How to Buy the Best Health Insurance for Children?

Welcoming a new child into your family is a joyful experience. However, it also comes with responsibilities, especially when it comes to their health. Children need the right medical care from day one. With medical inflation at an all-time high and rising healthcare costs, having a child health insurance policy is a smart choice. It covers all their medical needs, from hospital stays to check-ups and vaccinations. Read on as we discuss child insurance health plans in detail.

What is Children's Health Insurance?

Health insurance is an official contract between you, the policyholder, and an insurance company. It helps you pay for medical bills when an insured member is sick or hurt. As a policyholder, you can add your child to your regular insurance plan to help pay their medical bills. If you don't want to include your child in your regular insurance, you can get a separate children health insurance plan.

This kind of insurance is called a children health insurance plan. It's there to help you pay for expenses  like doctor visits, medicines, or tests when your child isn't feeling well. You can buy a child health insurance plan in India for babies, young kids, and teenagers alike. This maximum age limit for dependent children is typically 25 years; however, it may depend on the plan and the company you choose.

Do Kids Need Health Insurance? 

Medical insurance for kids/child not only provides essential financial protection for unexpected medical expenses but also promotes preventive care. With the right coverage, you can ensure that your child has access to necessary healthcare services. It's safe to say that child health insurance plans act as a vital safety net for their well-being and ease the financial burden on parents or families in case of illnesses or accidents. Let us take a detailed look at why you need to invest in a children health insurance plan:

Children often have Weaker Immunity

The still-developing immune system in a child is not as strong as a grown-up, so they can easily get sick. It is also a fact that they come into contact with more germs. In their growing stage they might also put  everything in their mouth, which can make them sick. It, thus, becomes really important to have health insurance for your child and cut back on your medical bills.

Accidents Happen

Boundless energy and endless curiosity make the little ones susceptible to injuries. Their developing motor skills and lack of awareness can often lead to accidents, including falls, cuts, and burns. While supervision, childproofing, and safety education are crucial, they might always be enough to avert an injury.

Unhealthy Lifestyle Choices

In recent years, children's lifestyles have taken a turn for the worse. Swapping physical activities with screen time, irregular sleep patterns, and preferring junk food over home-cooked meals has pushed a lot of children to lifestyle-related illnesses. The right type of medical insurance for kids/child, will help you cover the costs of treating a wide range of health issues.

Rising Healthcare Expenses

Thanks to a high inflation of 14%, the cost of medical care is rising by the day. Post-COVID, there has also been a steady increase in the number of illnesses, such as black fungus, Unicrom, etc. Just like adults, children might need emergency medical help at times. With health insurance, you will not only be able to afford quality treatment but also avoid the financial strain of hospitalisation.

>> Also Read: 5 Most Prevalent Nutritional Disorders Among Children in India

Types of Health Insurance Plans Available for Children

Here are some common types of health insurance plans that can be opted for children:

1. Individual Health Insurance

This is a health insurance policy that covers a single member. It provides individual coverage for medical expenses, including hospitalisation, doctor visits, and treatments. The sum insured is personal and cannot be shared with other members.

2. Family Health Insurance

The most common type of health insurance, a family floater option, as the name suggests, is for families. These plans cover the entire family, including parents and dependent children, under a single policy. It's a comprehensive option that ensures everyone's healthcare needs are met as the sum insured is shared.

3. Government-sponsored health insurance

In India, there are a number of government-sponsored health insurance programs that offer coverage to children as well. Schemes like Ayushman Bharat provide affordable or free health coverage for eligible children.

4. Add-on Covers

With health insurance for children, there are add-on options that let you enjoy extra coverage benefits. For instance, with a maternity add-on, you can include coverage for your newborn baby, taking care of emergency expenses like neonatal care. Moreover, the OPD add-on option covers your child's health consultations and medication expenses. They are especially beneficial for minor illnesses that don’t require hospitalisation.

Benefits of Health Insurance for Children

The coverage under health insurance for children can vary from policy to policy. Given below are some of the most common benefits of health insurance for children:

Covers Hospitalisation Expenses

Children can get ill or injured to the extent that they require hospitalisation. In this case, health insurance helps cover these costs, including room charges, diagnostic tests, surgery procedures, and medications. Thus, it ensures cashless hospitalisation to receive proper medical care.

Preventive Care

Regular check-ups and screenings can detect health issues at an early stage when they are most treatable. This is most helpful for kids due to their increased tendency to get sick.

Tax Benefits

Child insurance plans allow you to reduce your taxable income by up to ₹1.5 lakh under Section 80C of the Income Tax Act in the old regime. This means you pay less tax while securing your child's future.

Common Mistakes to Avoid While Buying a Children Health Insurance Plan

While buying health insurance is always a good idea, here are some common mistakes to avoid when purchasing one:

Choosing Lower Coverage

Avoid the temptation to choose a plan with lower coverage solely to reduce premium costs. Inadequate coverage leads to out-of-pocket expenses, as some medical expenses may not be covered.

Missing the Co-payment Clause

The co-payment clause can significantly impact your out-of-pocket expenses during claims. Overlooking this aspect, especially if it involves high co-payment, can affect your savings adversely.

Not being Transparent about a Child's Medical History

Be completely honest about your child's medical history during the application process. Concealing relevant medical information can result in future claim rejections and policy cancellations.

Starting Late

When considering child insurance plans, avoid procrastinating. Remember, the earlier you start, the more affordable the premiums and the greater the potential for substantial coverage as your child grows.

Ignoring Waiting Periods

Familiarise yourself with the waiting periods associated with specific illnesses and treatments. Waiting periods can influence your planning and the availability of coverage for certain healthcare needs.

Secure Your Child’s Health with Care Health Insurance

Buying a child health insurance plan is one of the smartest investments you can make for your child’s future. It keeps you financially prepared for the unexpected mishaps. While there are so many options easily available, you should choose the right company smartly. With Care Health Insurance, there are numerous plans for you to browse through and choose the one that best suits your needs.

Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.