My friend CH first guest blogged on bumblebeemum.net on “Guide to Buying Travel Insurance“. Following my post on my kids’ hospitalisation, many people have asked me questions about hospitalisation insurance. Which I can’t answer. So CH was very kind to help churn out a post on points to note when buying children hospitalisation plan. (And he really rushed it out, because in his words, I didn’t give him heads up. Who would know people would read my blog???)
Also to add, someone has shared with me this very useful link that does a comparision of the various companies’ plans. Please read:
Children Hospitalisation Plan – What you need to know!
Yes! Get it early as we do not know when our kids require medical attention and you would not want to be faced with the prospect of an unknown bill.
Requirements at the point of application:
- Insurers in general only allow application of hospital plans when the baby is between 10 to 15 days old.
[disclaim]BBM adds: I’m pretty sure I called my agent up before 10 days. Maybe you can call up earlier to get the paper work done first. Better to be early than sorry right?[/disclaim]
- Two very specific criteria on underwriting of hospital plans for babies: gestational period and weight at birth. The general guideline: 38 weeks of gestation (anything less will be considered as premature birth) and birth weight of at least 2.5kg.
This is amongst other considerations like hearing screening, jaundice, agape score and other observations by the paediatrician.
[disclaim]BBM adds: Both my kids were born at 36 weeks. They were more than 2.5kg though[/disclaim]
On the topic of delay in inforcement of plan
- CPF does have a billing cycle and your enhanced Medishield plans may take some time to come inforce. Enhanced Medishield plans are always inforced on the 1st of the next month or the following month, depending on the date of your application.
- If you are caught in no-man’s land, ie the period where your case is accepted but the billing cycle haven’t kicked in yet, (like what BBM experienced), technically the cover has not started yet. It is on a case by case basis if the claims that happened during this period, will be honoured or not. Which brings us back to doing it as early as you can.
Public vs Private Hospitalisation Plans
- Consider initiating a private hospital cover as it gives you option between a public hospital and a private one. Of which you can consider the waiting time, preferred attending doctor, availability of preferred ward. If you initiate the cash rider, most riders pays a per day allowance should you choose to go to a public hospital instead.
Renewal of Plans
- Look for guaranteed renewal plans. Which means even if there is claims, the insurer will renew the plan regardless of the previous claim amounts. There are plans in the market that do a underwriting when the kid hits 18 year old.
- Because they are children, look for plans that allows reimbursement of expenses incurred by accompanying parent. This feature is usually found in the cash rider.
About the Author:
Cheng Huann is a seasoned insurance practitioner and is a multiple qualifier for the prestigious MDRT. Outside of his work, he makes his children laugh and plays Monopoly. CH also runs a food blog.
[warning]The above article is provided as information only and should not be deemed as professional advice. It is derived from the author’s personal experience and knowledge. It does not represent the opinion of the Companies that the author is licensed to conduct his trade.[/warning]
[disclaim]BBM was not sponsored in any way for this post. Although she thinks CH and his company should treat her to a Venti-sized Houjicha Latte for her previous post. On ice please.[/disclaim]