Health insurance is one of the types of insurance that is often overlooked because when someone is employed, they are likely to have one for themselves and for their dependents. However, it is an important type of insurance that can help a lot of people, especially children at their young age. Health insurance is important during these hard and trying times, so understanding why it is essential for your kid is needed too.
The Importance of Health Insurance for Kids
Health Insurance for kids is a type of health insurance that covers the basic needs of children. It has the same characteristics as a health insurance for adults, but it has a number of special features that is specifically designed for children, such as vaccination schedules, dental coverage and even prescription glasses for children who need it.
Since each company has a different type of coverage for health insurance for your children, it is important to know the basic elements of health insurance for kids and how it can help struggling parents to cover for their child’s medical needs. Below are some of the types of health insurance that make children eligible for coverage.
Types of Healthcare for Children
Private Health Insurance
Private health insurance is a type of insurance that is funded by a private company. There are a lot of private health insurance providers in the country, all of which have the same objective but have different processes to follow and to avail of coverage.
The cost of health insurance coming from a private provider varies depending on a wide range of factors. Factors would include but is not limited to the age of your child, the height and weight of your child, their pre-determined condition/s and in some cases, the location or vicinity of the child’s residence. It can go for as low as fifty dollars a month, to a couple of hundred dollars for a monthly coverage.
Public / State Funded Health Insurance
Public or state funded health insurance is a type of insurance that is already being carried out around the world, some beneficiaries of which are children. In the United States, there is the Children’s Health Insurance Program (CHIP) that covers children with the subsidy of the government and the assistance of a private healthcare provider. A state-funded health insurance can be further divided into two categories, namely:
Full Cost Health Insurance
This type of health insurance for kids covers high-income households. Although it is not as highly subsidized as the other types of state funded insurance, it is still relatively more reasonably priced compared to a private health insurance for your child.
Low Cost Health Insurance
This is a type of insurance that covers middle income families and their children. There is a minimal cost that is expected to be paid by the parent or guardian of the child, but it is a good premium for those who can’t afford a full private funded insurance. This is a type of insurance that best applies to families with a generated annual income that is no less than fifty thousand dollars, but is no more than seventy thousand dollars, based on the CHIP bracket.
No-Cost Health Insurance
Most people who apply for health insurance for their children fall under this bracket. They can apply for coverage and based on their eligibility requirements, the state will cover for the health insurance of their children. In the US, most of the 7 million beneficiaries of the CHIP are no-cost beneficiaries.
How to Look for Children Health Insurance Providers for Your Children
There are numerous ways to find a health insurance for kids provider in your area. All you have to do is to follow these guidelines so that you can have your child insured in no time.
There are a lot of health insurance resources that you can use online in order to find a health insurance provider in your area. In the U.S., websites such as healthcare.gov can help you find a provider within your area, complete with the basic information you need in order to make sure that you are paying for the premium that you need for your child.
Ask Your Employer
If your current employer provides health insurance for you, you can ask them to provide health insurance for your dependents as well. Some employers provide health insurance through a monthly salary deduction for your dependents, while others offer this kind of insurance to a limited number of dependents without any incident to your salary.
Consult a Pediatrician
If you have been going to the same pediatrician for your child within a certain amount of time while not having health insurance, you can consult them about the healthcare insurance providers that they accept in their practice. Doctors are a good resource for trying to look for health insurance for your child as they can also provide first hand experiences in terms of coverage and service that the insurance provider offers.