Insurance for Babies

One of the most important, challenging, frustrating and rewarding things a person can do is become a parent. Caring for an infant is not easy with the frequent feedings, diaper changes and guesswork about what exactly a specific cry can mean.

Yet any parent will tell you that all of the work is worth it. Baby hugs, sloppy kisses and sticky hands holding yours make every sleepless night a quickly forgotten memory.

Insurance and Your Family

Insurance companies and marketers are well aware of your concern for the health, wellbeing and future of our children. Getting insurance coverage for yourself is part of daily life – life, car, home, health coverage – but what protection is best for your children?

Be sure to compare insurance quotes using the FREE search tool located above!

As a parent, not only are your perspective and schedule completely different, but your disposable income has changed. Dollars are tighter and financial decisions take more consideration and research, yet you want to make the best decisions to ensure a healthy and happy future for your child. Life and health insurance are available for babies, but are they the right way to spend your money?

Life Insurance

The basic concept of life insurance is to provide for your family in the event of your death. Benefits will cover the income they no longer have from you, cover your debt and pay for your funeral. Life insurance protects your family in case of the loss of you.

While thinking about the death of your child can be more than unsettling, life insurance can allow you to pay for your child’s funeral expenses in the event that the worst happens.

However premiums can cut into your monthly budget and not all financial planners agree that life insurance for children is worth the money. It is important to remember that not all life insurance is the same.

What should I think about when considering life insurance for my child?

Children’s life insurance can serve a bigger purpose than just paying funeral costs. The first question you should ask yourself is – Can I afford premiums? Some other considerations:

• If your child does pass away, can you afford the cost of a funeral? The average funeral cost for an adult is more than $7,000.
• Do you want to purchase a policy that can also serve to help fund college or education expenses? Some policies allow you to cash out when your child attends college so that the premiums have become a type of savings plan. However, would your premiums be better invested in an actual college savings plan like a 529 Plan?
• If your child develops certain illnesses later in life insurance premiums may be very high or coverage difficult to find. A small life insurance policy when a child is young may help him/her avoid extensive health evaluations later in life.

Life insurance decisions are typically emotional decisions. Take the time to full evaluate your budget, financial needs and what a policy will provide you and your family. If you decide to purchase a life insurance policy for your child, make sure you understand the details of any policy you consider.

Health Insurance

Making the decision to obtain health insurance for your child will, most likely, be an easier decision than the one about life insurance, however there are many additional choices to make. While having a long list of healthcare needs that start at birth can be costly, the right insurance coverage can take one concern off your mind.

Why purchase health insurance for your child?

Your baby will need to see a doctor a minimum of six times within his or her first year of life to ensure that growth is on track, immunizations are given and your child continues to develop in a healthy manner. The six recommended well-baby appointments don’t include any other visits for colds or rashes or any other concerns that pop up.

All of these appointments can be a strain on your wallet if you don't have insurance. While insurance may strain your budget on a month-by-month basis, when you factor in all of the bills that will come in the first year alone of your child's life, insurance premiums, co-pays and deductibles can save you thousands of dollars.

Types of Medical Insurance Coverage

You have the opportunity to select from several different types of insurance. If you have insurance through your workplace, you will be able to add your child on to your policy. The birth or adoption of a child is considered a “qualifying life event” and you can alter your policy at that time.

For parents who need low-cost options, these are available through both the government (Medicaid or CHIP) and local organizations. If you'd like to purchase health insurance coverage for your child as an individual policy, most medical insurance carriers offer coverage options.

Private Health Insurance

Private health insurance can be obtained directly from insurance companies or through the health care insurance exchanges set up by the United States Government. Different states have different availability for children only health plans.

Because some families were waiting until their child was sick before purchasing coverage, some insurance providers have set limits in regard to when policies can be obtain and if child-only coverage is available.

Coverage Considerations

When you are searching for coverage, you'll want to first determine what your budget is per month. Make sure to factor in premiums, co-pays, prescription costs and deductibles. Once you know how much you can spend, you'll be able to search for the right policy to fit your needs.

When selecting a health care insurance plan, following are some questions to answer as you do your research:

• How much is the monthly premium?
• Does the physician you’ve selected accept that plan? Or are there other doctors you’d use that are in the plan’s network?
• What is the deductible?
• What are the co-payments for well-baby visits?
• What are the annual out-of-pocket maximums?
• Are emergency room visits and hospital stays covered?
• Does the plan cover prescription medications?
• Are there restrictions regarding when I can enroll?

As a parent, it is our job to care for and protect our children in any way possible. A big part of that care is ensuring that they are healthy. While insurance can be difficult to squeeze into your budget along with diapers, formula and the clothes kids grow out of so quickly, it is an important part of life as a parent.

Life insurance can ease worries in several ways. Medical insurance will help you balance your day-to-day needs with the great health that your child deserves.

Be sure to compare insurance rates instantly using the FREE tool located below.