Purchasing a child health insurance policy ensures the security of his or her future. The plan will not only protect your offspring against any unforeseeable circumstances, but it offers health coverage for the entire life of the child.
In addition, such plans provide attractive returns. The insured child is paid the benefits as per the terms of the policy in case the parent passes away, is detected with critical illness, or suffers from a permanent disability. Some health plans offer regular income to the covered child in case of the parent’s demise.
There are several insurance providers offering different kinds of health insurance plans for kids. Such policies are purchased with the objective of offering your child long-term coverage. Before purchasing a policy, it would help to consider the following factors:
- Child’s age
It is recommended to start early to collect the corpus for a longer duration, which provides additional benefits. Moreover, you will be able to commence coverage for illnesses at an earlier age.
- Daily benefits
While looking at the different types of health insurance for kids, you need to check the varied daily benefits that are available in case of hospitalization. Some of these can include room rent, medicine allowance, and other related benefits.
- Coverage level
Acquiring insurance coverage for a child with no pre-existing conditions is not difficult. Parents are advised to choose comprehensive coverage that offers all kinds of cover, such as against infectious diseases, child-associated illnesses, and any hospitalization requirement at a younger age. This will prevent any kind of financial distress in the future in the unfortunate event that your child suffers from any critical illness.
- Elimination period
This is the duration that must elapse before the disability benefits under the health insurance plans become available to the insured. It is important to choose kids health insurance plans that have a lower elimination period to ensure there is no difficulty in case such a need arises.
- Additional benefits
Several additional benefits are available for health insurance policies. Some of these include critical illness cover, expenses incurred post-hospitalization, and daily cash allowances. Parents are advised to check all these benefits that are available. However, including such benefits often increases the cost of the policy and you must consider the need before making your decision.
Purchasing adequate coverage and a comprehensive health plan for your child is one of the best ways to financially protect yourself from rising medical costs. It helps to base your decision on family medical history to lock-in the insurability of the child at an early age.
