Page 15 - 5. June 2016

ಸಂಪುಟ ೬, ಸಂಚಿಕ ೬, ಜ್ನ್, ೨೦೧೬
ಉಪ್ಯುಕಿ ಮಾಹಿತಿ

Tips to choose a health insurance policy for your child

Assess your current financial and medical situation
Medisave funds can be used to pay the annual premiums of basic health insurance or the government-approved
Integrated Shield Plans only. All other insurance plans must be paid in cash.
How much you pay depends on your child’s age, the age of both parents, the sum assured, and the payment
terms and period. How much insurance to buy depends on your desired lifestyle, expectations, affordability
and objectives.
Review your family’s medical history. If there is a strong history of cancer, it is better to buy medical insur-
ance for a child when he is as young as possible to lock in his insurability and serve as a back-up.

Choose your insurance plan and hospital ward class wisely
If you choose a plan that only allows your child to stay in a Class B ward but you upgrade him to a Class A
ward, your bill will be subjected to proration and you’ll need to pay a higher deductible.
However, if you take a higher plan but downgrade hospital wards, some Integrated Shield Plans even offer you
a cash benefit in return.

Lock in your insurability
If your child has no pre-existing health conditions, he
will not face any insurability issues. But if he unexpect-
edly develops a condition during his growing years, that
medical history will follow him for the rest of his life,
making it difficult for him to get life insurance with criti-
cal illness coverage in future. If he needs surgery, hospi-
talisation bills can eat into your savings. So, it is essen-
tial to start with comprehensive insurance coverage
while children are young and not leave it to chance.
It is best to buy medical insurance for children about a
month after they are born, once the birth certificate is
obtained. This locks in their insurability while they are
healthy.

Be honest in your application
Always disclose all information on your child’s health and medical care when you are applying for a policy.
Any non-disclosure or misrepresentation that’s discovered later may result in policy rejection or termination.

Consider other unavoidable factors
Observe your child’s lifestyle and learning environment – is he prone to common diseases? Choose compre-
hensive health insurance plans that offer all aspects of coverage, from child-related illnesses and infectious dis-
eases to all forms of hospitalisation.

( to be continued in July issue)

15