In a perfect world, no one would ever need insurance, or at the very least, it would be available to families for free. In this less-than-perfect world, however, children need to be covered by insurance, for many reasons. If you are considering finding out how much insurance you should buy or if your child is covered, read on.
Childhood is a time of exploration and discovery, resulting in typical bumps and bruises that accompany those adventures. Occasionally, child play or other types of accidents can result in the necessity to head straight to the emergency room, and depending on the severity of the situation and the medical treatments needed, a single visit could produce a whopper of a bill, literally transforming your financial status from “just getting by,” to “deep in debt.”
Insurance for the Best Healing
As good parents, everyone wants to make sure that if and when their children need medical help, they will be able to access the very best possible treatment. There are more than a few medical procedures, medicines and such that, without insurance, are not available for children, no matter how much they need them. You want to know that your child will always be protected by insurance, and that the benefits of that insurance will always support your child’s best health and healing.
How to Know if Your Child is Covered
The insurance coverage provided by your work will either be through an individual, group and/or family policy. It will be detailed on the page outlining the policy declaration details. How much you will pay toward that policy can vary, or even if you have to pay at all. Sometimes the covered worker has no responsibility to pay but will be required to pay for other family members’ coverage, in part. If you have any doubts,you’re your employer, and make sure to read your employee insurance handbook thoroughly.
Until the Age of 26
If children are covered in your insurance plan, you can typically add them to your policy or kept covered by your policy until they are 26 years old, even if they move away from home, get married, are attending college, eligible for their own work insurance plan enrollment, or are no longer claimed by a parent on their tax return. This is true with both employee plans and individually purchased plans outside of work.
How Much Insurance is Enough?
While coverage for doctor visits is important, you’ll want as much coverage as possible for emergencies and hospital stays. Dental insurance is particularly important for children and young adults, and so is Life Insurance. Something no one wants to think about, but it is important to have. Hopefully, you will never need to use your insurance on your child for anything other than routine checkups, but if you ever need it, you’ll be glad they are covered.