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subject: Don't forget to cover your Kids! [print this page]

As Parents, we always think of our children before anything else. We are forever busy worrying about their health or safety and they are forever busy giving us reasons to worry! When we tell them not to play in the rain, they do exactly that, when we want them to stay within our reach, they have the urge to run away

No matter how we try, we can't always be there to protect and shield our children. There are times when they will get hurt or when they will be unwell. But there is one thing that we can be sure of, that is, providing our children quality health care when they need it.

It is not just important to select a good school and college for your kid. It is also important to cover him under a health insurance policy. If you have never paid attention to health insurance for your kids, it is time you do.

A simple hospitalization for malaria can cost up to many thousands. Now, think about other common diseases that children are prone to - like typhoid, hepatitis, viral fever, etc. Adding to these are other environment related respiratory ailments that can affect them easily. With no guarantees about the kind of food and water available, the only thing we can do is being prepared and one way to do so is by getting a health insurance policy.

Here are the ways to do it:

If you are covered in a Group Insurance Policy: If your company has covered you under a health insurance policy, contact your human resource department to know whether the coverage includes your children.. If it does, you should still check whether the child is covered from day one or after 90 days from date of birth. The standard product covers children only after 90 days from date of birth but, most group policies issued to corporates cover children from date of birth, hence, it is advisable you ascertain this detail from your HR.

Health insurance cover for baby

For day one coverage: Notify the insurance company through your HR within 7 days of the birth to get coverage from day one of birth. If such notification is made after 7 days, the child will get coverage only from the day notification is received by the insurance company.

For 90 day coverage: You will have to make the notification ideally within 90 days from date of birth i.e. before the date of commencement of cover. However, insurance companies mostly offer a 7 day grace period for such notification. So, even if such notification reaches the insurance company within 7 days from completion of the 90 day period, they will still provide cover from 91st day. If the notification reaches the insurance company after lapse of 7 days beyond the 90 day period, your child will be covered only from the day notification is received by the insurance company.

If you have a Floater Policy: A floater policy is one where a common Sum Insured is available to all covered family members so that anyone of the insured members who undergo hospitalization can claim during the policy year till the Sum Insured is exhausted. A standard policy, however, will have individual Sums Insured specifically for each member of the family. Traditionally floater covers were available only under group policies. Of late, thankfully, more and more insurance companies have started offering this cover even to individual families. You can add the name of your child as a dependent in the floater policy you already have, in some companies children can be added from the 91st day from date of birth. The same process of notification as discussed above will hold good; only, in this case you will be notifying the insurance company yourself.

If you have a Standard (non-floater) Policy: You can cover your child under this policy also from the 91st day through due notification to insurance company. You will have to decide the Sum Insured that you want for your child, and pay additional premium accordingly.

To buy an Individual Policy: If, for any reason, you desire to buy an individual policy for your kid without there being any insurance covering you or your spouse, you can do so only after the child turns five.

Why you should cover them at a younger age?

-Imagine there is an emergency and your kid needs to be hospitalized, the first thing that comes to your mind is getting him the best possible care he needs. The thoughts like money and finance do not cross your mind. But ,imagine an unfortunate situation where the cost of treatment is unaffordably high.

In times like these, health insurance comes to rescue. You will not have to think of how you can afford the care your child needs as it would most likely be covered under the insurance. Also in case of emergencies when arranging finance (cash flow) at admission and during the course of treatment is an issue, you can directly get your child admitted in a network hospital by showing the health insurance card.

-When you are older and are looking for a health insurance policy there are many limitations in the kind of cover you will get.. There might be pre-existing diseases exclusion, a waiting period and in some cases a need to undergo medical test.

You do not want your child to go through the same difficulties when he wishes to buy a health insurance policy when he is older. When your child is covered from a younger age, there are no restrictions like preexisting diseases exclusion since he will not have pre- existing diseases at the time of commencement of cover; hence he will get full coverage from the start and will continue to get full coverage.so long as the policy keeps getting renewed without a break.

-When there is no claim from policyholders for a year, health insurance policies award the policyholders with discounts and bonuses, which means reduction in the premium or more cover for the same premium.

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