Are Newborns Automatically Covered Under Mother’s Health Insurance?
If you are planning to have a child, it is important to get a health insurance policy for the newcomer to your family. Have you ever wondered whether your family mediclaim policy covers the child? Bringing a child into a family changes the ambience at your home completely. You would want to ensure that you are financially secured against unexpected expenses, arising due to the health of the child. Therefore, it is important to get a health insurance policy that covers the child. It reduces the stress on the parents and covers the medical expenses.
However, it is rare to find an insurance policy that will cover the health of the child from the first day. Only when the baby is 90 days old, they become eligible for the mediclaim policy. However, some of the reputed insurance companies may provide you customized schemes, that also cover maternity. You should know that pregnancy is a planned hospitalization, and not all insurance companies provide a coverage for the same. Even if some of the insurers cover maternity expenses, they impose a waiting period of two or more years. In case you are having a family mediclaim policy, you can add the child to the floater plan. However, the age of the child at which he or she becomes eligible for the policy varies from one company to the next.
Factors to consider when you buy a health insurance policy for your child
Here are certain factors that need to be considered, when you add the child to the family floater.
- Age of the child: Most of the insurance companies do not provide a coverage for the child, as it involves a lot of risks. In order to get a cover for the child, you need to add the baby to the mediclaim policy of the parents. This can cover the cost of post-natal care and early vaccinations. Normally, the babies become eligible for coverage when they are at least 90 days old.
- Health of the child: In order to make the child eligible for health insurance coverage, the insurer should be informed about the health of the child within a week of the birth. When you have a consultation with the insurer, the experts will convey the relevant clauses to you, that covers the baby. You should be well-informed about these details and the renewal time of the policy.
- Documentations required: When you renew a health insurance policy, you need to furnish documents like birth certificate of the child. These documents need to be submitted, when you include the child into the family floater or get the policy renewed.
- Premium you need to pay: When you have submitted the necessary documents, the company will calculate the premium that you need to pay, when you cover the child. It is advisable to get a family mediclaim policy, where all the members of the family remain covered.
If you are willing to buy a mediclaim policy, get across to one of the reputed insurers online and check out the schemes in the offering.
Why do insurers not cover newborns in their policies?
Before you buy a mediclaim policy, you should understand that pregnancy does not come under the category of any disease. It is actually a planned hospitalization. Previously, pregnancy was not covered under mediclaim policies. The reason was that, medical insurance should be a cover for emergent situations. However, certain health insurance companies have come forward with schemes, that cover pregnancy with a waiting period of minimum two years.
Now, the insurance companies do not cover the health of the baby, as it involves a lot of uncertainty. Complications during birth may take place, or the newborn child may require surgeries right after its birth. In these cases, the parents need to bear these expenses from their pockets. Once the baby is 90 days old and seems to be in a good health, the insurance company covers it under the family mediclaim policy. However, of late, some companies may be offering a coverage for the newborn child from the first date, but it is hard to find such a scheme. In these cases, the company may provide an assured sum for childcare for the newborn.
Important tips for buying a health insurance policy
Here are certain guidelines, that will help you to buy the right family mediclaim policy.
- When you buy the mediclaim, make sure that maternity cover is not the sole criteria
- If you are an employee, your company may provide you with a coverage to manage the maternity expenses. In these cases, it is wise to claim that policy, keeping your family floater intact. In the process, you can enjoy the no-claim bonus, if you do not make any further claim
- At times, you may have incurred costs that exceed the coverage that your employer is providing. In these cases, you can turn to your own policy and claim the balancing amount
- You should try and make savings for a maternity fund, that you can accumulate as liquid mutual funds or fixed deposits
- In case a person is already pregnant, the insurer will not provide the maternity coverage. Besides, a waiting period will be applicable in these cases. You should plan out your finances and make the purchase timely to enjoy the benefits. Generally, you need to renew the policy for two to three consecutive years to enjoy the maternity benefits
Even if you include maternity benefits into the policy, you may have to pay high premiums. It is wise to explore the schemes designed by the reputed companies. Buy a mediclaim policy that covers all the family members, rather than an individual policy. This can help you make substantial savings, and you can also enjoy certain tax benefits as per the Income Tax Act.
People interested to buy a family mediclaim policy have a number of options. They can buy the insurance policies from the agents. Alternatively, they can also have a look at the schemes online and make the purchase from the websites. It is easier to renew the policies online as well, as it saves a lot of time for the policyholders.