Children are an integral part of every household. Parents want the best for their child right from the available child-care services to education and future career. Parents try to provide the best care for their children and yet health risks are unavoidable for which taking health insurance plans for children is mandatory. Even after utmost care is taken in bringing up children, children are exposed to various health risks. In case of any medical contingency which the child faces, the parent would have to pay for the high medical expenses out of his/her pocket. Such expenses might put a financial strain on the parent because of the huge amounts involved. It is, therefore, advised to have health insurance plans for children as well to protect against medical costs incurred in children’s health contingencies.
Coverage of Health Insurance Plans for children:
There are two options in which children can be covered under health insurance plans. These options are as follows –
Under a family floater plan
A family floater health insurance plan covers the whole family under one policy. Since children are also a part of the family, they are covered under a family floater plan. Up to two dependent children can be covered in all family floater health plans. Some plans also allow coverage for up to four dependent children. Children aged 91 days and above can be covered under family floater health plans provided at least one of the parents is covered in the same policy as well. Also, there are few plans that allow children of aged 16 days and above to be covered in a floater plan as well. There is a maximum age up to which dependent children can be covered. This age ranges from 23 years to 25 years across different health insurance plans.
Under an independent health insurance plan
Dependent children can also be covered under independent health insurance plans. Children aged 5 years and above can be insured under independent health plans. This type of coverage is offered by limited number of insurers.
Coverage for new born children
Whether you buy family floater health plans or independent health insurance plans, in general, the minimum entry age for children is 91 days and above. For covering new born babies, health insurance plans for children with maternity and new born benefit should be taken. Health plans which cover maternity related expenses usually allow coverage for the new born baby. In many plans, new born baby coverage is also allowed as an add-on.
Coverage benefits to look for when insuring children
When insuring children under a health insurance plan, you should ensure that the plan has coverage features meant for the children too. Here are some common coverage benefits which should be taken in a health plan that covers children too –
OPD coverage – OPD coverage means coverage for small medical expenses which are incurred on an outpatient basis. Since children are very prone to falling sick and requiring regular medical attention, having an OPD cover in the health plan is a good choice. The OPD benefit would cover the consultation charges, diagnostic tests and medicine expenses incurred for children. Moreover, under some plans, OPD cover also covers dental treatments. Since dental treatments are another common requirement for children, opt for OPD benefit which includes coverage for dental treatments
Dengue cover – dengue has become a widespread ailment which can also be life threatening. Though your normal health plan would cover hospitalisation expenses, other expenses incurred on dengue would not be covered. Opting for a dengue plan would, therefore, be a wise choice.
Personal accident cover – children are also very prone to accidental injuries. So, see if your health plan has an add-on cover for personal accident. If it does, opt for the cover for a wider scope of protection for your child
Free medical check-ups – health insurance plans provide free health check-ups once in 1-4 policy years. However, these health check-ups are usually provided for adults in many plans. Choose a health plan which allows free health check-ups for your minor children too. This would ensure that your children’s health is also monitored regularly.
Why is child insurance important?
Children are prone to accidents and illnesses. Since their immunity is not completely developed, they are susceptible to infections and illnesses. Given the high cost of medicine in today’s age, if the child is hospitalised for a serious sickness, the medical bills are substantial. Such high bills pose a threat to your financial stability and this is why covering children under health insurance is essential.
Best health plans for covering children
|Apollo Munich Easy Health Exclusive||
· Sum insured for up to Rs.50 lakhs
· New born baby is covered at an additional premium payment
· A daily cash benefit is allowed for accompanying an insured child
· A maximum of five children can be added under the plan
|Star Health Family Health Optima Insurance Plan||
· Children aged 16 days and above can be covered under the floater plan
· Sum insured levels up to Rs.25 lakhs
· New born baby is covered from 16th day if the mother is covered for 12 continuous months
· Automatic restoration of sum insured
· Sum insured levels up to Rs.6 crores
· Maternity and new born cover available at higher sum insured levels
Understand the nitty-gritties of health insurance plans for children and insure that they are covered under a suitable plan immediately. Medical contingencies do not come announced and when they strike they can wipe out your finances. Your children are not immune to medical threats and so having a valid health insurance plans for children is essential.