Health Insurance as a Means of Savings
Education expenses have sky-rocketed today, making it crucial for parents to begin planning early. Further, marriage is a huge occasion and involves many expenses, such as catering, wedding trousseau, décor, jewelry, and lots more. For a middle-class family, failing to plan for this in advance can turn the joyous occasion into a stressful one. Choosing investment avenues like mutual funds, fixed deposits, and shares, can help considerably with savings. Additionally, it will be prudent to consider investing in a health insurance plan for your daughter’s future.
Protection against Unforeseen Circumstances
The primary objective of health insurance is to protect complete depletion of savings in case of a medical emergency. A reliable health plan ensures medical expenses are taken care of by the insurer, which prevents any financial setback. In addition, such plans offer security, protecting you against any unforeseen illness or health crisis that could otherwise be an obstacle to meeting your financial objectives.
Advantages of availing Health Insurance for Your Daughter
The basic question is to determine the time when parents should avail a health insurance policy for their daughters. Another question that is often difficult to gauge is the amount of coverage to be purchased. Experts recommend availing health coverage as soon as your child is born. Several insurance companies offer family floater plans that allow coverage of newborn babies during the policy duration.
Most plans allow you to add a new born child more than 3 months old. To include your child in the policy, you will have to pay a slightly higher premium. Although, you may have to incur higher expenses, choosing this coverage is beneficial in the long run. Once your daughter becomes an adult, you can either continue the coverage in your family floater plan or acquire a separate insurance plan.
Most insurers allow coverage for dependent children until the age of 21 or 25. After this, it would be advisable to seek the best health insurance policy for an individual instead. After her marriage, she may either choose to buy a separate health insurance plan or can be covered under her husband’s family floater plan, which passes on the responsibility to her husband.
Provide Your Daughter the Good Life
As a parent, it is your responsibility to give her the life she deserves. Although, buying a cashless health insurance plan may seem unnecessary at first, it becomes the most rational choice once you consider the possibility of potential medical expenses and their implications on your financial security. As a parent, it is also your responsibility to provide your child with good education and security through adequate financial planning. Not availing health coverage for her can wipe out all your savings, which may fill her future with uncertainty.
Know more on how to protect your daughter’s wedding fund with 5 Paisa health insurance policies.
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