Importance of Health Insurance for Kids and How to Choose the Right Plan
Nothing is more important than securing the health of your kids. As inflation continues to rise, medical bills and preventative treatments, such as routine immunisation, can often go beyond one’s means. In such a scenario, health insurance plays a crucial role. It is an essential investment that every parent should make for the better growth and development of their children. Children are more vulnerable to infections, injuries, and other conditions and may require frequent medical attention.
If you have a child's health insurance plan, it will pay for your child’s vaccination or a doctor’s visit. To learn more about health insurance for kids in a simplified manner, continue reading the article. Further, read how to choose the right plan and make an informed decision.
Understanding Health Insurance for Kids
Child health insurance plans are designed with kids in mind. At affordable premium rates, these policies provide the quality care and treatment they need at each stage of their development and growth. Health insurance for kids benefits include routine medical check-ups, diagnostic tests, hospitalisation, pre- and post-hospitalisation, immunisation, medications, and more. The coverage can vary from plan to plan, and so you would have to explore a few health insurance plans to find one that is ideal for you.
Know Why Health Insurance Plan Is Important for Your Kids
Let us take a look at some of the reasons that make it essential for you to buy health insurance for kids:
1. Financial Protection:
You do not need to worry about financial sources during emergency hospital visits, diagnostic tests, and more. Your purchased health insurance plan for kids will pay your child’s hefty medical bills, ensuring a trouble-free and quality treatment.
2. Preventative Care:
The goal of comprehensive health insurance for kids is to ensure your child has access to all kinds of treatments, including preventive care in some cases. With affordable premium payments, you can manage immunisation, pediatric check-ups, screening tests, and more.
3. Early Diagnosis and Better Outcomes:
Kids with a health insurance plan get quality treatment at an initial stage. Early intervention with the best medical treatment can help improve their quality of life.
How to Choose the Right Health Insurance Plan for Kids?
With plenty of options available, narrowing down can be confusing. Keep these points in mind when choosing a health insurance policy for children.
1. Opt for the right coverage:
When buying a health insurance plan for your family, make sure you know about its inclusions. Purchase an extensive plan that offers coverage for all medical expenses you are expected to incur for your child.
2. Carefully read the exclusions:
Read the policy terms and conditions carefully. It will give you a better understanding of exclusions. Simply put, exclusions are those health conditions for which your insurer is not liable to pay.
3. Calculate premium:
Compare different health insurance plans available for children by calculating their premiums via the premium calculator. Choose a comprehensive plan that comes with affordable premiums. Include them in the existing family health insurance plan.
4. Choose the right sum insured:
The sum insured is determined when you purchase a policy. It is the maximum amount you may claim from the insurer to cover the medical expenses spent on your child’s treatment/surgery.
5. A wide network of hospitals:
Emergency medical needs do not warn you. Choose a wider network, especially if your job requires switching cities. Prefer buying the policy with a cashless treatment as it will help you give your child better treatment without paying out-of-pocket admissible medical bills.
6. Pre- and Post-Hospitalisation Cost:
Treatment costs go beyond hospitalisation. Make sure the policy provides coverage for pre- and post-hospital costs.
7. Carefully choose the co-payment:
Remember, the higher the copayment you choose, the lower the premium amount you will need to pay, but when a claim is made, you will have to pay a certain percentage from your pocket.
8. Know the waiting period:
The waiting period is when a specific medical condition is not admissible. You should know about it. And yes, keep in mind that plans may differ.
9. Prefer a higher CSR:
Research your chosen insurer company’s claim settlement ratio from previous years. It will help you navigate a stress-free claim settlement procedure.
10. Check for bonuses:
It is beneficial to buy a plan with a cumulative/ no-claim bonus, as it will help your child enjoy the advantage of an increased sum insured or discounts or other benefits.
11. Look for extras:
Most health insurance for kids comes with extra features/ benefits. Hence, look for these value-added benefits, like discounts on medications, wellness programs, and more.
12. Check the Policy Duration:
Know whether the plan you have chosen is a year or a longer-term policy.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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