Children are like a gift from God, and as a parent, assuring that your child receives the best health care benefits is the most important concern. Many questions come into mind before buying any health insurance for kids like whether your kids will be benefited, do I have the right coverage, child insurance a good investment, get valuable returns and many more.
So buying a child health insurance is good or bad and how to choose the best child health insurance plan, let us understand today.
Advantages of buying a child health Insurance:
There are many good benefits in purchasing child-only health insurance. Some common benefits are.
- Like losing a child, death benefits can be very tragic, and an insurance policy can help with all the financial burden of funeral and other bills.
- Health insurance can also avail of many tax benefits; many such benefits allow salaried employees to claim a certain amount of deduction.
- It can also work as a savings medium known as cash value; the holder can avail the cash value account with certain fees and use it for other purposes.
- If, in any unfavourable situation, if you need money urgently, you can take a loan against your insurance policy.
Disadvantages of buying a child only Insurance policy
Now there are some cons of buying a child-only health insurance policy, like
- Not all policies have good returns; it may take up to 10 years or more to notice a good return on your investment.
- The chances of Child death are very feeble; it is better to save an external fund for any emergency purpose.
- Buying an Insurance policy for a child can be cheap, but buying health insurance for young adults under 26 can be expensive in terms of the premium you have to pay per month.
- Many insurance companies do not provide comprehensive coverage; they are bound to some exclusions.
How to determine the best child insurance plan
This is the most important question that comes into the people’s mind before buying any policy, that how to find the besthealth insurance quote for a childonly.
Usually, there are three common types of child insurance plans,
- Short term health insurance plan
- Major medical plans
- Children health insurance program (CHIP)
There are minimum or essential coverage in short term health insurance plans; usually, they are cheaper; major medical plans provide long-term insurance solutions. These plans may cost you more, but they qualify for essential coverage. Child health insurance programs provide low-cost health coverage to children in families that earn too much medical care.
So before buying any insurance, always check which plans are best suitable for you. Always opt to buy those plans which have a high return on investment.
A Guide To Health Insurance For Kids Only
Children are most precious to their parents. Every parent wants to do every possible thing for the wellbeing and happiness of their child. Health Insurance is an important part that all parents need to consider when it comes to the well-being of a child. Children tend to get repeated infections as their immune systems are not completely matured. They are maturing gradually. With time the frequency of infections goes down. So, to secure the well-being and a healthy future best child health insurance plan is a must-have option.
Health Insurance Plans For kids
Health insurance plans for kids are various types of medical insurances that provide financial coverage for a wide variety of diseases at the child’s medical emergency. Also, some plans provide annual medical check-ups of the insured child.
An infant who has completed 90 days after the birth is eligible for health insurance for kids only.
Type of Heath Insurance plans for kids
- Individual Child Health Plans
These plans provide coverage for minor children on an individual basis. They provide complete health coverage with additional coverages like cashless hospitalization, specialist consultations, ambulance charges, etc. They give an additional benefit of low premiums and no claim bonuses.
- Family Floater Health Plans:
These types of the plan provide coverage to the principal policyholder, spouse, along with dependent children. The policy extends coverage to a maximum number of four children. The family floater plan covers health insurance for young adults under 26. Such plans provide a wide range of discounts, tax benefits, and long-term security. One of the biggest advantages is that you don’t have to manage separate plans for your family members.
- Mediclaim Insurance Policy:
These policies are beneficial for low to moderate-income group families. They provide coverage for the medical expenses already incurred.
Points to Consider while opting for a Health Insurance quotes for your child
- Choose a plan that fits your budget. Don’t opt for plans only based on premiums. Check the monthly cost while selecting the plan.
- Look for plans that provide complementary benefits such as wellness programs, medical check-ups, etc.
- Most of the plans provide coverage for expenses during the hospitalization. Opt for a plan than provides you pre-and post-hospitalization coverage.
- Do not settle for less. Research more about different companies and their offerings and then make a decision. Different companies have different policies and provide different benefits. Go for the one that has the correct combination of coverage and premium.
- Choose a reliable company that settles claims in a timely and peaceful manner. Claims can be settled in both way cashless mode or reimbursement mode. A Cashless mode is more viable during the emergency, where you may need a huge amount at a time.
- Go through the terms and conditions of your policy properly to avoid any nuisance when claiming it.
To ensure your child’s security, you must opt for health insurance quotes for a child only as earlier as possible. These are some of the basic guidelines and points to be considered while selecting your child’s health insurance plans. The only way to get the best plan is to research and read about different companies’ offerings. So, start your research and choose the best plan for your child.
Health insurance is an important investment for both your child’s health and future. There are many pros and cons to buying insurance. Always think twice before buying any. Ensure that the policies are transparent and equipped with the highest investment return and always buy any government-licensed agency insurance.