Gifting a Health Insurance Policy to Kids – Advantages and Disadvantages

Many parents might think that children are not prone to diseases, so what is the point in buying a health plan for them? However, in the present situation there are many important reasons why one should buy health insurance in India for their kids.

Reasons to buy Health Insurance for Kids in India

• Weak immune system – Many children have weak immune systems that make them prone to diseases. With weak immunity, children have limited ability to fight different ailments and thus they are more vulnerable. So, having a good health insurance plan allows the parents to support the child with the best treatment in case of any health issue.
• Scare of Accidents – Accidents are so common these days on the road. Everyday there are hundreds of people getting injured due to accidents. Despite the fact that you are driving or not, you cannot guarantee total safety while on the road. So, having insurance in hand is always a good idea to save you from the monetary expenses incurred in an accident.
• Health Risks – Further, in terms of health issues children are more at risk of getting illness as compared to adults. Since, children eat a lot of junk and unhealthy food, they are very vulnerable. Thus, buying health insurance plans for kids is something that is necessary.

Advantages of buying health insurance for kids in India

• Monetary security to cover health costs – With a health insurance plan you may not worry about your medical bills in the event of any health emergency. So, if you buy a health plan for your kids, you may stay away from the worries of their medical requirements and can keep your savings intact as well. Further, with the rising healthcare costs, having health coverage has become all the more important.
• Cashless treatment available – In case of medical emergency, your health insurance policy would allow you to avail cashless treatment for your children at a network hospital of your choice that is enlisted in your insurer’s hospital network. This way, you can keep your savings intact and stay away from the hassle of filing a reimbursement claim. So, while choosing the health insurance policy for your children, make sure to select a plan from an insurance company that has a wide range of network hospitals.
• Allow you to avail quality treatment – This is one of the key reasons why you must avail health insurance for your kids. With a health insurance policy in hand, you can seek cashless treatment in the best network hospital in your city. Also, God forbid, if your children require hospital admission for any ailment, you can give them the best treatment and the best facilities too. Besides, health insurance plans for families also enable the insured to avail day-care treatment, pre and post hospitalization, mental healthcare and so on. Some of the plans may allow the insured to avail free annual health check-ups along with renewability for lifetime.
• Offer tax benefits – Buying medical insurance policy for your  children also proved beneficial in the long run for saving income tax. The tax deductions available on family health insurance premiums that you pay allow you to save taxes  on your hard earned money and several benefits in the long run.

 Disadvantages of health insurance 

There is no such disadvantage of gifting Insurance to your kids . Health insurance cover is definitely a plus point that everyone should have irrespective of the age of the person. So, be it a child or an adult, everyone must have health insurance coverage.

The only thing that you may consider as a disadvantage of buying health insurance for children is the additional expense that you have to incur. But, the security in case of a health emergency as well as the mental peace that you can earn outweighs this expense.