A baby’s arrival into the family is a happy and festive occasion. While parents will always feel joy and relief when they see their newborn, the rising cost of all living expenses also has given expecting parents a lot to think about. Parents now have to worry about the cost of schooling, supplies, clothes, and more for their growing children. Medical inflation has brought this worry to the immediate present, with maternity and newborn healthcare being costlier than ever before.
This is why parents need to think about the health and financial aspects of raising a child. Adding your newborn to a family health insurance plan is an important step that safeguards your newborn’s health, and your finances.
The Benefits of Adding a Newborn to Family Insurance Plans
Some of the main benefits of adding a newborn to a family insurance plan are:
Comprehensive Medical Coverage from Day One
One of the primary benefits of adding a newborn to a plan is that it provides comprehensive medical coverage for the baby from the moment they are born. Newborns often require frequent medical check-ups and vaccinations in their early months, and these can be expensive. By including your baby in the health insurance plan, you ensure that their medical needs are covered right from the start.
Vaccination Coverage
Vaccinations are an essential part of newborn healthcare, protecting them from various illnesses and infections. Many medical insurance plans provide vaccination coverage, ensuring that your baby receives timely and proper immunisations without incurring significant out-of-pocket expenses.
Peace of Mind in Case of Emergencies
While every parent hopes their child will remain healthy, emergencies and unexpected medical situations can arise. Adding your newborn to your family health insurance policy provides peace of mind, knowing that if something unexpected occurs, you are financially prepared. Whether it’s a sudden illness, injury, or emergency hospitalisation, your insurance plan will cover the majority of the medical expenses, allowing you to focus on your baby’s recovery rather than worrying about finances.
Health insurance also ensures that you can access high-quality healthcare in emergencies, as many policies allow for cashless treatment at network hospitals. This means you can get immediate medical attention for your newborn without worrying about upfront payments.
Cost-Effective Way to Protect the Entire Family
Family health insurance plans are frequently created as “floater” policies, which means that a single sum insured covers the entire family unit. By adding your newborn to an existing plan, you can cover the entire family, including the baby, under one policy, making it a cost-effective solution.
Purchasing a separate health insurance policy for your newborn can be more expensive and less practical than adding them to an existing family plan. The premiums for a family floater plan typically increase slightly when adding a new member, but this is often more affordable than buying an individual policy for your child.
Easy to Add Newborns to Existing Policies
Most health insurance companies make it easy to add a newborn to an existing plan. You can notify your insurance company shortly after the birth of your child, and they will update your policy to include the baby.
It’s important to add your newborn within a specified time frame, usually 30 to 90 days after birth, to avoid any complications. Once added, the baby will receive the same benefits as other members of the family covered under the policy. The process is usually straightforward, and the added security it provides is invaluable.
Tax Benefits
Adding your newborn to your plan can also provide tax benefits. Current tax regulations let you deduct health insurance premiums for yourself, your spouse, and your children. By including your baby in the policy, you can increase the total tax deduction you are eligible for, helping you save on your overall tax liability.
Newborn-Specific Coverages
Some medical insurance plans come with special provisions for newborns, covering basic medical needs and also specific health conditions more common in infants. This may include congenital illnesses, developmental issues, or birth defects that might require specialised treatment. Including your newborn in the family policy ensures that these conditions, if they arise, are covered, reducing the long-term financial burden on the family.
No Waiting Period for Newborn Coverage
Another advantage of adding newborns to health insurance plans for family is that the baby typically gets coverage without a waiting period for most healthcare services. While some plans have waiting periods for pre-existing conditions or specific treatments, newborn coverage is often immediate. This ensures that your child is covered from the start without the need for waiting periods for essential healthcare services.
Wrapping Up
Adding your newborn to a family health insurance plan is a smart decision that ensures your baby receives the medical attention needed while protecting your finances. This is why leading insurers like Niva Bupa offer some of the best health insurance for parents, offering maternity and newborn coverage for expecting parents to use.
Health insurance plans for family are a cost-effective and practical way to secure your newborn’s health while protecting your family’s financial well-being. Be sure to check the details of your family health insurance policy and act quickly to add your newborn, protecting them from the start.
