Parents must take care of many aspects like allocating funds to fulfil the baby’s needs, taking care of the child, making changes in professional and personal lives and so on, to ensure the well-being of the newborn. One of the most important aspects is the health of the baby.
A parent must ensure the newborn is healthy and safe, right from birth. One of the best ways to secure baby’s health is by availing health insurance for your newborn. Health insurance offers an avenue for new parents to meet medical expenses of their child, without draining finances.
This helps new parents enjoy parenthood. Therefore, health insurance is a necessity to meet child expenses like immunization and routine check-ups. It also helps parents meet minor or major complications/ ailments of the newborn child.
Want to know more on Health Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Waiting Period: You can add your newborn to an existing health insurance plan to cover immunization costs. If you have a family floater health insurance plan, then you can add the newborn, absolutely free of cost. However, most insurers have a waiting period before offering cover for the newborn. Once the waiting period is over, you can avail the benefits of health insurance.
Coverage: Most insurers offer coverage to the newborn, once the waiting period is over. While availing the policy, you must ensure that your newborn is offered the insurance cover at the earliest. This feature is particularly helpful, in case your child is diagnosed with a medical condition after birth. The extent of coverage varies across insurers.
See Also: Exclusions of Health Insurance Policy
Premiums: Submit all medical and test reports of your child to the insurer. The insurer verifies documents and checks if the baby is born with any minor/major complications.
Once verified, the insurance company will notify you on the premium for child health insurance. Some insurers allow adding the newborn to the existing family floater health insurance plan without any additional cost, whereas others levy a minimum amount to add a new member to the existing health insurance plan.
Terms and Conditions: It is necessary to read the insurance proposal form carefully and go through the terms and conditions of the policy, before signing on the dotted line. This will help make an informed decision.
See Also: Health Insurance Benefits
Listed below are some of the benefits you enjoy on purchase of health insurance for your newborn baby:
See Also: Types of Health Insurance Plans in India
Age: Insurers do not insure children from day one as it involves certain risks. Most of the insurers have a minimum waiting period after which the newborn is offered insurance cover. To cover newborn babies, a parent can opt to add them to their existing health insurance plan to cover the cost of vaccination and post-natal care.
Required Documents: The new parent must submit certain important documents like birth certificate and hospital discharge certificate to add the new family member to their existing health insurance plan. The insurer may ask for additional documents if required.
See Also: 4 Insurance Plans You Must Have
Premium: The premiums are decided based on the medical condition of the child. Generally, health insurance for newborns can be availed by paying a nominal premium. However, if the child is born with a medical condition, then the insurer may charge a higher premium.
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.