All About Kid’s Health Insurance and Five Key Things to Consider!
For a parent, looking after their kids is a roller-coaster affair. Some days the going is good. Some days the going gets not-so-good.
Although parents want nothing but the best for their children, sometimes, it does not turn out the way they think it will. So, for situations like these, when your adorable darling falls sick, you need to prepare yourself well for an eventuality like that. Financial planning is one of the tools, and for that, you need a good health insurance plan.
When it comes to making their future bright and secure, you need to start with a solid insurance plan. Imagine saving up for your child’s future and not investing in a good health care plan?
It’s like giving away your financial safety net. It’s only wise to choose comprehensive medical insurance that reduces financial losses and keeps your savings safe for a rainy day or several rainy days.
It would help if you started early. That’s the golden rule. You can insure your newborn baby or a young adult. All you have to do is to choose the right plan for you.
Under One Policy
Start including your children in your family health insurance policy if they are below 21/25 (according to your company policy). You should spend a premium amount on a family member’s health insurance policy individually. Go for a health insurance policy that covers all the family members.
However, in some cases, these policies are not comprehensive. They are more of a supportive policy of another plan, such as a Critical Illness Plan.
Focus on Individual Plans
Individual child health plans offer several health benefits, including lower premiums, added perks, and no claim bonus. These plans offer low premiums as the health risks involving kids are low and offer the parents the opportunity to save big.
These plans include perks such as cashless hospitalization, allowing the kid to get treated at partner hospitals without payment as the insurer will cover the costs directly. Some plans offer no claim bonus, as the payable premium amount is lesser in amount and the sum assured is without any charge when nobody makes any claims during that period.
Critical Illness Plan
If you are worried that your child being susceptible to a critical illness, you can opt for a more specific critical illness health insurance plan for children. Health insurance companies offer a fixed payout in case of a specific case of illness detection (according to certain terms and conditions). This policy is suitable for a kid above five years of age.
Opting for the Employee Group Insurance
If you are on a payroll, you are likely to be insured under a group health insurance policy offered by the company you are working for. Most company insurers cover your immediate family, including kids, in your plan. However, this plan will exist till the time you work for the company. Thus, you may have to look for safer and bankable health insurance plans that will serve you beyond your working stint at the company.
Balanced Portfolio for the Family
It would help if you got yourself a more balanced health insurance portfolio for your children. First, you need to consider whether your children’s health insurance plan will be part of the family floater plan, especially if your employee group health insurance policy covers the same.
It always makes sense to go for a good critical illness cover. If your child is slightly older, then purchase one as soon as you can. You can overlap these plans to ensure a balanced portfolio and get the best health insurance policy at an affordable premium.
Most parents think about securing a good health insurance plan for their kids much later in life. In some cases, they choose plans with high deductibles and lesser benefits. Also, most employee health insurance plans do not offer proper child health care benefits. If that is the case with you, don’t worry. There are better and more affordable options available for the discerning parent looking for a good health insurance plan.
These companies provide just the services catering to your specific needs. Search for them, understand the pros and cons, and visit their websites to select the best plan for your kid. When in doubt, call their customer services to understand whether their services meet your demands. Good luck with searching for the right plan for your child.
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