Children are the greatest gift to any parent. Parents give top priority and utmost care to their children. All parents want their children to be hale and healthy. Parents worry a lot and become helpless when their children fell sick. These days’ doctors charge more for consultation and in case of Hospitalization
the charges are too high. Parents are put in a critical situation suffering both financially and emotionally. Above all, the overall health expenses would affect the financial condition of the family. To overcome this, Health Insurance
companies have come with various child plans to cater the needs of child health demands.
Child health insurance is a type of insurance where the Insurer
takes care of the medical expenses of the Insured
children when they fall sick or get hospitalized due to accidents. There are many health insurance companies in the market offering wide variety of child health plans to cover your child medical expenses.Why should one go for child policy?
Medical expenses are growing tremendously every day, it is highly impossible for everyone to afford such a heavy costs for medical expenses at unforeseen circumstances. Children are precious for every parent and it is most important for them to cover their unexpected health expenses. Child health insurance is such a good thing known to each parent to secure their child health. By paying an affordable Premium
periodically, the most costly treatment is made available to the children. This is one of the main reasons as to why every parent is keen about Child health plans.Before buying child health insurance
Each parent should check for certain options prior choosing the right health insurance for their children:
Insurance payment options: You should check for the payment options apart from premium while you avail health insurance for your children.
List of network hospitals: Check whether most of the hospitals come under network hospitals. These hospitals are tied up with the insurer or TPA (Third party administrator). It is essential to know the Network Hospitals
as they process cashless facility and submit the documents afterwards to the insurer for reimbursement. Choosing the network hospital will reduce your financial burden considerably as you need not shell out money from your wallet.
Policy exclusions: You have to check the Policy Exclusions
prior taking health policy for your children. Exclusions are the medical conditions which are not part of the health policy. Knowing this would help you to avoid unnecessary claims. Usually cosmetic surgery and alternative medicine like yoga, acupuncture, acupressure, naturopathy, and reflexology are not covered in the health insurance.
Policy limitations: You should definitely check whether policy has sub limits; these sub limits will break the policy to smaller amounts where one part will be paid by the insurer and while the rest needs to be paid by the insured. Some insurer set cap limit for room charge, for example if they set cap limit of Rs.1,500 for room rent and the hospital charges you Rs.2,300; then the insurer will pay only Rs.1,500 and the insured should bear the balance Rs.800.00.
Elimination or Waiting period: Waiting Period
is a period during which a Claim
can not be admitted and is usually associated with pre existing diseases, like diabetes . The waiting period is not the same in all insurance companies, but it usually range from 1 to 4 years. If the insured renew the policy without any break for 3 or 4 years, then the insurer accept claims arising due to pre existing diseases.
Parents should know about the policy in and out before choosing one for their children. The sole purpose for forgetting a health insurance is to reduce the financial burden at expected situations, so reading the terms and conditions would help them utilize the policy appropriately. Also, parents should compare child plans
offered by the different insurer. By comparing the features and rates you can opt for the best policy for your child.