When it comes to saving up for our kids, we mostly have their education expenses and future in mind but, seldom do we think about saving up for their health. So, is there a need for health coverage for children? The answer is a straight Yes. Especially with the cost of healthcare skyrocketing each year, the earlier one invests in health insurance plan, the better.
Here are the common FAQs on kid’s health insurance answered:
Is health insurance for kids necessary?
As per media reports in 2016, 22% of Indian kids within the age group of 5-19 years suffer from obesity. It doesn't end at that, reports also suggest that every third child in the National Capital has impaired lungs because of the depreciating air quality. With unchecked obesity, reduced lung capacity, stressful educational system, and sedentary habits gripping kids these days, the risk of lifestyle diseases are only increasing. These circumstances coupled with a child's regular need of doctor consultations owing to their still-developing immune system and hefty tuition fees may drill a hole in your pocket. A health insurance for your kids in such a scenario can at least take the load off by keeping the unforeseen medical expenses in check.
What expenses does a children health insurance cover?
A basic children health insurance plan covers almost all the necessary medical costs covered by an individual health insurance plan. The health coverage for children (90 days to 18 years old [sometimes up to 25 years]) includes hospitalization charges, diagnostic tests, ambulance charges, etc.
Individual children health insurance v/s Individual health insurance with family floater – which is better?
Individual health insurance plans with a family floater provide coverage for you, your spouse and 2 to 4 children. There are three advantages of opting for such family insurance plans:
- You can keep a track of medical costs covered, easily, as only a single policy is involved
- Newborns are automatically entitled to get covered by your insurance benefits as soon as they turn 3 months old
- With comprehensive health insurance plans, a lot of your maternity expenditures are covered and also the costs of all vital vaccinations
How costly will the premium of the health insurance for children be?
Since a child is very young at the time of enrollment, the premiums are very low because kids naturally are at a low risk of falling adversely and frequently sick, unlike adults, thus implying a very low risk for the insurance company that enrolls your kids. Plus, you get to enjoy the tax benefit up to Rs. 25000 per child and a no claim bonus for every year you don’t make any claims. This means more savings for a better future.
As a responsible and loving parent, you only want to provide your kids with a healthy and secure future. We at ManipalCigna understand this sentiment. That is why we have an array of customizable health plans that also provide your kid's health coverage along with you and your spouse.