Welcoming a newborn child is perhaps the most defining and significant moment in any parent’s life. However, as any parent would know — children are vulnerable and need special care well into their adolescent years. This is why a health and wellness plan that includes health insurance, vaccinations, healthcare and screenings to support their growth should be a priority for any new parent.
When it comes to a health insurance policy, it’s vital to have one very early on. According to health experts, the right health insurance policies should mirror key life milestones from pre-birth, infancy and childhood to young adulthood.
“The cost of Critical Illness insurance is often the highest, followed by medical insurance and life insurance. The sweet advice here is to purchase insurance as early as possible because when you are healthier and young, you pose a lower risk of facing these sorts of medical issues and therefore enjoy paying insurance at a lower premium,” says Annie Wong, Managing Director of Annieway 96 Sdn Bhd, a professional financial planning consultancy.
Prenatal Coverage
It’s a good idea for parents-to-be to consider maternity benefits when deciding on health insurance policies. Prenatal coverage usually includes pregnancy, diagnoses, pre-birth medical costs for both child and mother, and hospitalisation due to delivery. It is important to review the policy to see what is excluded – for example, congenital diseases, to avoid any unfortunate surprises.
Birth and Infancy
Some parents assume that their newborn is covered automatically by insurance and vaccinations. Do check with your insurer if these are incorporated into the policy. Also, examine the terms carefully to see if it only covers the newborn child up to a specific number of days from the delivery date.
Childhood and Adolescence
Whether your child is still a baby, a toddler, or in their teens, they are still vulnerable to various diseases as well as accidents that can lead to serious injuries. Should these unforeseen health hazards affect your child, health insurance can let you focus on helping your child heal and regain their health without concerns about funds getting in the way.
Young Adulthood
When your child reaches adulthood, it is ideal to begin a new plan or change your current family package to an individual one to ensure better coverage. You may wish to consider one that allows for the maximum age at exit for dependents as it gives you time to decide on alternative possibilities that would best benefit your child.
What To Look Out For
Regardless of which health insurance you select for your child, it should meet your long-term needs. When selecting a plan, it is advisable to find a list of hospitals that have connections with health insurance providers to save costs on treatments done there. Identifying which hospitals have experienced paediatricians and child specialists can help lighten the financial burden, especially in an emergency. In addition, know your budget and decide on the amount you wish to invest into your insurance.
“Talk to an expert, a licensed financial planner or insurance agents from different companies and compare quotations. Agents will generally provide you with different plans, benefits, and prices. Most importantly, you will need to understand your needs first. Then, you can focus on the features and benefits,” Anne advises.
