy can lead to a higher premium than before. You may also want to increase the sum insured to provide for the baby as well as the other members of your family.
#5 -Option of additional covers
There are many health insurance policies in the market that cover particular diseases or illnesses. Opting to include your baby in such a policy can provide them with better protection and provide you compensation in times of need. For example, if you are worried that your baby is susceptible to malaria or dengue due to environmental factors, you could opt to include your baby in a health insurance policy specifically designed for vector-borne diseases.
One thing to ensure while adding your baby to a health insurance policy is to choose a plan that covers more than just hospitalization. New-borns may have to undergo several vaccinations or health check-ups during their first few years. A well-structured health insurance plan will protect you from the expenses incurred during all these procedures. Do keep in mind that the coverage age and other features of health insurance policies differ between insurers. Do read the policy documents carefully before purchasing coverage.