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 Times, 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. A policy to consider by Great Eastern is GREAT SupremeHealth, a MediSave-approved Integrated Shield Plan that offers comprehensive medical coverage and reimburses the eligible medical expenses of your hospital bills.
Terms and Conditions apply.
This policy is 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).