05_BT_May 2022

Life & Style
Feature
How to
Choose
Health
Insurance
for Children
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.
44 BabyTalk | May 2022