Children are precious for every parent and parents always try to get the best for their children, whether it is in terms of nourishment or education. But when it comes to health insurance plans, children are, most often than not, conveniently left out of the cover. Individuals believe that children are young and do not have health risks. As such, they do not invest in health insurance for kids. But, is it wise?
Contrary to popular beliefs, children are more prone to health issues compared to adults. Due to lower immunity and high probability of accidents, children face a high health risk. As such, health insurance for children becomes important. So, which plans allow coverage for children?
Family floater health plans cover dependent children along with their parents. Moreover, there are various child insurance plans which cover minor children individually if any parent is also covered under the plan individually. Thus, individuals have a choice of buying health insurance for their children or more specifically, a child insurance policy. They can cover children under family floater plans or under individual ones.
Entry age - Family floater health insurance plans which have an inbuilt maternity coverage under their coverage features cover new born babies from the day they are born. This child insurance policy cover continues until the next policy renewal date or till the baby completes 90 days from birth. Thereafter, the baby should be included in the family floater plan separately by paying an additional premium. In case of individual plans, usually, minor children aged 1 day can also be covered under a child insurance policy if either of the parents is also covered under the same plan. Thus, the minimum entry age is 1 day. However, in some plans, the minimum entry age might also be 90 days. In some family floater plans where maternity coverage is not available, the minimum entry age allowing health insurance for children is, usually, 5 years.
Exit age - Under family floater health plans, there is a maximum restriction on the age till which dependent children can be covered under the plan as health insurance for children. This age ranges from 21 years to 25 years in different plans. So, when the child attains this maximum age (21-25 years), coverage ceases for him/her under a family floater plan. Individual plans, however, have no maximum age and are, usually, renewable for life.
Sum Insured - Under family floater plans, the Sum Insured is chosen by the policyholder and the dependent child enjoys the full coverage. In individual child insurance plans as well, the Sum Insured is chosen by the parent who is the policyholder.
"Coverage - Children can avail coverage for any medical contingencies covered by their family floater or individual health insurance plan or specially designed child insurance plans. However, congenital defects and are, usually, not covered in health insurance plans."
Children form an important part of every family and when insuring your family under a health insurance plan, children should not be left out from the coverage. They also face health risks and when hospitalized, the expenses would have to be borne by you. So, avoid any financial crisis which is likely to arise when your child suffers any injury. Buy a health plan for children and cover them under the plan.