Steps to Buying the Right Health Insurance Policy for Your Newborn

What is Health Insurance for Newborns?

Health insurance for newborns refers to financial protection for the newborn child against any healthcare risk or the immediate medical care needed upon birth. Typically, a newborn baby is covered under the parents’ health insurance if their policy includes maternity and newborn coverage. Parents need to inform the insurance company and add a new member ( the newborn) to their family health insurance plan within a specified timeline, such as 30 days or 60 days.

Health Insurance Coverage Options for Newborns

If you are a new parent or soon-to-be parents, it is vital to explore the health insurance coverage options to ensure comprehensive protection for your baby. Let us look at some of the coverage options available for newborns:

Family floater health insurance plan

A family floater health insurance plan that provides umbrella coverage for all family members under a single plan also covers the newborn. Most of the family floater health insurance plans offer coverage to newborns from day one. It covers both mother and newborn (generally for the first 90 days or till 3 months), ensuring comprehensive protection and peace of mind during childbirth. The coverage includes hospitalisation expenses, pre- and post-natal expenses, immunisation, neonatal intensive care, doctor consultations and more. These policies also allow you to add the newborn under the family floater plan to get the coverage starting from 90 days to 25 years or 30 years, depending on the insurance provider. This ensures your child receives quality healthcare during their infancy and adolescence years.

Health insurance with maternity and newborn cover

Parents’ individual health insurance policy can also provide coverage for the newborn, if the maternity and newborn care coverage is opted for. Most of the employer-sponsored medical insurance policies for parents cover maternity and newborn care. The coverage typically includes hospitalisation during childbirth, neonatal care, vaccinations, congenital disorders, etc. However, the coverage can be limited and may not cover the infancy and adolescence years of your child.

Standalone newborn health insurance plans

There are a few insurance companies that offer standalone newborn health insurance plans designed to provide extensive coverage to meet the distinct healthcare needs of a newly born child. The coverage can include hospitalisation expenses, congenital disorders, vaccination, critical illness, etc., to ensure quality treatment is availed at the right time. However, these policies may not offer long-term health insurance coverage.

Child health insurance plans

Many health insurance providers offer child health insurance plans that extend the long-term coverage for children, extending it to their adolescent years. These policies not only cover vaccination and congenital illnesses but also cover medical emergencies and routine health check-ups.

Availing the right health insurance coverage for your newborn can vary depending on your healthcare needs. Jio Insurance Broking can help you make a rational choice with their wide array of health insurance offerings from various insurance companies. You can explore various coverage options as per your needs and affordability, and compare various plans before you make the right choice for your newborn.

Benefits of Health Insurance for Newborns

Availing of the health insurance for newborns has many key benefits. The following are the key benefits of having newborn health insurance coverage:

Financial protection

The health insurance for newborns offers comprehensive coverage including hospitalisation expenses, vaccination, doctor consultation, neonatal intensive care, pre- and post-hospitalisation expenses, coverage for critical illness and congenital illness, etc. However, the coverage may vary depending on the plan selected. Having the right health insurance coverage reduces the financial burden and helps in getting early medical care, taking preventive measures and availing quality treatment at the right time.

Cashless facility

Cashless hospitalisation facility for newborn children at the network hospitals reduces the financial hassles at the time of treatment. Especially during unexpected medical challenges like respiratory illness, jaundice, infections, and any other complications at birth, can be dealt with through immediate admission and quality medical care.

Peace of mind

Ensuring your child’s health is financially protected not just at the time of birth but till they start earning their own ( till 25 to 30 years) offers a great sense of security and peace of mind to parents.

Tax benefits

Along with all the other amazing benefits, health insurance policies for newborns also help you avail of tax benefits under Section 80D of the Income Tax Act, 1961. Premiums paid for health insurance coverage for self, spouse, children and parents can be claimed for tax deduction under this section to reduce the tax outgo.

Step-by-Step Guide to Choosing the Right Health Insurance for Your Newborn

The following are some important steps to follow for choosing the right health coverage for your newborn:

• Explore the health insurance coverage options available for your newborn – family floater plan/parents’ insurance with newborn cover/standalone newborn health insurance/child health insurance plans
• Review your existing health insurance policy cover – does it include cover for newborn?, what is the period of cover?, what are the expenses covered? What are the exclusions? And so on.
• Inform the insurance company within the specified time to add your newborn to the existing family floater plan, if you decide to go with this coverage option.
• Ensure to check on the exclusions in each type of coverage option, waiting period and other clauses.
• Keep the following documents handy to avail the coverage – Child’s birth certificate, discharge summary from the hospital on childbirth, ID and address proof of parents and the recent photographs.
• Check on the amount of coverage and the premium cost for comparison of policies based on their features and cost. Consider add-ons that can provide the needed extensive coverage.
• Ensure to review your health insurance plans periodically as your child grows to ensure the plan aligns with the needs.

Conclusion

To sum up, the health insurance coverage for newborns is much much-needed financial shield to ensure the well-being of your child. Whether you are soon going to welcome a baby or hold one in your arms, make health insurance coverage a priority to avoid financial stress during emergencies. Having comprehensive coverage offers peace of mind and protects the family’s well-being.