Sakshi and Shantanu Pandey, both IT professionals from Bangalore, were overjoyed to welcome their newborn. Due to some complications, however, the little one needed to be admitted to the NICU. A few days in intensive care, and the hospital bills skyrocketed, way beyond the couple’s planned delivery budget. This unexpected rise in the bill made them dig into their savings. Thankfully, their little one recovered soon and was fit to go back home.
This is not the case just with Sakshi and Shantanu Pandey but with many in India who overlook the importance of health insurance for their newborn babies. Gone are the days when medical insurance was only for elderly individuals. Healthcare costs in India today are at an all-time high. Despite knowing the importance of a health insurance plan, many still lack the expertise to find a robust health plan that can adequately protect the needs of their loved ones.
Health Insurance for a Newborn: An Overview
Health insurance for a newborn is a much-needed safety net that ensures the baby gets immediate medical assistance during times of need. The first few weeks for a newborn child are sensitive, and even a minor complication can result in specific medical needs or treatment. In such cases, health insurance steps in to cover the financial burden.
The need for health insurance for a newborn has become widely popular because, typically, insurance companies don't allow the inclusion of a newborn‘s name in the parents' policy, at least for the first 90 days.
Types of Health Insurance for Newborns
Typically, purchasing a separate health insurance policy in India for a newborn might not be feasible in many insurance companies; however, different types of policies can offer coverage for a newborn, such as:
1. Family Floater Plan
A family floater plan allows the insured to add their newborn‘s name to their existing medical insurance policy. However, in most cases, insurance companies usually allow such an addition only after 90 days from the time of the child’s birth. You can easily get health insurance for infants and family floater policies.
2. Maternity Health Insurance
Most maternity health insurance policies are designed to offer coverage for both the mother and the baby. Expectant parents can also opt for riders on a maternity health insurance policy to create wholesome coverage for the newborn at an affordable premium.
To learn why maternity health insurance is a necessity, click here.
3. Standalone Health Insurance
Some insurance companies are also offering standalone health insurance for a newborn, which typically provides specific coverage tailored to the needs of a newborn. These policies can include coverage for vaccination, newborn-specific treatment and conditions, etc.
Understanding the Inclusions and Exclusions
Just like medical insurance for adults, health insurance for newborns also comes with its own separate set of inclusions and exclusions. While these may vary across different health insurance companies, here are some common inclusions and exclusions under medical insurance for a newborn:
1. Vaccinations and Immunisations
There are certain compulsory vaccinations and immunisations that a newborn needs. Many medical insurance policies offer coverage for such needs.
2. NICU Coverage
If the newborn requires intensive care due to complications, these policies typically cover NICU charges.
3. In-Patient Hospitalisation
If the newborn requires specific medical treatment necessitating hospitalisation for more than 24 hours, insurance policies can provide coverage for this inpatient hospitalisation.
4. Other Benefits
Apart from these, medical insurance for newborns can also include coverage for outpatient consultation, emergency medical expenses, congenital diseases, daycare procedures, etc.
Exclusions
1. Pre-Existing Diseases
Usually, medical insurance for newborns does not offer coverage for pre-existing diseases.
2. Non-Medical Expenses
Non-medical expenses, such as diapers, toiletries, and baby food, are not covered under a medical insurance policy.
3. Routine Check-Ups
Typically, a newborn might need routine check-ups, but the cost of such check-ups is usually not covered under health insurance policies.
Choosing the Right Medical Insurance
Before purchasing a medical insurance policy, remember that one size doesn’t fit all. Therefore, it is important to pick a plan that offers specific coverage for your specific needs. Here are a few considerations that you can bear in mind before choosing the right medical insurance for infants:
1. Waiting Period
Make sure to carefully evaluate the waiting period under the policy for your newborn to ensure that the specific medical needs of your little one are taken care of, even immediately.
What is the waiting period? The waiting period is the duration during which the insured's claims are not settled by the insurance company. For instance, the initial waiting period across insurance companies is usually 30 days, during which the insurer does not offer coverage for any claims.
2. Sum Assured
Depending on the city you live in, the medical needs of your little one and a mother, etc, you must pick a plan that offers a substantial sum assured.
What is sum assured? A sum assured is the maximum amount that the insurance company offers under a policy in one policy year.
3. Premium
Ensure that the premium you are paying offers you balanced benefits. You can do a premium versus benefit analysis to pick the right policy. Generali Central offers a wide range of plans that are affordable.
4. Network Hospitals
The last thing you want with a newborn is to travel a long distance to get medical assistance, especially during times of emergencies. Make sure to pick a policy that has an extensive network of hospitals where you can get cashless hospitalisation and is at a reasonable distance from your home.
Health Insurance Tips for a Comfortable Pregnancy
Whether you are first-time parents or have had the experience before, pregnancy always comes with different sets of challenges. While you are busy dealing with those, here are a few tips that can offer peace of mind:
1. Early Maternity Health Insurance
Make sure to purchase maternity health insurance at an early stage to enjoy benefits like no waiting period, lower premiums, comprehensive coverage, and coverage for your newborn.
2. Explore and Compare Policies
Before you pick up a maternity health insurance policy, make sure to explore and compare different policies and pick the one that meets your specific needs.
3. Include Your Baby
Don’t forget to include your newborn in your health insurance policy to enjoy a financially stress-free pregnancy.
How to Add a Newborn to Your Existing Policy?
Wondering how to add a newborn to your existing policy? Worry not, because the process has been simplified for your convenience. Here’s how you can add your newborn to your existing online health Insurance policy:
1. Inform the Insurer
Inform your insurer about the birth of your newborn immediately to start the process.
2. Complete the Documentation
Complete the documentation process by submitting a birth certificate, your existing policy document, and any other required documents.
3. Make the Payment
Make the payment to confirm the addition of your newborn to the existing policy.
That’s it, your policy has been updated, and your newborn is included in the plan.
Conclusion
Nothing prepares you for the feeling of holding your newborn for the first time: It comes with a wave of happiness and a sense of responsibility. While you are busy dealing with a mixed bag of feelings, medical insurance for your newborn is exactly what you need to create a financial shield against any medical needs of your little one. With so many options available, you can easily pick a plan that best suits your specific needs.
Remember that health insurance for the newborn is not just a policy, but rather a smart and thoughtful step that you must not ignore. So wait no more and purchase a robust health insurance plan today.
