Can I Purchase Health Insurance for My Newborn
Becoming a parent is like embarking on a beautiful journey that you have waited for so long. However, this journey won’t be simple. There will be many ups and downs, and you might have to go through a lot of tough days. It is filled with uncertainty. And there are pretty good chances that you are already aware of all this. So, what can you do to protect your newborn?
You can’t stop things from happening in life, but you can provide financial protection to your child by opting for a health insurance policy. Sadly, purchasing health insurance for newborns is not very simple. It would help if you considered many things, including how adding newborns to health insurance even works.
Thankfully, we have got you covered. Today, we will talk about everything that you need to know about purchasing health insurance for a newborn. We will also talk about the investment and tax planning aspects of it all.
Why a Health Insurance Policy for Newborn Babies is Necessary?
There are several reasons why you should purchase a health insurance policy for a newborn. Some of these reasons are:
- The health insurance policy will provide complete financial protection to your newborn by offering a comprehensive cover for all healthcare needs, including pre-hospitalization, post-hospitalization, daycare procedures, and ambulance charges
- It allows you to find peace in the fact that you and your newborn are financially protected in case of a health emergency
- You are not worried about finances and security from the moment your child is born
- The cost of the premium amount payable towards a health insurance policy for a newborn baby is significantly less
- You can increase your savings by claiming a tax deduction under Section 80D of the Income Tax Act
- You can regularly monitor the health of your newborn baby as several health insurance providers offer a yearly health check-up for no additional cost
- You can quickly get a No Claim Bonus for not raising any claim requests during the policy duration
The Documents Needs
If you are sure that you want to purchase a health insurance policy for your newborn baby, then the next thing you need to know is what documents you have to submit. Usually, the documents that policyholders have to offer to the insurance provider are:
- Birth certificate
- Maternity discharge card
- A photograph for cashless health card
- Health reports that state the presence of any medical condition of the newborn
- Any other document required by your health insurance provider
Total Members Covered Under the Newborn Health Insurance Policy
Newborn babies can easily be covered on a family floater basis along with the parents. It is also possible to include other members of the family in the same family health insurance policy. However, it should be noted that this is not the case in all health insurance policies.
This is why if you want to cover your entire family in a single health insurance policy, then you should find a health insurance provider that offers these types of comprehensive policies. Ideally, it would help to customize your health insurance plan according to your needs and budget. Further, this shouldn’t be at a cost to the types of benefits provided under the policy.
Factors to Consider While Purchasing a Health Insurance Plan for Newborns
Several health insurance policies are available in the market. This can make it a bit difficult for you to find the right policy for your newborn child. However, you can make your task easier by considering some factors when purchasing a health insurance policy for your newborn. We have created a list of these factors, and the list is mentioned below.
- Upgrading the Features
Your health insurance policy should give you the flexibility of upgrading the plan’s coverage once the newborn completes 90 days after birth. You should ensure this so that your child can get the best health protection during any circumstances.
- Total Premium Amount
The premium amount is the value of money you will be paying to the insurance provider to be registered under a health insurance plan. This is an essential feature of a health insurance policy, and you should not forget to check it. Make sure that the premium amount is within your budget. Also, make sure that you are getting the most out of your policy within a specific premium amount limit. Beyond this, many insurance providers also give special discounts to policyholders. You should check if you are eligible for any of those discounts which help you to save money.
- Coverage of the Policy
Different health insurance policies provide various types of insurance coverage. This is why you must list the type of coverage you need within your policy. For example, if you need vaccination cover but not prenatal cover, your policy should provide you with those benefits. Ideally, it would help if you got a health insurance policy with maximum coverage within your budget.
- Co-Payment Clause
Some health insurance policies also come with a co-payment clause, which means parents are required to pay some amount out of their pocket at every claim. A majority of individuals do not prefer health insurance policies with a co-payment clause. However, the policies with a co-payment clause have a cheaper premium amount. So, it would help if you made the choice that works the best for you.
- Applicable Exclusions
By now, you have spent a lot of time considering everything that the health insurance policy covers. But the one thing you have missed is what the policy does not cover. These factors are included under exclusions, and you must be familiar with the policy’s exclusions before purchasing it. Once you have gone through all of this information, you can rest assured that you are ready to purchase the best health insurance policy for your newborn child.