Becoming a parent is, indeed, one of the most wonderful feelings. But this new phase also signals that it is the time to be more responsible. From focusing on the health of a new born baby to modifying our work life, a lot of things needs to be done from our end from the day one of the child’s birth. In recent years, preserving the stem cells of a newborn is also a major step taken by various families to ensure they remain shielded from a lot of diseases in future. Buying newborn baby health insurance policy is another vital step that parents can take to easily handle the medical expenses and at the same time secure the health of the newborn. Though there are rarely any policies available specifically for the newborn babies, the parents can take the advantage of various family floater policies or maternity plans to insure the healthcare needs of the newborn.
What to Check before Choosing a Plan?
It is vital to analyze these factors before finalizing the health care plan that matches your needs:
Premium: Some insurance companies offer cover for newborn baby as a part of family health cover, without any additional charges. Others may levy an additional premium for covering the medical expenses for the new born and insuring the infant under the existing health insurance plan.
Coverage: The coverage may vary from insurer to insurer. Some companies may cover only vaccination-related expenses, whereas the others include cover related to illnesses or congenital disorders.
Upgrades after 90 Days: Most of the companies allow the individuals to include their children into floater policy after they attain an age of 90 days. Make sure to choose a company that offers the new born to be included at the earliest as insured under the health plan
Customization: If you are planning to include multiple members of the family for a health insurance cover, it is advisable to select a company that allows you to customize the plan as per your budget and needs.
Other Terms and Conditions: Some companies ask the individuals to inform about the birth of their child immediately for availing the benefits. It, therefore, becomes necessary go through the terms like these in a detailed manner.
Benefits of Choosing Health Insurance for NewBorns
- Overall medical expenses are minimized
- The health of the new born child remains secure
- Premiums, if applicable, are reasonable
- The parents can celebrate the birth of their child without any worries
Companies offering Best Health Insurance Plans for NewBorns
A lot of companies provide insurance packages that also cover the newborn babies. Features of some popular health insurance plans include:
Bajaj Allianz Health Care Supreme:
This plan offers coverage of Rs. 5 lakhs – Rs. 50 lakhs. As a part of its maternity section, a newborn Child Plans is covered with a sum of up to Rs. 1 lakh, up to 90 days of his age. Though there are no restrictions to enter into the plan on a floater basis, the minimum age of entry is three months.
Max Bupa Heartbeat Family First Health Insurance:
This plan provides coverage for a maximum of 14 family members. This plan covers new born baby as an insured individual from birth without any extra premium. This facility is applicable till the next policy year, in case the maternity claim is part of the policy. The company covers vaccination expenses of the newborns for the first year if the individual includes the baby in the plan for the next year of the policy.
In general, the family floater policy includes up to 2 adults and 5 children in a single policy. The children should be aged 91 days to 25 years for being eligible for the policy. Children between 1 to days of age can also be covered if the individual adds Newborn Baby Benefit by paying an extra premium.
There are multiple plans under ICICI Lombard Health Insurance that include maternity and new born expenses, namely Health Protect Plus, Health Smart and Health Smart Plus. The newborns are covered during hospitalisation from the day one of the birth till 91 days.
Care offers two plans under its maternity and new born cover, namely Joy Today and Joy Tomorrow. In both of these plans, a maximum of Rs. 30,000 and Rs. 50,000 is covered for insured sum of 3 lac and 5 lakhs, respectively. Through Joy Tomorrow plan, a lump sum of Rs. 50,000 is covered for new born birth defects.
Let’s hope the companies soon start offering the healthcare plans that are tailor-made for children covering all the minor ailments and major disorders. Till then, relying on family floater plans and maternity plans is the wisest option. It is vital to read all the terms and conditions before finalizing the newborn baby health insurance. By selecting the appropriate plan, you can get rid of the worries related to the health of your child. This will help you enhance the focus on the betterment of his/her future.