How to Choose the Right Health Insurance Plan for Your Child

As a parent, all personal concerns and tasks take a back seat when it comes to the well-being and health of the child. A parent would take any measures to ensure their child is safe and secure and shower them with love. However, when it comes to the practical aspect, you sure need a financial cushion for their protection. It is essential to have the right one amongst various medical insurance plans in the market. It should be the one that does not let you worry about money when your child needs care and medical supervision. The market is full of options, and choosing the best health insurance in India can get tricky. Here is a little help with that!

Why Does Your Child Need Health Insurance?

Health is essential to all, but children are more prone to sickness during their developing years. They are vulnerable to illnesses and expenses, and as a smart parent, you should start health insurance planning at the earliest stages. It should be such that the medical expenses aren't a financial burden to your daily budget. Learn the quick reasons why:

• From sudden chills to emergency hospitalisation, the right plan will help you make quick decisions and the earliest medical intervention. 
• You will be free of any financial stress related to their medical treatments, no matter how expensive. (as long as it is under the coverage)
• Children have to undergo loads of vaccinations and routine checkups, quite a lot more than adults, and child medical insurance plans cover preventive healthcare too. 
• If you choose Health Insurance with OPD cover, it becomes a win-win situation covering everything from consultation and diagnosis to medicines. 

Key Factors to Consider When Choosing a Health Insurance Plan for Your Child

Now that you know why you must do a thorough health insurance plan for a child, you must also understand the essential factors that you should consider when making such decisions. Check the following criteria to look for in a robust child plan. 

Comprehensive Coverage

Selecting a policy should always include careful consideration of a wide range of coverage, including:

• In-patient hospitalisation
• Daycare procedures
• Doctor consultations
• OPD treatments
• Vaccinations and preventive care

Network Hospitals

Make sure you select the best health insurance company in India that has a vast network of hospitals. Also, check whether your insurer lets you make cashless transitions at reputable hospitals that are closer to you. Take Niva Bupa, for instance, with a wide network of over 10,000 hospitals across India that offer cashless claims. 

Health Insurance With OPD Cover

Everybody would agree that the little ones need more hospital visits than adults. Select a Health Insurance with OPD cover that covers these frequent paediatrician visits, vaccinations, and medicines. Ensure these recurring medical situations do not affect your wallet.

Waiting Period and Pre-existing Conditions

Some medical insurance plans have a waiting period for certain conditions if they exist before the purchase. If your child has any pre-existing conditions, check the policy's terms and conditions for those medical conditions. Have a thorough discussion with the insurers about these waiting periods before finalising the plan. 

Sum Insured and Premium

The sum insurers of the plan should be sufficient to cover all the medical emergencies, medications, and doctor's visits, so you never have to pay out of pocket. People often go for plans with lower coverage but often forget that it means less coverage. After all, you get what you pay for. 

Claim Settlement Ratio

Check the claim settlement ratio of the insurer; the higher the CSR, the better it is. The claim process should be smooth because you would not want to run behind the insurer when your child needs you. It should have a good relationship with the insured in terms of reimbursements and cashless services.

Family Floater vs. Individual Plan

Most people go for family floater policies that cover the entire family, including the children, under one insurer. Meanwhile, individual child policies are also available for dedicated coverage of your little one. You must choose one as per your family's needs and budget.

A Quick Comparison of Key Features

Since there are two types of medical insurance plans you can choose for your child, here is a short summary of how they differ to help you select one as per your needs. 

Steps to Select the Right Policy

The procedure of choosing between right and wrong is simple, and the steps are as follows

1. Carefully assess your child's healthcare needs by considering their age and medical history. Ensure you list what the future medical expenses may look like. 
2. Compare as many medical insurance plans as you can and select the best one that fits the child's needs. 
3. Always read the fine print and know what the exclusions are to make a better choice.
4. Check if there are any riders or add-ons available so you can include dental cover, OPD cover, or wellness programmes in the plan. 
5. In case of any doubt, speak with a trusted insurance advisor and do not make a hasty decision.

Wrapping Up

In the end, it is clear that having the best health insurance company in India is essential for your child, but it is also important to understand their specific needs and your budget. A child medical plan will rid you of all worries related to money when the little one needs you by their side. Make sure to consider factors such as wider coverage, OPD benefits, and network hospitals while making your selection. Your child depends on you for their health and care, so you must choose wisely.