Gift Your Child The Security of Health Insurance On 18th Birthday

Posted on: Apr 3, 2024 | 3 mins | Written by: HDFC ERGO Team

Gift Your Child The Security of Health Insurance On 18th Birthday

As your child approaches adulthood and celebrates his/her 18th birthday, you must be thinking about gifts that will make them feel independent and responsible. While gifts like gadgets or experiences are undoubtedly exciting, have you ever considered giving your child the invaluable gift of health insurance? As Indian parents, we are always looking for ways to secure our children’s health and future. We work hard and earn money to make them comfortable and happy. While it may not come with flashy packaging, health insurance is a gift that will provide peace of mind and security to you and your child.

Benefits of Giving Your Child Health Insurance Early

When you give your child the gift of health insurance early, it offers several benefits that help with their overall well-being and financial security. Here are some of the advantages:

They will Get Continuous Coverage

By securing individual health insurance for them early, your child will have continuous coverage from a young age, ensuring they have access to healthcare services when needed without any interruptions.

It is a Good Investment

The cost of medical care is constantly rising. The pandemic has taught us lessons the hard way. By providing them with insurance at an early age, you can save money for your child’s medical care. Insurance will ensure your child gets the best medical attention possible without breaking into your savings or taking a loan.

You can Avail Tax Benefits

By paying a regular premium, you can claim tax deductions for the insurance policy.

Peace of Mind for You

Knowing that your child has health insurance coverage can give you peace of mind. It alleviates worries about your child's healthcare needs and ensures they can access quality medical care when necessary.

You Can Teach Them Responsibility

Providing health insurance to your child at an early age instils a sense of responsibility and accountability for their health. It teaches them the importance of proactive healthcare management and financial planning.

You Can Make Them Aware and Independent

Health insurance coverage allows children to learn about healthcare systems, insurance policies, and the importance of making informed healthcare decisions.

How To Choose The Right Insurance For Your Child

Choosing the right individual health insurance for your child is a crucial decision that requires careful consideration. Here are some steps you can follow that will help you select the most suitable insurance:

1. Assess Your Needs

Since you are giving the policy when your child is stepping into adulthood, you need to consider factors such as his/her medical history and any existing health conditions. Decide on what type of coverage would best meet those needs, whether it's basic medical coverage, comprehensive health insurance, or supplemental coverage for specific conditions.

2. Do Thorough Research on Insurance Options

Research the different individual health insurance plans available in your area, including employer-sponsored plans, private health insurance options, and government programs. Compare coverage benefits, premiums, deductibles, and network providers to find the most suitable option.

3. Consider Coverage Benefits

Evaluate the coverage benefits offered by each insurance plan, paying attention to services like preventive care, prescription medications, specialist visits, hospitalisation, and emergency care. Make sure that the plan adequately covers your child's healthcare needs, including any anticipated medical expenses or treatments.

4. Check Provider Networks

Review the list of healthcare providers and facilities included in each insurance plan's network. Confirm that your child's preferred doctors, specialists, hospitals, and pharmacies are in-network to maximise coverage and minimise out-of-pocket costs.

5. Understand the Hidden Costs

Understand the costs associated with each insurance plan, including premiums, deductibles, copayments, and coinsurance. Calculate the total potential out-of-pocket expenses for your child's healthcare needs, taking into account both monthly premiums and expected medical costs.

6. Carefully Review Policy Details

Thoroughly review the policy details, terms, and conditions of each insurance plan, including coverage limitations, exclusions, waiting periods, and renewal terms. Pay attention to any restrictions or requirements related to pre-existing conditions, prescription medications, or specialist referrals.

7. Consider the Premium Waiver Option

You should understand the different premium payment modes. The premium amount depends on the assured sum and the maturity amount preferred by you. You can opt to pay premiums on an annual, half-yearly, or quarterly basis as per your requirements and budget.

8. Seek Professional Advice

Consider consulting with an insurance representative, financial advisor, or healthcare professional to help you with the insurance selection process. They can provide personalised guidance based on your child's healthcare needs, budget, and family situation.

8. Review Customer Feedback

You must check out customer reviews and ratings for insurance companies and plans to gauge satisfaction levels and customer experiences. Consider factors such as customer service quality, claims processing efficiency, and overall satisfaction with health insurance coverage.

9. Plan for the Future

Anticipate any changes in your child's healthcare needs over time and choose an insurance plan that offers flexibility and adaptability. Consider factors such as future medical treatments and potential changes in family circumstances.

Conclusion

It is the dream of every parent to see their children flourish and be healthy. To realise this dream, gifting your child health insurance at the most important milestone of his/her life is a great idea. As they venture out into the world, you can lend the support that helps them to conquer new heights. Talk to our representatives at HDFC Ergo to learn more about different policies.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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