Health Insurance: Tips to Choose a Policy for Your Child
An adequate health insurance policy for your child may be the best way to stay covered despite increasing medical costs Getting adequate and comprehensive health insurance for your child is your best bet to hedge against increasing medical costs, according to Ms Wendy Soong, an executive financial consultant with NTUC Income. She suggests considering the following points before shopping for a policy. 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 ca...