The Buyt Desk
A newborn baby has many medical expenses that require insurance to cover hospitalization, daycare procedures, ambulance charges, pre and post-hospitalization costs.
The most precious moment in your life is the birth of your child. New life brings lots of joy and happiness along with the new responsibility to parents. Every parent should enjoy the moment and not be burdened with the newborn’s medical expenses. When couples decide to bring a child into their family they should plan everything including finance. Financial security is very important to raise a child as per your wish. The first step to plan a newborn’s finances is buying newborn health insurance so that the little one gets the best medical care without the worry of expenses.
What is newborn health insurance?
A newborn health insurance policy provides cover for the medical expenses of a newborn’s hospitalization in case of unforeseen circumstances. One cannot buy an individual health insurance coverage for a newborn. Instead, the newborn should be added to the parent’s family floater health insurance plan. And once the baby is 3 months old, he/she comes under a group health insurance plan.
Is health insurance for newborns necessary?
Newborns are delicate as their immune system is not yet developed fully. They fall sick often and need extra care. First few months they need frequent medical check-ups and attention. Until one year they are administered many vaccinations and required treatments. Newborns can have medical emergencies anytime. To cover all these expenses it is advised to have newborn health insurance. This insurance also helps parents to enjoy the phase of birth of their child.
What are the benefits of having newborn Health Insurance?
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Complete health coverage – The newborn’s medical insurance will provide comprehensive health coverage for the infant including pre and post hospitalization expenses, daycare procedures and ambulance cover. Once the baby is 3 months old you can opt for infant health insurance.
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Cashless service – You will get a cashless facility which means the baby gets medical treatment without paying any money. To avail of this, you should go to a medical facility that belongs to the network of hospitals linked with your insurance.
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No Claim Bonus – When no health insurance claims are made for the newborn, you get a discount on the renewal premium. This is a reward that the insurance provider offers you for making zero claims in a year.
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Tax benefits – The premiums paid can avail tax benefits under Section 80D of the Income Tax Act, 1961.
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Peace of mind –You can enjoy the most precious moment without worrying about the medical expenses of a newborn.
What are the shortcomings of not having newborn health insurance?
You will end up paying a hefty amount in case the baby needs medical attention when the baby doesn’t have health insurance. Along with the emotional journey of birthing and the arrival of a new child, you have to worry about finances for paying hefty bills. If the baby needs expensive treatment, it might be difficult to arrange a large amount in a short period of time. When your baby is covered under health insurance, your baby will get timely and best medical attention.
How to include your newborn in your health insurance?
Check with your insurance provider about when the newborn can be added to the family health insurance. Some insurance providers cover from day one and some from 90 days. To add the newborn to the plan you have to fill out the “add new member” application form and submit it to the insurance provider along with the required documents. A new premium amount is calculated after the addition of a newborn to your existing health insurance. If the baby is healthy, there may not be any change in the premium amount.
What documents are required to get newborn health insurance?
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Newborn’s birth certificate
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Maternity admission or discharge card
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Health report of the baby
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Copy of the parent’s cashless health card
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Insurance provider specified documents
What factors are to be considered when choosing newborn health insurance?
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Premium quote – Check if the premium amount is increasing or covered under the existing price. Also, look for a health insurance plan which offers extended newborn coverage when needed.
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Health coverage – Check what all is covered for newborns like vaccination, ambulance charges, and list of illnesses covered. Select one with maximum coverage.
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Plan upgrade after 90 days – Check for the waiting period. Select the one with the minimum waiting period.
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Customization – Select the one that can be personalized in the future as per the need.
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Exclusions – Check what al is not covered.
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Co-Payment clause – Check if you need to pay a certain amount during claim settlement.
Summing up
A complete family health insurance plan that includes the newborn is the need of the hour as the medical care is getting costlier day by day. When you plan to start a family, talk to your insurance provider to check their terms and conditions for newborn insurance. Check online for the best options for the health insurance plans to cover the medical expenses of the mother and newborn. Opt for cashless claims, add-on covers, easy renewals and maximum coverage so that your newborn is always protected during health emergencies.
