It is often believed that getting married brings a whole host of responsibilities. But ultimately, it is having a child that tests how responsible we really become. No matter how many parenting primers we read, raising a child demands us to be prudent individuals in securing our little ones’ future, socially as well as financially.
We go an extra mile to get our children the best education. We enroll them into hobby classes for overall personality development. But in all this we forget that our children face higher risk of medical contingencies than we do. What’s worse is that these medical emergencies can cost enough to burn a hole in our pocket. Thus, it is imperative to also have your children covered under a health insurance plan.
The Sooner, the Better
Always remember that health insurance, even in case of children, is beneficial the sooner you get it. There is no specific age and ideally you should cover your baby from the day s/he is born. In the following sections, we locate the options available to include your child in a health insurance plan depending on the child’s age.
New Born Child Cover
• Coverage from Birth –
Certain health insurance plans provide maternity benefits that cover the cost of delivery and other related expenses. In such plans, the new born baby is covered immediately from the day of birth. Any medical attention required by the baby and the cost of vaccinations are also covered from the date of birth up to the date of renewal. On renewal of the policy, the baby will be separately included in the cover and additional premium will have to be paid. This kind of maternity cover, which also includes the new born baby, usually has a waiting period of 2-4 years.
For instance, Max Bupa Heart Beat family first and family floater, L&T Medisure Classic and Star comprehensive plans offer benefits wherein the baby is covered immediately from the time of birth.
• Coverage after 90 days –
There are certain plans that do not have maternity coverage but provide for the inclusion of the new born baby after 90 days from the day of birth. Such plans do not cover any medical contingency the baby might face immediately after birth or up to the period when it completes 90 days. Babies can be covered during the tenure of the plan up to renewal by paying a pro-rated premium or on renewal by paying the additional premium for the baby’s coverage.
Infants and Teenagers
If you have an infant child or a teenager, you can include him/her as a dependent child in your family floater health plan. Most family floater plans usually cover for the health expenses for 2 dependent children. Your insurance company will calculate and charge the additional premium for the dependent child. Standalone policy is granted to a child, only if both of the parents or one parent is covered under the same plan from the company.
Health insurance plans have an upper age limit on covering your dependent child. Usually health plans cover dependent children till the age of 21 years or 25 years, after which they are excluded from the policy. They would have to continue the coverage in a standalone plan. So, it is wise to buy a standalone policy for your child early.
How to include your child in your plan?
For a new born baby, whether included immediately or after 90 days, you should inform the insurer within 7 days of the baby’s birth or completion of 90 days. If there is any delay, the baby will be covered from the date of notification and not immediately after birth or after completing 90 days, as the case may be.
Infants, teenagers or young adults can be covered either mid-term by notifying the company and paying the pro-rated premium, or from the next renewal date by paying the revised premium.
If you are planning a family, go for a plan offering new born baby coverage and complete the procedure to cover your baby. If you already have a child, who is not covered in a health plan, whether family floater or individual, don’t wait! Cover your child at the earliest. And for those of you already having covered your child, a pat on your back for your foresight! After all, your child is your joy and you should not falter in planning for their welfare.