Medical insurance for your baby, what you need to know and how to get coverage from day one for medical conditions and vaccinations
Whether you are about to embark on parenthood for the first or fourth time, one theme remains the same – you need protection. We’re not talking safe sex (it’s too late for that); we mean the safeguard of medical insurance. It’s not fun to think beyond nursery decoration and prenatal yoga when you’re pregnant, but taking the time to sort out some coverage before you give birth will save time and money later.
Here are 10 things to keep in mind when planning medical insurance for your newest addition:
1. Kids are expensive – It’s staggering to think that the average cost of raising a child from birth to secondary school is at least $276,400 (Money Smart Singapore May 2013). ‘So cheap la’, said no one, ever. While the average cost of hospital visits when your child is an infant is around $5,000, this amount can be offset or completely covered by newborn coverage. Phew.
2. Immediate coverage Newborn insurance ensures that your tiny tot will be covered for medical costs from day dot. You can rest easy knowing that should your baby need to visit A&E, or pop to the doc, that the bills will be taken care of.
3. Direct billing – OK, direct billing is hands down the BEST part about having good health insurance. Nothing beats whipping out your insurance card and having the medical provider swipe it through their wonderful machine without you having to reach for your credit card. Winning!
4. Shorter waiting periods – Most serious health issues will become apparent in a newborn’s first weeks of life. Therefore, you want to find a plan with the shortest waiting period possible so you can claim expenses.
5. Know the extent of your coverage – The best newborn insurance plans make all restrictions clear and explain the underwriting process so you know exactly how you are covered. It’s nice to know you can make important medical decisions quickly already knowing your financial exposure (if any).
6. In case it doesn’t all go quite to plan – Sometimes life has a way of throwing us a curve ball. If your child is born with a serious medical condition, the last thing you want to worry about is having to foot exorbitant medical fees. Some newborn plans cover such an eventuality, leaving you free to focus on the wellbeing of your child.
7. Vaccination coverage – OK so we are making an educated guess here and presume that you are not an anti-vaxxer. After a jab, a balloon or jellybean will help dry your little one’s tears, and knowing that you won’t be slugged with a $300+ doc bill will stop you form crying too. Check out our recent article on Immunisation for more deets.
8. Affordable deductibles – You can tailor your plan to suit your current and expected future situation. There is a perfect plan out there for you with a deductible that you consider affordable.
9. Freedom of choice – We all like to be able to choose our preferred doctor or hospital. You can find a plan that best suits your needs – and it can be as general (i.e. private or public) or as specific (i.e. Parkway Shenton Group of doctors / hospitals) as you like.
10. Help is at Hand – So how do we navigate through the seemingly endless confusing options and choose the right deal? Luckily the folks at Pacific Prime are experts at finding the best plan to not only meet your budget, but to meet your unique situation. As their consultants are parents living in Singapore, just like us, they get what you need and are unbiased in delivering the options.
Contact the knowledgeable Pacific Prime insurance broking team for informative, speedy and fuss free solutions.
This post is sponsored by Pacific Prime.