If you go ahead and ask the financial planners about insurance plans, they will recommend health ones. For anyone to everyone, health insurance comes as the starting point of all financial plans. Before beginning to invest in anything, securing your health should be your first choice. If you have a child then the priority shifts to them. Parents are concerned about their children so the child health insurance program is important. And in this article, we have 6 points to consider when you want to choose the best child health insurance plan.
We all know that nasty surprises are all around us and the cost of medical facilities is high. It has become an absolute necessity for all of us to choose a good policy. A child health insurance policy will protect you from a financial emergency.
A child health insurance program is an agreement between you and the insurer. The insurer promises to provide your child with coverage if you abide by the rules in the agreement. This coverage is in the form of medical expenses. By purchasing insurance programs, you get rid of the hefty bills incurred during your child’s treatment. You won’t have to compromise by reducing the quality of treatment.
In any family, the dearest ones are kids. Whether it is a father or mother, they try to protect their child. Can you imagine a situation where your child falls ill? In such a situation, you will go through emotional turmoil. As a parent, you will always choose your child over money. Even if it is the last penny, you will spend it on your child’s treatment. But, what are you going to do after that? You will end up giving your home many difficulties. You can avoid that with the child health insurance program.
Today health insurance providers have come with various plans. These plans cover a major section of illness issues. There are many that include annual check-ups in their plans.
How to Choose The Best Child Health Insurance Plan
Here are 6 points to consider when you want to choose the best child health insurance plan:
#1: Does it offer newborn coverage?
This is one of the significant features related to child health insurance program. You have to ask the insurer whether the company offers this feature or not. Newborn babies are quite vulnerable to infections. It is obvious as they have just come out from a healthy environment in their mother’s womb. This sudden change makes them susceptible to multiple diseases like skin disease. So there must be a provision to take care of hospital bills for baby. In some insurance companies, the coverage begins from the day of birth.
#2: What are the minimum and maximum age of coverage?
In child health insurance programs, the coverage may begin from day 1 itself. There are companies that may provide benefits only after the age of 5. So you must ask your policy provider about it. If your baby is just about to be born then early coverage will definitely provide benefit to you. In the United States, the maximum age for child insurance program is 19.
Also read: How to Choose a Health Insurance Policy?
Still, your provider may not consider it. Everything is usually mentioned in the agreement. You can either ask the provider or go through the agreement for the same.
#3: Does it provide comprehensive coverage?
Most of the insurance companies provide comprehensive coverage in their plans. It means there is all-round coverage for your child. The best program is one that covers maximum areas. For example, hospital care, dental care, check-ups, immunizations, and emergency services. Maximum benefits ensure low chances of bill payment by you.
#4: Are there any exclusions in this insurance program?
A child health insurance program may not include a few treatments. So ask your insurance company about the type of exclusions from the program. An insurance company won’t cover charges for the treatment of congenital defects. If you don’t ask now, you will end up fighting with the company. Most of the insurers skip this important consideration. Later on, when they actually need help, they come to know about the exclusions.
#5: Does it include co-payment?
It is not necessary that there will be a co-payment feature in your insurance plan. Some insurance policy providers will ask you to make co-payment for specific treatments. It is also a sign of relief if someone shares your financial burden. If you cannot contribute at all then you must ask this question to the insurer.
#6: Did you compare different insurers?
Yes, you need to compare the offers of various insurance companies. Different insurance companies offer different coverage. If you visit the first one then you are probably not aware of the variation in offers. If you don’t have time then consult insurance agents. They will guide you in finding the right policy.
If you are not sure whether your kid qualifies for CHIP or not then check online. You can fill out an application through the Health Insurance Marketplace. If your kid is eligible then your data will be sent to Medicaid agency. It is convenient for you to apply for the child health insurance program.
We do believe that CHIP is a life savior. However, the truth prevails that it cannot do anything for parents. In the case of parents, the best guide is Medicaid. Most of the low-income families do not even qualify for CHIP. The MACPAC conducted a survey on CHIP covered children in 2017. It says 9 out of 10 children belong to families that earn less than 2 times FPL. Here, FPL means the federal poverty level.
If your child qualifies for a child health insurance program, it’s actually great. Remember, the states can take their own decision on qualifying for CHIP. So the details may vary a bit according to the norms in your state. You really need to be serious about child healthcare, if you are not. This article covers the major details on how you can choose the best Child Health Insurance Plan. If you consider these points then you will definitely end up with the best insurance plan. In case, you have any queries on the child health insurance program then feel free to ask us. We will try to answer your queries as soon as possible.