As much as parenthood is the time to experience a whole new world, it is also the time to be extra responsible and careful about your newborn child. From taking care of the baby’s health to attending to its needs and making adjustments in your work life, there is nothing that is as fulfilling as the role of a parent.
When you are thinking about the well-being of the baby, health insurance should be at the top of your priority list. This is because medical emergencies are unpredictable and can drain you off your funds, leaving you in a pool of debt. If you want to secure the health of your newborn baby and make sure he/she is protected during any medical emergency, purchasing a comprehensive health cover is the right way to go. Even though there are only a handful of health insurance policies designed specifically for newborn children, you can always benefit from multiple family floater policies or maternity insurance coverages in order to get your newborn insured.
Factors Affecting the Selection of a Health Insurance Policy for a Newborn Baby:
Purchasing a health cover for adults is very different from purchasing one for a newborn baby. There are factors that play an integral role in determining which health insurance policy to purchase. These factors will vary for different age groups. The factors that you will need to consider before purchasing an insurance cover for your newborn are mentioned below:
- Waiting Period: If you want to protect your newborn baby from any unforeseen event, adding him/her to your existing health cover will be beneficial as it will cover the basic immunisation costs. Most insurance companies typically wait for a certain period of time (known as the waiting period, which differs from insurer to insurer) before commencing the coverage. Once the waiting period is over, your newborn baby will qualify for protection.
- Coverage: Typically, insurance companies provide coverage to newborn babies after they have attained the age of 90 days. You have to ensure that the insurance company you have chosen offers coverage for your newborn at the earliest. This will be beneficial in case your newborn is diagnosed with a condition during his/her birth. The total coverage, on the other hand, may differ from one insurance company to another.
- Premiums: You will be required to submit your baby’s medical records to the insurance company. This is done to check if the baby has any genetic predisposition or illness. Once all documentations have been verified and analysed, the insurance company will tell you the amount of premium payable for your baby’s insurance policy. Certain insurance companies provide coverage for newborn children as an extension of the family health insurance cover, without any additional costs. However, certain other insurers may levy an additional cost for covering expenses of your newborn baby and insuring him/her under the existing family plan.
- Employer Coverage: If you are a part of your organisation’s group health plan, you can get your newborn added to the same by simply filling up an application or enrollment form.
- Terms and Conditions: It is important to go through all the terms and conditions of the policy before purchasing one, as each insurer will have a separate set of conditions that you will be required to comply with.
Benefits of Health Insurance Cover for Newborns:
The following are some of the benefits that you will enjoy if you purchase a health cover for your newborn baby in advance:
- Your overall medical expenditure will get significantly reduced.
- You are at peace (emotionally) knowing that your baby is protected and secure during an emergency.
- The premiums involved in a health cover for a newborn are substantially less in amount.
- You can celebrate the arrival of a new member without having to worry about finances and security.
Mentioned below are a few insurance companies that offer specially designed health insurance policies for newborn babies:
- Apollo Munich Easy Health Insurance
- ICICI Lombard
- Religare Health Insurance
Even though parenthood and the responsibilities surrounding the idea may seem overwhelming at times, having a comprehensive health cover that has your back will make the journey all the more easy and smooth for you and your newborn baby.