Children's Health Insurance

When you become a parent, you want the best for your kid. You want them to grow up happy and healthy. Every step you take is to ensure their well-being. And, one of the major responsibilities you need to fulfil is giving your child access to quality healthcare.

But, the unfortunate part is that quality healthcare costs a bomb right now. India has recorded medical inflation of 14% - the highest among Asian countries right now - and you never know how much it will increase in the future. The cost of medicines would see a hike of 10.7% - the sharpest rise in the last 9 years.

So, if you want to give your child top-notch medical care without compromising on costs - you should consider investing in a health insurance plan.
 

Health Insurance Plans For Children

Parents can cover their children under individual health insurance plans or family floaters, depending on their requirements. These plans usually cover medical treatments, hospitalisations, lab tests, check-ups, etc.

Let’s have a look at the various types of health insurance plans available for children and why you should invest in one.
 

Types of Children’s Health Insurance Plans

• Individual Health Plans

  An individual health insurance plan is a standard health plan. It covers a single individual. The main advantage of this plan is that the entire sum insured can be used for covering medical expenses.

  These plans primarily cover medical treatments and hospitalisation. They also cover a range of ancillary expenses like ambulance costs, diagnostic tests, medical check-ups, etc.

  Please note that children below the age of 18 years cannot be covered under an individual health insurance plan - they will have to be covered under a floater policy with their parent/s.

  For example, Arjun has a 19-year-old son, Karan. Arjun buys an individual health insurance plan with a sum insured of Rs 10 Lakhs for Karan to cover any unforeseen medical expenses. In a few months, Karan complains of acute stomach pain and is rushed to the hospital. He is advised to undergo appendicitis surgery, the cost of which comes to Rs 2 Lakhs. This will be covered by his health insurance plan.

• Family Floater Health Plans

  As the name suggests, in a family floater plan, the sum insured ‘floats’ among family members. So, along with your child, you can also add your spouse, parents, siblings, etc. to the same plan. A floater policy is easy to manage and a good way to ensure the medical security of your family.

  Some plans cover the newborn from Day 1 until the next renewal. Some plans may cover the newborn from Day 1 to Day 90, post which the parents will have to pay an additional premium to cover the baby.

  For example, Payal invests in a family floater plan with a sum insured of Rs 20 Lakhs. The family floater covers Payal, her husband, and her 15-year-old child. Her child needs to be hospitalised for gallbladder surgery which costs Rs 5 Lakhs. It will be covered under the family floater, and the remaining Rs 15 Lakhs can be used by Payal, her husband, or the child if there’s any other medical contingency in the policy year.

  Note :Individuals up to 24-25 years of age are covered under family floaters, depending on the insurer. So, once your child turns 24-25, they will have to be shifted to an individual plan.
   

Eligibility Criteria For A Children’s Health Insurance Plan

• Individual Health Plan

  The child can be covered after the age of 18 years under an individual policy.

• Family Floater

  Some plans cover the newborn from Day 1 until the next renewal. Some plans may cover the newborn from Day 1 to Day 90, post which the parents will have to pay an additional premium to cover the baby.

  As discussed before, children up to the age of 24-25 (varies across insurers) can be covered under a family floater. Once they reach the specified age, they will have to be shifted to an individual plan.

  Note : The parents will need to submit a few documents to get their child covered like a birth certificate, maternity discharge summary, and medical reports if any medical condition is reported in the child.
   

Why Should You Buy A Children’s Health Insurance Plan?

• To Ensure The Well-Being Of Your Child

  A health insurance plan ensures your child’s well-being by offering coverage for medical expenses, so you don’t have to compromise on the medical care they need - no matter the cost.

• Extensive Coverage Paired With Lower Premiums

  Health plans generally offer comprehensive coverage to children. And, since the risk factor for covering a child is lower than a grown-up, the premiums charged for them are lower as well. The earlier you buy, the lesser the premiums!

• Additional Discounts And Benefits

  Some plans also come with helpful benefits like annual check-ups, no claim bonus, etc - which only ensure better health for your li’l one.
   

Conclusion

A Child Health Insurance plan works similarly to a standard Health Insurance plan. Your child can enjoy numerous benefits like coverage of medical expenses, pre-and post-hospitalization charges, domiciliary treatments, daycare treatments, lab diagnosis, annual health check-ups, and so on. It guarantees financial coverage for the child’s medical expenses.