Buying health insurance for children
Just like any other insurance plan, children’s health insurance plans are gaining popularity these days. From dental care to regular check-ups and emergency treatment are covered under such plans. So, for parents who want to give their child a happy, healthy, and secured future should consider purchasing child health insurance plans. For your better understanding, here we have discussed in detail about child health plans and its types.
Types of Child Health Plans-
Depending on the type of cover you are looking for, there are a variety of child health insurance plans available in the market.
Individual Child Health Plans
It is a plan that offers complete health coverage to your child along with a slew of benefits such as cashless hospitalizations and comprehensive coverage. Besides hospitalization, these plans also cover other things such as medical check-ups, ambulance charges, specialist costs, etc.
Benefits of Individual Child Health Plans:
Individual child health plans offer the following benefits-
Lower premiums- The premiums charged for individual child health plans are low since the risk associated with the insured is minimal. Thus, parents can save on premium amounts paid with respect to their child's policy.
Added perks- These plans offer some added perks which include cashless hospitalization, allowing the insured to be treated at network hospitals.
No claim bonus- Being less risky for the kids, most of the policies offer a no claim bonus, where the premium amount payable is reduced if there are no claims made during a period.
Family Floater Health Plans
It is a health insurance plan that covers the entire family. It covers primary holders, spouses, parents, and up to 4 children. These plans are generally long-term plans and are valid up to 2 or 3 years depending upon the term of the policy. The biggest advantage of such plans is that your children are covered right from birth, with everything from a hospital stay to infant vaccinations being covered.
A family floater plan usually has an age limit on covering children under a good health insurance policy. Depending upon the insurance company, newly born babies, toddlers, children, teenagers, and individuals up to the age of 20 or 25 can be covered. When the upper age limit is met, the child will have to buy a separate medical insurance policy.
Benefits of Family Floater Health Plans:
Family health plans offer the following benefits-
No-hassle plan tracking- With all the family members covered under one plan, it is easier for the policy owner to keep track of their plan. Filing a claim is also simpler in such policies which saves your time as well.
Fixed premium- Under such plans, premium payments usually remain fixed throughout the duration of the policy term.
Add-on covers- There are many add-ons covers also available under such plans. You can link those to your plan as and when required.
Tax benefits- You can enjoy the tax benefits of up to Rs. 30,000 in the case of senior citizens and up to Rs. 25,000 for others.
Bottom Line
Buying a health insurance plan for your children is the best way to achieve peace of mind without burning a hole in your savings. So, if you are planning to safeguard your child's health, it is advised to go through the above-mentioned child health plans and their benefits. Also, make sure that you go through the terms and conditions of your policy documents to avoid any hassles at the time of filing claims.
