Getting a health insurance for your newborn baby can provide you with the relief that your baby’s medical costs will cover. There are thousands of insurance policies that are easily available online, at affordable price points. Giving birth to a baby is a life-changing event, hence, you are provided up to 60 days to enroll for a health insurance, irrespective of your baby’s existing medical conditions. You can either add your baby to your existing coverage or switch plans entirely.
If you choose to add your baby to the existing coverage, contact your insurance company, inform them of your baby’s birth and share your social security number. If you have a health insurance policy through your workplace, inform your HR handling your policy about your child’s birth. It’s best if you get this done within the 60-day period. There are several benefits to adding your newborn baby to your existing health insurance plan. First, the monthly costs are lower. Second, most of the policies cover your newborn baby instantly or after he/she is released from the hospital. The policy will cover your child for any pending treatments, procedures or surgeries without levying a surcharge. Note that if you are currently on a non-compliant policy that offers limited benefits, you cannot add more members of the family without filling in a new application.
Sometimes, the cost of adding family members to an existing plan can work out more expensive. In such cases, you can opt for an independent health insurance policy for your newborn baby. Although a federal subsidy may not be available in such instance, private policies may offer lower rates that can help you save money. While comparing all the available policies, make sure you take the following points into consideration. Choose one that best suits your needs.
- An estimation of your health care expenses
- Budget for monthly premium payments
- Hospitals and doctors of your preference
- Prescription drugs you take
- Things you don’t like in your current plan