It is exciting having a brand new baby. We daydream about him growing up to be a doctor or a pilot or whatever he wants to be. We start planning financially to secure our children’s future. We want to be able to pay for their growing years’ expenses and provide them with the best education we can afford.

However, planning the future of children is incomplete without planning for their medical expenses. Many parents (myself included) tend to procrastinate on getting a medical insurance plan for our children. In our heads, we think:

1.  It’s too hard to understand. Let me take my time to find out more.
2. My partner and I are healthy. I doubt our kids would need serious medical care.
3. I’m saving money by not paying an insurance premium.

Well, at least those were my reasoning. It’s funny because I had no problem spending many hours reading newsfeed on social media. But when it comes to insurance (which really is about my children’s health and our money), I just can’t be bothered. I knew it was important, but I kept delaying it.

Last October, a lump grew on Georgia’s neck. It was caused by a common bacteria that lives on human skin. It had somehow gotten inside the skin and turned into a huge lump with growing abscess. The doctor told me afterwards that there was nothing we can do to prevent it. How unlucky right?

Because of its proximity to the blood veins and brain, she was required to have a surgery to drain the abscess and a couple nights of hospital stay. She also needed to go under general anaesthesia (total blackout) because she was under two years old.

While it was a minor surgery, it still costs us thousands of dollars. If only we have purchased a medical insurance for our daughter, we wouldn’t have to deliberate if we want to go ahead with the surgery. With medical insurance, we wouldn’t have to worry about the cost of each extra night(s) spent at the hospital. ‘If only’s are always too late.

So yes, you bet I’ve changed my tune. With 2 young children and a newborn, I now say it is important to have medical insurance plans for children.

With so many insurance plans out there, what should one look for when getting a medical insurance plan?

In short, look for one which offers complete coverage, no out-of-pocket expenses.

NTUC Income’s Enhanced IncomeShield, taken together with a Plus Rider is one such plan. It covers hospital and surgical expenses, your deductible and co-insurance.

“It’s all too complicated. What does it mean?”, I hear you say.

I thought so too. Since I’ve been researching for a suitable plan for baby Will, I probably know a lil bit more than you at this point. Let me break it down:

All Singapore Citizens and Permanent Residents are covered under a national health insurance scheme called MediShield Life.

Income’s Enhanced IncomeShield gives you or your baby or whoever insured the benefits of additional private insurance coverage on top of MediShield Life.

Enhancing your coverage with Plus Rider means you can receive higher coverage. If you stay in a ward that is lower than your entitled ward, you will receive a daily hospital cash benefit.

What I like about Income’s Enhanced IncomeShield and Plus Rider for newborn

Your baby will have coverage on inpatient and outpatient hospital treatments. They would also reimburse you the pre- and post- hospitalisation expenses incurred for eligible medical treatment – up to 90 days before admission and 90 days after discharge respectively. And if your baby needs inpatient hospital treatment resulting from an emergency while you are on vacation overseas, he is covered too.

Also, you may receive a Letter of Guarantee which allows for easier hospital admission as you do not need to pay for hospital deposits.

Even though there is a claim limit in each policy year (E.g. $700,000 for a plan that covers you for private hospital stays), there is no lifetime limit on your total hospital bills. This is awesome because it gives you peace of mind to focus on getting the best treatment for your child.

Savings with the Plus Rider for Newborns Promotion

If your baby is born between 1 May 2016 and 31 December 2016, you can receive 50% off the first year premium for your newborn’s Plus Rider. Yay!

I encourage you to speak to an Income adviser to find out more about the Enhanced IncomeShield plan and Plus Rider soon and don’t miss out on enjoying the savings!

Nothing matters more to parents than the health and wellbeing of our children. If they become ill, prompt access to treatment or perhaps surgery is of vital importance. Having a medical insurance plan give us the peace of mind to do just that.