3 major comparison factors! Is medical insurance good for children?

When children get sick, especially infants and young children, parents will worry a lot. Insuring a medical insurance for children can reduce the burden of medical expenses on parents and allow them to focus on taking care of the sick children. However, how about buying medical insurance for your children? The following details the 3 major factors to consider when buying medical insurance for children!

What kind of insurance should children buy?

The insurance a child needs should be based on the risks they may face. Since children are not the breadwinners of the family and will not put a big burden on the entire family's finances, there is not much demand for life insurance.

On the other hand, children are at risk of getting sick and injured just like adults, and because of their lower awareness of risks, they are more likely to get sick and injured than adults at any time. Medical insurance can provide a safety net for children’s medical expenses, allowing parents to Consider choosing private medical institutions for children so that sick children can receive more immediate medical services. Therefore, parents may consider purchasing a suitable medical insurance for their children first.

3 major comparison factors when buying medical insurance for children

Buying medical insurance for children is very important for both parents and children, but what is the best way to buy medical insurance for children? There are various medical insurance products available for children on the market. Parents can pay attention to the following three major considerations when purchasing medical insurance for infants/children:

Consideration 1. Ward level

In order for children to receive treatment and recuperate in a better hospital environment, parents may want to consider the level of wards covered by medical insurance when purchasing insurance. Generally, medical insurance will divide wards into three levels: general wards (commonly known as large rooms), semi-private rooms and private rooms. Generally, large rooms in private hospitals can accommodate 3 or more patients, and they need to share toilets and bathroom facilities with patients in the same room; semi-private rooms generally accommodate 2 people, and they also need to share toilets and other facilities; and private rooms have the highest degree of privacy. Patients have exclusive access to all facilities in the ward.

If parents are worried that their children have relatively low immunity and want to avoid the risk of contracting infectious diseases, they may consider choosing semi-private/private-level medical insurance based on their personal financial capacity and the needs of their children, but the premiums will be relatively high.

Consideration 2. Expenses such as bed accompaniment and private care

When children are sick, parents are often very worried and hope that they can be with them to take care of their children around the clock. Therefore, when choosing which medical insurance to buy for their children, you can pay attention to whether the coverage includes bed accompaniment expenses. Some insurance products on the market not only fully cover the cost of bed accompaniment, but also cover the cost of private care during hospitalization and even after discharge, allowing parents to take care of their sick children with greater peace of mind.

Consideration 3. Self-pay options

Since children aged 0 to 5 years old have weaker immune systems and are more active, the premiums for medical insurance for children before the age of 5 are generally more expensive, but the demand for relative medical protection may also be greater. If parents want to reduce the premium burden, they can first learn more about whether their employee medical insurance covers employees’ family members (including spouses and children), and choose the appropriate self-pay to cover their children’s medical expenses based on the existing coverage and assessment of future needs. gap, while also reducing parents’ premium expenses. Parents can compare the self-pay options of different medical insurance plans before purchasing insurance.

(The above are just some of the factors that need to be considered when purchasing child insurance)

Further reading

What are the benefits of [Family Medical Insurance]? 4 major factors when comparing home health insurance

Every child is a treasure in the eyes of parents. When a child is sick or injured, parents naturally want their child to receive the best medical services and provide the best care. Therefore, parents should buy medical insurance for their children as early as possible. There are a variety of products on the market. When choosing medical insurance, you can consider the medical insurance plan of Bianjian Insurance Company to best suit the protection needs of children.

FWD Life's "FWD vPrime Medical Plan"2 is one of the flexible plans approved by the Hong Kong Government's Voluntary Health Insurance Scheme (VHIS). The plan fully covers a range of hospitalization and surgical expenses, covering a wide range of hospitalization and surgical expenses The derived major medical expenses allow you to flexibly choose and enjoy better medical services according to your needs. You can enjoy an annual protection limit of up to HK$12.5 million, with no lifetime protection limit, and guaranteed renewal from 3 to 100 years old (actual age). Parents can purchase insurance for themselves, their spouses and their children in one go. The process is convenient and simple. If the policy holder is a Hong Kong taxpayer, they can also enjoy tax deduction benefits4.