Omicron Threat: Must Know Steps Before You Buy Child Insurance Policy

World Health Organization (WHO) chief scientist Dr Soumya Swaminathan said on December 5 that children may get more Omicron infections as they are unvaccinated. Compared to the delta variant of Covid, reinfections in the Omicron variant are more common, said Swaminathan said, talking to CNBC-TV18.

“Not many vaccines available for children and very few countries vaccinating children. Children and the unvaccinated may get more infections when cases rise. We are still waiting for data to conclude Omicron variant’s impact on children,” she said.

With vaccines for children not arriving in India yet, the Omicron variant has raised concerns about children’s health. In the absence of vaccines, the best way to prepare for any eventuality is to have adequate health insurance for your child. Children can be covered under a family health insurance plan or an individual cover.

Health Insurance For Children

If you have small children, taking a family floater health insurance plan is advisable. Floater plans provide more coverage at a lower cost than multiple individual plans. Floaters are the best option for most families who do not have a significant history of chronic issues.

However, ensure that your floater policy is large enough to cover the entire family, including children.

“As an individual's age or the number of family members increases, a better health insurance plan with higher coverage is required to meet the medical needs of both the child and the family. This is an important time for a parent to review his or her child's health insurance coverage and better understand his or her family's and future needs,” says Subramanyam Brahmajosyula, head, reinsurance and product development, SBI General Insurance.

A comprehensive health and wellness programme is an important part of financial planning for your children's future. It should be planned to care for the mother from the time she conceives up to the child's maturity. To cover your child, there are a wide range of comprehensive health insurance plans available in India, with optional scale-ups.

Things To Keep In Mind

Here are the aspects you must check out for full benefits of your child’s policy:

Choose Adequate Sum Insured: To help you meet any medical emergency, always choose a plan that provides optimum health coverage and sum insured, as per your requirements.

“Medical inflation is causing health care costs to grow, so you'll need an adequate sum insured to keep pace with the rising costs. Make sure that the optimum mix of benefits and sum insured is chosen which is also within your budget so that you do not need to dip into your savings during emergencies and keep it for your children's future,” says Brahmajosyula.

Choose The Right Coverage Type: If you have a larger family, floater plan that covers everyone is recommended to avoid separate insurance policies for each family member. In comparison to individual policies, the premium is lower in floater plans.

Calculate The Premium: It’s important to understand that the amount of premium you would be prepared to pay could have an impact on the medical coverage you receive. Deciding on your budget beforehand can assist you in making an informed decision when selecting the best health insurance plan for your family.

Check The Exclusions: Conditions that are not covered by health insurance are referred to as exclusions. It's a good idea to go through all the exclusions under your policy even before you purchase a policy. You should select a plan that provides comprehensive coverage with few exclusions.

Check Age Criteria: Age plays a crucial factor while opting for health insurance. “It is best to invest in a suitable health insurance plan at a relatively young age so that the cost of health insurance premium is low. Thus, it's strongly recommended to make a timely investment for a child's health insurance,” adds Brahmajosyula.