How To Get Right Coverage For Your Newborn?

• Written by Ritika Malik

  Reviewed by Munmi Sharma

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Becoming a parent is one of the best feelings that brings pure joy, and excitement.

But wait!

With parenthood, the joy and emotion arrives with a stream of accountabilities. The unplanned medical expense is one aspect that can’t be overlooked. As per the research, the average cost of neonatal intensive care (NICU) in India ranges from ₹ 5000-10,000 on daily basis.

Imagine the financial burden when you are not financially stable to take up that burden. Well, fret not; there is where health insurance strides in, offering the exceptional and quality care your baby needs without any financial strain.

This blog will discuss the various aspects of health insurance for newborn babies, including the types, benefits, and why it is important. Stay tuned!

What is Health Insurance for Newborns?

A health insurance policy for newborns offers coverage for newborn babies.. These policies cover medical expenses incurred towards vaccinations, birth defect treatments, and neonatal care. Being one of the best investments for newborns, purchasing a medical insurance policy in time can help you focus on nourishing your little one without feeling fearful about unforeseen medical costs.

Why Do You Need Newborn Health Coverage?

This is a valid question, and you may consider the following points before deciding whether you find it essential to buy health insurance for newborns:

1. Weaker Immunity

As you have already read above, the immunity system of your newborn child takes time to build up to a stage where it can fight diseases. During this period, your baby is vulnerable to infections and illnesses. Despite your best efforts, your baby may come in contact with these, and hospitalisation may be required. Buying health insurance for infants will cover these unforeseen medical expenses.

2. Accident prone

Your baby will learn to roll over, move on its knees, and start walking and running. Your baby’s reflexes take some time to develop, and your baby is vulnerable to accidental bumps, falls, and injuries. Even if not as severe, treatment for occurrences often leads to excessive bills, which your health insurance policy may cover for newborns.

3. Health Issues

Your baby will take time to understand the difference between food and what not to put into their mouth. This often leads to babies putting unwanted things in their mouths, which may lead to hospitalisation. Also, your baby is more exposed than you as an adult and runs the risk of falling ill, and your health insurance for newborns can cover the expenses of hospitalisation.

Benefits of Medical Insurance for Newborn

Now that you have understood the need for you to purchase medical insurance for newborn for your baby, let us talk about the benefits of newborn insurance:

1. Financial Security and Peace of Mind

Purchasing infant insurance plans provides you with financial security and peace of mind. If your baby needs hospitalisation for some of the reasons already discussed above, the expenses of such unforeseen hospitalisation will be covered by the health insurance policy. This will help you avoid an unnecessary financial crisis in case, unfortunately, your baby needs hospitalisation. Once you are covered by health insurance for infants, you can concentrate on raising your child with your peace of mind intact. Also, remember that having a health insurance policy for your newborn also means that early and timely medical intervention will be available for your baby, and the chances of a successful treatment will be significantly enhanced.

2. Extensive and Comprehensive Coverage

The coverage of a policy for infant medical insurance is extensive and comprehensive according to the health insurance policy you choose. The policy will cover expenses on hospitalisation, doctor’s fees, hospital room rent, daycare treatments, medicines, and pre- and post-hospitalisation expenses.

3. Coverage for vaccinations

Your newborn baby will require routine and regular vaccinations as an integral part of growing up. Some of these vaccines come with options that make them quite expensive. Comprehensive health insurance for infants will cover the cost of immunisation.

4. Cashless Hospitalisation Facility

Newborn health coverage policies include cashless hospitalisation facilities. In the unfortunate event of your baby requiring hospitalisation, you may opt to use the network hospitals of your health insurance company, and they will settle your bills directly without you having to pay anything. Another advantage of having a cashless facility is that the medical institution will admit your baby immediately, and the treatment will commence without you having to arrange to deposit funds first.

5. Periodical Health Check-Up

Health insurance policies, especially private health insurance for newborns, include the option of periodic health check-ups for your baby. By getting these check-ups done at quality hospitals, you can ensure proper medical care for your baby.

6. No Claim Bonus

Your policy of medical insurance for newborn will include the facility of No Claim Bonus (NCB). For every claim-free year, your health insurance company will reward you by increasing the sum insured in your policy by a pre-declared percentage subject to maximum limits.

