So, one of my very close friends brought this happy news that she is going to be a mother soon!
And knowing well, that I would start to question her about the advance planning to manage and organize everything, she proudly told me that her husband has spoken to a cord blood bank where they will store the umbilical cord along with the stem cells, right after the baby arrives.
This helps in the situations if the baby is born with any birth or genetic complications or even in the case where a life-threatening disease is anticipated in the future. The stem cells will come in handy for any transplants needed, which will help the production of new blood cells and to improve the immunity of the child.
I was really impressed by the farsightedness of her husband, but could not resist asking her, whether he had also planned for medical coverage for the newborn, just in case the child had any health complications immediately after birth. At this, she got a little annoyed and expressed displeasure about my being negative about the future.
Well, I know that a newborn baby is celebration time and a blessing to the family, which brings unlimited joy as life is added to the family.
But, with the new addition and the joy, come to a lot of responsibilities to take care of and nurture the baby, for the present and also to secure the upcoming months of growth and development. The growth months are usually accompanied by unsolicited days when there is a sudden requirement for immediate medical attention.
At times the baby is born with certain birth-related ailments which need to be treated with priority. Hence, to arm yourself appropriately in order to deal with the financial implications of such an eventuality, a newborn medical coverage is imperative and comes in handy at the time of birth and till next few months.
In a country like India, people buy health plans from various companies and thus the medical care needs are met. People working in the private sector, enjoy the group insurance policies held by the companies they work with, where the maternity is usually covered comprehensively.
But, as a regular practice, in a group insurance policy, medical coverage for a newborn is not provided for the apparent reason that a newborn may require an immediate medical treatment right after birth. Hence, an insurance company would want to attend to the claims on well-identified and quite possible events.
So, what is the remedy, then? What are the ways to secure your newborns?
Here are a few pointers which will help you to decide upon a coverage policy for your newborn
- In order to secure the health of your newborn, you have to buy a separate policy. A Comprehensive Insurance, which covers delivery-related complications as well as the newborn baby from day one.
- There are maternity plans that cover delivery, whether it is normal or caesarean plus all the prenatal and post-natal expenses, up to a certain limit. This limit is decided to depend upon the amount of premium you pay.
- The plan also covers vaccination of the child. Yes, only a handful of plans cover the vaccination because that is a sure shot expenditure one must incur.
- The only thing which you have to take care is that you have to be the policyholder for at least 36 months to 4 years, prior to taking the above benefits.
According to our extensive research, only 3 insurance companies in India provide coverage for a newborn child, that too based on certain conditions. But as they say, having some help in hand is better than having none at all.
- In case the mother is not insured under any existing policy, one can also buy a new health insurance policy for the newborn baby after birth, which will cover all the medical expenses of the baby like a regular mediclaim policy but if the child has any known complications at birth then the policy proposal may be rejected.
- There is a policy where exclusive and premium variants will cover the newborn on payment of extra premium subject to maternity benefits being paid. The maternity benefits are payable if the insured person is hospitalized during the policy period as an inpatient for a newborn baby provided that first, we have accepted a claim for maternity expenses.
- Another policy covers the newborn baby from day one, but for this benefit, they charge an extra premium of 10% over and above the regular premium under their family package. Also, the sum assured with respect to the hospitalization expenses of the child is restricted to a maximum of 10% of the sum insured of the mother. This particular cover will lapse when the child becomes five months old and then the parents need to include the child in their regular family package policy.
- Other than these three policies, you can add your child in your regular mediclaim policy or buy an individual mediclaim policy for the child only after your newborn baby is three months old for most of the health insurance policies available in the market. But this clause also comes with certain conditions.
- Some of the insurance companies have a condition according to which they will offer health insurance only for babies whose either of the parents or both the parents are insured under the same policy.
Comparing health insurance plans is a cakewalk, today. Just visit a credible insurance comparison portal and shortlist the best possible plans. The best part is that you can buy your insurance plans online and make payment through credit card. This provides you benefits of cashback and credit period offered by credit cards.
Plus, you become eligible for better coverage and more facilities, since your health insurance company does not have to pay a hefty commission to the insurance agent for selling the policy. This benefit is directly passed on to you, in many ways.