As an adult with one eye to the future, you may be considering family medical insurance, also referred to as medical insurance. But what about your children? Is it worth getting health insurance for the whole family?
What are the benefits of children’s health insurance?
Health insurance would give your child access to medical care within a private hospital. If the worst were to happen and your child needed treatment for a medical condition, it is likely that with insurance they would be seen quicker than if they went through the normal channels of public healthcare.
Other benefits include access to expensive drugs that may not be otherwise available. You may also be given the option to pick and choose your specialist consultant, rather than have that choice made for you.
What are my options?
This is where comparing the health insurance market really comes into its own. As is common with any insurance, the increasing cost of the premium reflects the scale of your cover. It is important to compare many different options to suit the needs of your child, but the options are usually tiered into basic, medium, and comprehensive.
Depending on affordability, you may also be able to add on extra coverage for things such as teeth, eyes, and physiotherapy. Remember, what is included in your chosen policy is as important as what is excluded. Check the small print regarding the exclusions to keep yourself informed.
Their own policy or a family policy?
By comparing the insurance market, you’ll see that it’s possible to insure your child on a stand-alone policy. However, it is more common to take out a family policy. Each policy will differ in what conditions are covered and who can be covered, but adding a child or children should be straight forward. Some policies, for example, allow you to add a child from birth free of charge, and start charging a premium after their first birthday. It is also worth considering that many family policies discount pre-existing conditions when adding a child from birth, thus keeping your premium reasonable.