Here’s What You Need To Know About Getting An Insurance Cover For Your Newborn

Opting For Comprehensive Maternity Benefit And Newborn Insurance Plans:The ideal way out is to make sure your current cover that you have opted for covers both the parents, allows you to claim for the maternity expenses and in turn for the newborn care. Most insurance plans have a line that tags the newborn health cover along with the maternity plans. Vaccination Benefits:Every parent will admit to the fact that as much as vaccinations are essential and necessary for your child’s safety and good health, they do burn a hole in the wallet, Whether you are opting for a stand alone policy for your child (after 90 days) or adding it to your group plan (from newborn), make sure the plan covers vaccination benefits. Royal Sundaram’s health insurance plans for children clearly mentions that most preventive vaccines are covered under the add-on features and how you must check with the insurer before zeroing in on a plan. On Reading The Fine Print:Moneylife lists the basic mistakes parents do when opting for maternity policies and how you need to read the fine print when opting for an insurance cover for your newborn.
Total
0
Shares

Pouring over the parenting books and the websites for a name for your baby? Thrilled about the little bundle of joy you are ready to welcome in a few months? How well prepared are you, really? No, we are not just talking about getting the right diapers and breast pump and packing the essentials. There is a lot more you need to plan before you welcome home your newborn. Given a thought about getting a health insurance cover for your newborn?

“A recent survey by the IRDAI has shown that 76% of Indians do not have a proper health insurance plan that eventually leads to a very high percentage of out-of-pocket expense by the layman.”

The minute we discuss healthcare and health insurance, the image of a trauma care unit with adults or an ailing senior citizen comes to the mind. Do we miss out on the most crucial member of the family when it comes to insurance?

You may also like: This Is How Much It Will Cost You To Raise Your Child From Birth Till 21 In India

Can I Get An Insurance Cover For My Neborn?

Most insurance companies offer cover for newborns only after 3 months (90 days). This is keeping in mind, the higher chances of hospitalizations and neonatal medical expenses. But you can still claim your newborn’s neonatal expenses if both the parents are insured under an existing mediclaim policy.

Opting For Comprehensive Maternity Benefit And Newborn Insurance Plans:

Maternity Health Insurance Coverage Includes - kidsstoppress

The ideal way out is to make sure your current cover that you have opted for covers both the parents, allows you to claim for the maternity expenses and in turn for the newborn care. Most insurance plans have a line that tags the newborn health cover along with the maternity plans. For instance, this plan from Religare Health Insurance has your newborn covered from day one and a lump sum is included as well for any birth defects if detected.

The waiting period and the policy tenure vary from one company to another and between the plans you choose to opt in for. In some cases, the maternity benefit plan has a waiting period of 2 years while in others it even extends upto 6 years.

Vaccination Benefits:

Every parent will admit to the fact that as much as vaccinations are essential and necessary for your child’s safety and good health, they do burn a hole in the wallet, Whether you are opting for a stand alone policy for your child (after 90 days) or adding it to your group plan (from newborn), make sure the plan covers vaccination benefits. The approved list of vaccinations that can be claimed vary from one company to another and you might want to take a good look at the list before you sign up or make your claim. The existing cover for maternity benefits and newborns, usually cover the vaccination expenses upto a year. but as parents, we know how the immunization journey doesn’t just stop at 12 months.

newborn policy cover kidsstoppress

Image source: moneylife

But make an informed decision about going in for plans that have vaccination benefits. Experts say that most of these benefits are not cashless and they cover only the basic vaccinations. The more expensive and complicated ones are often left out. Think twice before you opt in for additional cover- which is usually not that expensive considering the amount we spend on vaccines.  Royal Sundaram’s health insurance plans for children clearly mentions that most preventive vaccines are covered under the add-on features and how you must check with the insurer before zeroing in on a plan. The maternity cover here vaccination of children during their first year up to a sum of INR 10,000.

On Reading The Fine Print:

Question s before you get your baby insured - kidsstoppress

Moneylife lists the basic mistakes parents do when opting for maternity policies and how you need to read the fine print when opting for an insurance cover for your newborn. Here are some of the questions you need to ask yourself or read carefully before opting in for a plan:

  • Does your policy have a newborn cover even if it doesn’t have a maternity benefit plan? If yes, are there any hidden rules?
  • Most policies have a newborn baby cover after 90 days- what is the procedure for the submission of the proposal form? In some cases, it is within 7 days of birth, while it varies in others. Do you need to pay the premium upfront or before a stipulated time frame? Get this answered right by your insurer.
  • Is it necessary for both parents to be covered under the same policy when opting for a plan for the newborn? Or is it enough if one parent is insured?
  • What is the list of congenital anomalies that are covered in the newborn plan? Are all essential vaccinations a part of the package?
  • What about the lump-sum payment? Which ailments do these cover? In some companies, a fixed amount is issued under the lump sum amount while in some, it is restricted to a few ailments. Find out the facts before you go ahead.
  • What about the renewal process and premium payment after 90 days.
  • Also find out in advance about the number of deliveries that your maternity benefit covers.

You may also like: KSP Guide – the all in one reference for new moms

Make sure, you make a thorough analysis of the various plans offered by various insurance providers in the market, and choose what suits you. The plans mentioned above (with regard to premium/waiting period/conditions) vary from one provider to another and it is essential you read the documents before you sign on the dotted line.

Don’t forget to follow us on Facebook, Twitter, Pinterest, Soundcloud & Instagram or subscribe to our YoutubeChannel for more information.

Leave a Reply

KSP NEWSLETTER

Subscribe to get the latest news & updates delivered directly to your inbox.

You May Also Like