As any parent knows, children are prone to accidents. They may trip and fall, get cuts and scrapes, or even break a bone while playing. While most childhood injuries are minor, they can still be costly to treat. In addition, more serious accidents can occur, resulting in significant medical bills and even long-term care costs. Fortunately, you can reduce the financial impact of unexpected events when you have insurance for your little one. 

Which insurance is best for my child?

Most would assume that insurance can be expensive, but that’s not true – especially when it comes to insuring a child. Children’s premiums are generally lower than adults but bear in mind that the amount varies with different insurers. Some have a fixed premium for children up to 15 years while others have varying age bracket premiums. With this in mind, there are three types of insurance policies that you may consider purchasing for your child: Maternity insurance, medical insurance, and outpatient cover. 

1. Maternity insurance

For expectant parents, maternity insurance can be an essential part of preparation for the arrival of a new baby. Maternity insurance can cover the cost of doctor visits, routine scans, hospital stay and delivery. These are all essential medical services that can be pricey without insurance. In fact, the average cost of nine months of prenatal care in Singapore can easily go over S$6,000. The cost of delivery and postnatal care can further add several thousand dollars more to the total bill. 

Maternity insurance thus comes in handy to offset these out-of-pocket costs so you can relax and enjoy your pregnancy more. In the event of pregnancy complications such as gestational diabetes or preeclampsia, your choice of maternity insurance will likely cover the associated costs. If you and your partner are planning for pregnancy, maternity insurance can be purchased up to 10 months prior to getting pregnant.

2. Medical insurance

Most don’t realise that medical insurance plans generally will exclude pre-existing conditions. This means any conditions the policyholder already had when they applied for coverage may not be covered by the policy. On the contrary, purchasing a policy in advance can guarantee full financial protection for your child in case of any future health problems. If a health issue does arise, you can have assurance that your child can get the treatment they need without worrying about the cost. 

Medical insurance will cover your child’s medical expenses in the event that they become sick or injured during the policy period. This can include doctor’s visits, hospital stays, treatment for critical illnesses, and more. Especially if you have a family history of health problems, it is advisable to insure your child at an early stage so that they can qualify for coverage later in life when they may need it most. 

3. Outpatient cover

It’s not just unexpected illnesses and injuries that you need to be prepared for, either. Children need routine check-ups and immunisations in order to stay healthy. Complement your medical insurance with an outpatient cover, also known as General Practitioner (GP) and Specialist Insurance to cover the cost of your child’s regular checkups and vaccinations in Singapore. By including outpatient cover in your medical insurance policy, this can come in handy to save you money on out-of-pocket costs should your child need to see the doctor. Do note there is no stand-alone outpatient coverage but you can take this on with a basic hospital and surgical plan.

Bonus tip

On top of insuring your child, you may also think about getting term life insurance as an extra financial safety net for your family. Term life insurance is a type of life insurance that provides coverage for a set period of time, typically 10, 20, or 30 years. It’s the most affordable type of life insurance available, which makes it an attractive option for parents who want to make sure their loved ones are taken care of financially if something happens to them. 

Overall, it’s never too early to start thinking about purchasing insurance for your child. In fact, some parents opt to purchase insurance policies on their children shortly after they are born. The most important thing is that you purchase a comprehensive plan that can help protect your kids now and into the future. This way, you can be sure that they are covered by the policy and that their medical expenses will be paid for if something were to happen to them. 

Talk to Expat Insurance to learn more about maternity insurance, GP and outpatient health insurance or other types of coverage for your family today.