Tips to kickstart your child's health protection

As the age-old adage goes, health is wealth. It doesn’t just apply to adults – it goes without saying for our children, too. As children are more vulnerable to illnesses and injuries, it is important to safeguard them from these uncertainties. All the little expenses – from routine consultations to hospital stays could add up – and take a toll on your household expenses if they are not properly managed. In caring for your children’s health, the last thing you want is to not be able to pay for their medical bills.

Here are some tips to help you kickstart your children’s financial health protection.

1.       Planning is key

Planning might not come easily for some of us, but this serves as a foundation to assess realistic financial goals based on your household income and expenditure. Start by keeping track of your income streams and monthly expenses. It is also helpful to review your family’s priorities to ensure that your spending is proportional to your needs. According to an article published by The Straits Times¹, some parents even cut down on their expenses to buy health plans and education insurance for their children. Sometimes, it’s all about prioritising what matters most.

2.       How much can I expect to pay for my child’s insurance?

As parents, we want to obtain the best coverage for our children at the lowest possible premium, and ensure that we are providing long-term protection aligned with our budget. Health and personal accident insurance schemes should be a necessity due to the protection value, rather than the returns we can get from the policies.

3.       How do I decide which insurance scheme best matches my child’s needs?

With the myriad of health insurance plans available in the market, it can be tough to decide. Furthermore, investing in the right policy will take up a fair bit of research and reading between the lines to make sure you are getting the most bang for your buck.

Pro-tip: Purchase your child’s policies at an early age, as choosing to do so when he is older runs the risk of him developing a health complication, potentially making it harder to secure the necessary coverage.

Great Eastern’s GREAT SupremeHealth is a MediSave-approved Integrated Shield Plan that enhances MediShield Life with as-charged coverage. When supplemented with GREAT TotalCare P Select, it covers up to 95% of the total hospitalisation bill for both private and restructured hospitals at greater affordability. Start your child’s health coverage early and enjoy 20% off* premiums when you apply today.

Footnote:

¹Source: https://www.straitstimes.com/lifestyle/financial-planning-for-kids.html

^*For Great TotalCare P Select or GREAT TotalCare P policies that are incepted with no premium loadings and/or exclusions. Terms and conditions apply.

Disclaimer:

This advertisement has not been reviewed by the Monetary Authority of Singapore. 

GREAT TotalCare is not a MediSave-approved Integrated Shield plan and premiums are not payable using MediSave. GREAT TotalCare is designed to complement the benefits offered under GREAT SupremeHealth.

The information presented is for general information only and does not have regard to the specific investment objectives, financial situation or particular needs of any particular person. 

The above is for general information only. It is not a contract of insurance. The precise terms and conditions of these insurance plans are specified in the policy contract.

These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

Information correct as at 6 April 2023.