hospitalization health plan for 2mth baby

[vonvon]

Hi mummies,
Appreciate if u could share ur point of view in getting hospitalization health plan for baby as advised by my insurance advisor to get this for my 2 mth baby... Will it be to early to get this for baby..
Thinking on getting life and endowment plan for baby first....not the hospitalization plan yet ( really choi, touchwood ooh)

 

[Edwinie]

hmm...

to me, i feel the most appropriate time is when my son is in infant care or child care. my reason is because at that point of time, he will be interacting with other children who might pass their germs around.

my mil worked in infantcare and she said they get sick easily. some who are healthy initially, got so sick in the infantcare that they needed to be warded. and she said it's normal because of the air-con environment.

 

[diymummy]

I got a hospitalisation/accident plan for my baby first before endowment and life.

I bought life insurance for my son when he was 2 yo. It is a term insurance.

 

[banner82]

Hi,

This topic has been briefly discussed in this thread http://www.mummysg.com/forums/f107/insurance-your-child-2503/index3.html read from post #51 onwards.

I prioritise my kid's financial planning as follows:

1st Priority: Hospital plan Full Coverage
2nd Priority: Education savings
3rd priority: Accident plan
4th Priority: life insurance

I just got my son a hospitalisation plan (full coverage) with Aviva. In my opinion, children should be covered for their health first. Getting life insurance at this age is redundant as your child has no dependents yet (i.e. he is not earning income).

Next priority on the list is to save up enough for his education purposes. I'm not getting endowment plans as the return is pretty low and since I'm financial savvy, I'm planning to create my own investment portfolio which includes a mix of equity shares, ETFs and possibly one time premium endownment plan to offset risks.

Next on the list is to get an accidental plan with AIA at 2 yrs of age when he enters into childcare. Lastly, i'll get him to buy life insurance when he starts earning his first income.

 

[fioncess]

i agree partially with banner..
im a insurance agent.. but 1st thing i get for my daugther is a hospitalisation plan with full coverage.. cos you nv know wat will happen.. like my daughter she gt UTI and has to be hospitalise when shes 6mth old. with the coverage her medical bills are fully covered... then i bought saving plans with low coverage... when shes abt 1 then i buy accident plan cos ard 1 yo they are more pior to accidents.. ( i alr did a few claims on tt)... when $$ allow then look into protection....

 

[vonvon]

Hi banner82 & fioncess,

Thanks for the info..
Appreciate if u could share on the cost of the hospital plan with full coverage for ur baby.. my GE agent quoted me the hospital & surgical plan (supremehealth P plus with rider - Platinum plan) @ $148.1/yr - medisave & $28.63/mth (cash), is it reasonable?

any good endowment plan with protection to recommend since i'm not a financial savvy..don't think i know how to create the investment portfolio as banne82 ...
although i know the return is less, but better than nothing mah...
:wong19:

 

[Stormblessed]

Hi banner82 & fioncess,

Thanks for the info..
Appreciate if u could share on the cost of the hospital plan with full coverage for ur baby.. my GE agent quoted me the hospital & surgical plan (supremehealth P plus with rider - Platinum plan) @ $148.1/yr - medisave & $28.63/mth (cash), is it reasonable?

any good endowment plan with protection to recommend since i'm not a financial savvy..don't think i know how to create the investment portfolio as banne82 ...
although i know the return is less, but better than nothing mah...
:wong19:

You can check out: Ministry of Health: Comparison of MediShield and Private Integrated Plans
MOH website compares the various shield plans

You can PM me if you want to discuss. I'm a financial advisor that's not tied to any insurance agency, so can provide comparison for you.

 

[vonvon]

Hi stormblessed,
Thank for the website. Will check it out and will PM u if I need any offer... Thanks ya.

 

[shiyi]

got an education endowment plan and H&S when baby turned 14days old.
also purchased personal accident when baby starts crawling

 

[Inthemood]

Hi fioncess,

May I know which plan did u get for bb? Most hospitalization plans don't cover from birth... So wondering which is suitable to get.

Thanks

i agree partially with banner..
im a insurance agent.. but 1st thing i get for my daugther is a hospitalisation plan with full coverage.. cos you never know what will happen.. like my daughter she gt UTI and has to be hospitalise when shes 6mth old. with the coverage her medical bills are fully covered... then i bought saving plans with low coverage... when shes about 1 then i buy accident plan cos around 1 yo they are more pior to accidents.. ( i already did a few claims on that)... when $$ allow then look into protection....

 

[missymelody]

I took up avivas hospitialise plan. Think it's call my shield or smth. Better get early. I just got it recently( baby turns 10mths ) cos I didn't know abt anything. And she admitted to kkh for gastric at 2mths old. bills not very cheap uh.

 

[Inthemood]

Thanks for the tip... Ya, our medical bills are sky high and some employers do not subsidize as well... Hospitalization plan is critical to me.

I took up avivas hospitialise plan. Think it's call my shield or smth. Better get early. I just got it recently( baby turns 10mths ) cos I didn't know about anything. And she admitted to Kandang Kerbau Hospital for gastric at 2mths old. bills not very cheap uh.