Health Insurance - Does your child need health insurance?

1. Health Insurance

2. Does your child need health insurance?

3. Introduction • Health insurance is a way to pay for healthcare. It protects you from paying the full costs of medical services when you're injured or sick. • Just like car insurance or home insurance, you choose a plan and agree to pay a certain rate, or premium, each month. • There are several under-publicised benefits in health insurance that remain unused due to lack of awareness. Irrespective of whether your insurer or advisor has educated you about these benefits, it would be a great idea to read the policy document yourself. • Most individuals simply assume that their health insurance policy pays only for the hospitalization expenses. However, contrary to this common belief, many health policies foot the bill for associated expenses, too.

4. Children make a family complete. They are the bundles of joy every family member wish to cuddle. The feeling of spending time with children is inexplicable and parents many times keep on wondering why they love their children so much. • There is no second thought that children bring loads of happiness and warmth in a family. But just think what if they fall ill? Of course, parents strive very hard to provide the best possible health care to their children and they leave no stone unturned when it comes to well being of their children. • Financial worries have no place in such scenarios. And in order to avoid this, you have to plan well. Health care costs in India are touching roof and even if you are financially well-off, you need to have a good health insurance plan in place. • One of the best things about scoring permanent employment is reaping the prized benefits that come along with it— health insurance being chief among these perks. And in a time of economic uncertainty, health coverage becomes ever more crucial. • As work and family life absorb the bulk of an employee's attention and finances, having medical costs defrayed by a generous benefit package can be both a comfort and an asset.

5. How to cope up? • Insurance industry in India has come off age in the past few years. The kind of plans which are available at your disposal are designed in a well-thought manner. • Take family floater plans, for instance. • Under such plans, you can insure your entire family. All you have to do is to buy one single insurance policy. Definitely, these plans cover children as well. • What if you end up consuming your coverage limits? No worries. • You can top-up your family floater plan by paying an additional premium and that will reactivate your insurance coverage limit. • What is you already have a family floater plan and your children is not covered under it? Contact the health insurance company as soon as possible, and get the name added. • It is quite simple and you do not have to worry about any bureaucratic procedures at all.

6. What are the other options? • There are several health insurance plans under which you can insure your child. Insurance companies are offering plans for which the entry age is as low as 5 years. • These plans do not have any exceptions. • Their features are as same as the plans which are taken by adults. For instance, there is a general condition of hospitalization of over 1 day. But even this exclusion can be ruled out by taking a rider of Out Patient Department (OPD). • That means, you can also claim expenditure incurred towards regular treatment undertaken without hospitalization. • There are plans which cover doctor’s consultation fees and even expenses incurred towards pathological test fees. Similarly, you can also get coverage of pre-existing diseases, if any. • [Source: http://www.policyx.com/blogs/does-your-child-need-health-insurance/]

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