The birth of a child is always an exciting affair with lots of joy and happiness. However, as a parent, it is your responsibility to ensure the child gets nothing but the best at all times, including quality of healthcare. The simplest and most effective way to ensure your newborn will get the best available healthcare is to opt for health insurance for the new born immediately.
Health insurance policies don’t offer cover for newborns. Generally, one can buy health insurance for an infant after the child has completed 90 days. You have the choice of opting for a group health insurance policy where the child enjoys health cover as maternity benefit offered by the policy.
Medical Insurance Plans to Protect Newborns
A simpler and more effective solution is to opt for a family floater plan. As the name suggests, such a plan offers health cover for the entire family as a whole. Instead of buying separate plans for individual members, you will be buying a single plan with a comprehensive cover for all the members of your family.
Individual plans for each family member does not make sense because not all family members will fall ill in a single year. Buying Rs. 1 lakh cover for all the four members of your family may lead to a piquant situation if just one family member falls ill and requires treatment of Rs. 4 lakhs. Since the cover is limited to Rs. 1 lakh, the family will have to pay the balance Rs. 3 lakhs out of the pocket. The cover for the remaining three healthy family members will be of no use whatsoever.
A family floater health insurance plan for Rs. 5 lakhs for a family of a husband wife, and two children will provide protection to all members up to the coverage amount. If one member falls ill and incurs healthcare expenses of Rs. 4 lakhs, the policy will take care of the entire amount. The family will then enjoy healthcare protection of Rs. 1 lakh for the remaining term of the policy.
Such health plans work on the logic that all family members are unlikely to fall ill together. Such a plan will ensure all new members of your family enjoy healthcare cover from the first day of their existence.
Adding Your Child to the Family Floater Policy
Keep the following factors in mind when adding your child to your family floater insurance cover.
a. Age
Make sure you check whether the child can be included in the plan from the first day itself. Most companies allow addition of the child after the completion of 90 days.
b. Coverage
In case coverage begins from the first day, then the insurance company must be informed of the birth of the baby within a week. Further, insurance companies may specify a maximum limit applicable to the child.
c. Documentation
Submit all documents related to the child including the birth certificate, maternity discharge card, and details related to the child’s medical history when renewing your family floater plan.
d. Premium
Be prepared for an increase in your premium. However, the cost will be lower as compared to the cost of going in for individual plans for all your family members.
e. Other Points
The child can be covered in the family plan up to the age of 21 years. Further, insurance companies may offer additional individual cover for the child after completion of five years.
Conclusion
In the unfortunate event of your newborn baby suffering from health problems, coverage from day one can help you provide the best healthcare available. Make sure you consider family plans to safeguard your child and to enjoy complete peace of mind.
Read more about family floater plan by HDFC Life.
About HDFC Life:
HDFC Life, one of India’s leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions
