Inventivemug Health How to Select your child’s ideal health care Program

How to Select your child’s ideal health care Program

Your most significant duty as a parent is protecting your children’s future. A solid education and a secure environment are essential for providing a caring home.

Ensuring your kids have access to quality healthcare is equally crucial in today’s changing world.

The obstacles that today’s kids face daily include disappearing playgrounds, smoggy skies, limitless gadgets, and demanding schedules.

Did you know that 1 in 8 children between the ages of 4 and 16 is at risk of developing a lifestyle disease as an adult?

Table of content:

  • Types of child insurance plans
  • Cover your children as early as possible
  • Choose the right plan
  • The Plan should have premium waiver benefit
  • Managed Care Plans

    1. Types of child insurance plans

    There are primarily two types of health insurance plans available to you: Let’s examine both.

    1. Individual health plans for children

    A personal plan, an individual health insurance policy, is what its name implies. Every family member is covered for a different amount in this situation.

    For instance, if the health insurance policy’s insured amount is INR 5 lakhs and four people are covered by the health plan, each person will have INR 5 lakhs in coverage, which may only be used for that person’s medical care.

    Keep in mind, though, that children under the age of 18 are not eligible for coverage under an individual health plan.

    They can participate in a family floater plan with either of their parents. Most policies only provide coverage for dependent children up to 25.
    2. Family floater health insurance for children

    The alternative option for children’s health insurance is to include the child or children in a family floater policy.

    Here, the entire family is covered by a single policy and receives a portion of the insurance.

    Look at this illustration. Ravi Sharma, his wife, son, and daughter are covered by a family floater policy worth INR 5 lakhs.

    2. Cover your children as early as possible

    At the start of their lives, you must ensure your children’s health. You only need to be careful about picking the best kind of health insurance plan for your present financial situation.

    Early health insurance coverage for your children helps prevent illnesses or disorders to which newborns are particularly vulnerable.

    Make sure your children are protected for the whole of their lives by a health insurance plan.

    3. Choose the right plan

    Not every type of health insurance is appropriate for your kids. Instead of having them sign up for an individual health insurance plan, if your children are between the ages of 21 and 25, you can include them in your family health insurance plan.

    It is not necessary to purchase various Individual Health Insurance plans and pay various payments for each family member.

    A family health insurance plan may cover all family members.

    Selecting the Individual Health Insurance policy for kids who have reached the age when they can be included in a Family Floater Insurance plan is advised.

    Although the cost of these policies is higher, they provide greater coverage. Even though this age group may be less prone to sickness, pandemics like the Coronavirus (Covid-19) have shown that the cost of treating the condition can be high.

    Your primary defense against unforeseen medical emergencies for your children should be health insurance.

    4. The plan should have a premium waiver benefit

    Although most child plans provide the premium waiver benefit as a choice or important component of the standard procedure, the premium waiver is crucial because it protects the protection from financial loss and lost income in the event of a parent’s passing.

    All upcoming premiums are entirely forgiven, and the policy remains in force for the length of the policy term.

    This ensures that the maturity benefit will be kept throughout the insurance duration in addition to the death benefit that has been paid.

    5. Managed Care Plans

    Whenever you obtain insurance through your work, a managed care plan is frequently used. With managed care, a health insurance provider negotiates a deal with particular doctors, hospitals, and labs to treat its members for less money.

    The following four categories of managed care plans:

    1. HMO (Health Maintenance Organization):

    You select your primary care physician when you sign up for an HMO. Your whole medical care, from yearly checkups to hospitalizations, is coordinated by this doctor.

    The trade-off is that you can only use hospitals and doctors recognized by your plan, even though the co-pay for these services is typically modest.

    Additionally, no specialist can be seen without a documented recommendation.

    2. POS (Point of Service):

    For most of your care under a POS plan, you typically select an in-network physician, but if you want a specialist, you may travel outside the network. If you do leave the network, you can be required to pay more.

    3. EPO (Exclusive Provider Organization):

    Like a PPO, an EPO has a smaller network of participating physicians.

    4. PPO (Preferred Provider Organization):

    Similar to an HMO but with more freedom, in a PPO, You don’t have to choose a primary care physician; you can go to any doctor you like. However, you will spend less if you pick a doctor who accepts your insurance.

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