7. Tax Benefits

Your medical insurance policy for your newborn will fulfil dual purposes. It will act as a safeguard for your baby and provide you with tax benefits under section 80D of the Income Tax Act, 1961.

Types of Health Insurance Plans for Newborn Babies

Here is a quick overview of the types of health insurance plans for newborn babies:

• Maternity Health Insurance with Newborn Cover: Most maternity health policies expand coverage to newborn babies as well. These policies usually include covering costs for delivery (normal or C-section), vaccinations, and treatment for congenital anomalies (birth defects).
• Family Floater: This health insurance policy offers coverage for all family members, including newborns. It is one of the best plans for securing a family as it falls under a single sum insured.
• Standalone Newborn Insurance Plans: Some insurance providers provide particular plans for newborn babies that focus entirely on their diverse healthcare needs, such as postnatal care, NICU expenses etc.

How to Choose Health Insurance for Newborns?

Given below are some of the factors to consider before purchasing health insurance for a newborn baby:

1. Choosing the Appropriate Sum Insured

Your child has different medical needs from yours. You need to purchase a health insurance policy with a sum insured that is in keeping with your requirements. Remember that an increase in the sum insured also implies an increase in premium. Keep your overall budget in mind, as the time after your baby is born is also a time when your expenses increase manifold, be it one-time or recurring.

2. Opting for a Policy Providing Adequate Coverage

Many health insurance policies for infants commence covering your baby after 90 days from birth. The intervening period may be crucial in case of the requirement of any hospitalisation. Choose a policy allowing you to add your baby to the newborn cover as soon as possible.

3. Option to Add to Family Floater Plan

Check for options to add your baby to your existing family floater plan. The addition will be done faster and also affordable in terms of premium increase.

4. Flexibility for Add-on with Plans

Select a health insurance plan which offers you the flexibility to customise your infant medical insurance by purchasing add-on features with your policy to enhance coverage as per your requirements.

5. Co-Payment

Check whether your policy incorporates co-payment clauses. While the co-pay means that you will have to bear a predetermined percentage of the bill, it also means that your premiums will be comparatively lower.

6. Exclusions of Policy

All health insurance policies have some exclusions. Please read and understand the exclusions and the possible implications for you in case of hospitalisation.

7. Read the Terms and Conditions of the Policy

You need to thoroughly read all the terms and conditions mentioned before you finalise which health insurance policy you want to buy for your newborn baby. Go through the fine print with rapt attention, as you need to understand all about the policy before proceeding with the purchase.

Which is the Best Health Insurance for Infants?

Care Health Insurance brings you Care Joy, a comprehensive health insurance policy with maternity benefits and, very importantly, coverage for your newborn child.

A maternity health insurance is ideal for for a newborn, as it provides cover for the infant from Day 1. Further, this insurance also provides cover for medical expenses at no extra cost in terms of additional premium

Care Joy comes with two variants – Joy Today and Joy Tomorrow and provides cover for your newborn baby from the first day to the age of 90 days, including medical expenses up to a limit of Rs 50,000 at no extra cost in terms of additional premium. From the age of 91 days, your baby will be covered under the regular policy, and you must pay the applicable premium.

You may add your child to your existing family floater health insurance policy after your baby turns 91 days old. Care Health Insurance brings you Care Advantage, a comprehensive health insurance policy offering a higher sum insured at affordable premiums where you can add your baby to your family floater health insurance plan as soon as your baby is 91 days old.

The standard documents required to add your baby to your family floater health insurance plan are as follows:

1. The prescribed form of the particular health insurance company
2. Birth Certificate of your baby
3. Hospital discharge summary
4. Details of your family floater health insurance policy

Do reach out to your health insurance company for assistance in the process. The process is simple, and subject to your fulfilling the conditions, your baby will be added to your family floater health insurance policy in a few days.

Wrapping Up!

Your newborn baby brings a lot of joy to your family and a lot of responsibility for you. Do keep in mind the medical requirements of your baby, the cost of hospitalisation and your budget and choose an appropriate health insurance policy covering your baby. Whether to add your baby to your existing family floater health insurance plan or to buy a separate plan on eligibility is entirely yours, but ensure that you have adequate coverage.

Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.