A constant concern for new parents is the delicate health of their baby. Newborn Babies are most vulnerable to infection while their body gradually develops immunity to fight diseases. Moreover, childbirth complications and neonatal congenital disabilities are becoming common factors nowadays, and you cannot ignore them. Before you know it, you can unexpectedly deplete your financial savings when a child is ill.
Aftab Chaj, Associate Director – Digital Sales, Elephant.in, an insurtech firm, said, “Childcare costs are among the highest in the country, and the medical cost for treating a child is usually not covered under regular health care. insurance policy, Thus, insurers provide health care for babies that is specifically designed to treat diseases that children face at their infancy. However, you have to be careful while buying a health policy.”
Therefore, to help save on such costs, you must have a comprehensive health insurance policy. Nayan Goswami, head of general insurance, Sana Insurance Brokers, said covering your newborn under a health insurance plan would help in removing the load with regard to financial security for hospitalization expenses, if needed. Goswami said, “The primary reason for getting adequate health insurance cover for your newborn is that you will be able to ensure that the child gets the right treatment on time without having to worry about arranging immediate funds during a medical need. “
Many health insurance policies in India cover newborns in Aadhaar health policies and optional add-on facilities. Before finalizing the most appropriate policy for your family’s needs, it is important to be aware of some important points such as:
Newborn Baby Coverage: Some health insurance companies that provide coverage to the newborn do so as an extension of the maternity coverage chosen in the policy. However, a newborn baby will be covered in health insurance coverage only if the mother is covered under maternity benefit in the same policy.
waiting period: Maternity and pregnancy are labeled as ‘pre-existing conditions’ under health insurance terminology. As such, they have a waiting period for service before the mother and child become eligible for maternity and recently born coverage, respectively. In such a case, you should opt for a health insurance policy that allows you to end the waiting period on payment of additional premium or has a shorter waiting period so that you can get coverage sooner.
Recently Born Baby Cover: There is a distinct difference between the terms ‘just-born baby cover’ and ‘newborn baby cover’. If offered by a health insurance policy, newborn cover (ie from 0 to 90 days after birth) will usually be a part of the maternity benefit. The insurer cannot extend this cover for the child in default in all cases.
“Some insurers specify that only information will be considered on coverage. Coverage can be limited to a specified amount or a percentage of the sum insured (either the base health policy or the maternity benefit amount), Goswami said.
newborn baby cover Infants aged 91 days and onwards (such as up to 120 or 180 days as specified by the insurer) when the health insurance policy is in force should be added as members insured. Some insurers allow mid-term coverage subject to certain conditions, such as requiring pro-rata additional premium to be paid for a newborn and notified within a specified period. Some insurance companies allow you to add your newborn only at policy renewal and not during the year.
Coverage Aspects: “A good health insurance policy for newborns will cover antenatal and postpartum hospitalization expenses, delivery procedure cost, treatment of certain delivery complications and infant vaccination to name a few important aspects. Preventable diseases to babies,” Goswami said. Natal vaccination is recommended for children to help develop stronger vaccinations against
Exclusions: The policy cannot provide coverage for external congenital diseases. However, intrinsic congenital complications and genetic disorders are covered. However, a policy covering newborn babies may also mention certain terminations for coverage in the list of exclusions that every parent should pay attention to.
mint takeaway
It can be challenging to choose an optimal health insurance policy for your newborn when faced with many options. While doing your research, it would be best to compare several health insurance policies in coverage features and benefits so that you can choose the one that best suits your family unit and the health needs of your baby. Parents need to keep in mind that there is no default inclusion in health insurance, especially for their newborns. Goswami said, “Before zeroing in on your selection, it is advised to thoroughly scan and understand all the terms and conditions mentioned in the wording of the policy or the customer information sheet attached to the selected policy.”
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