Whether you’re thinking about starting a family or you already have a small brood, there are so many things you need to think about as a parent—Are they getting enough sleep? Am I feeding them a healthy diet? Should I send them to a public or private school? What extra-curricular activities should I enroll them in? The list goes on…
While there are plenty of things that are sure to keep you up at night trying to work out what’s best for your family, their health insurance doesn’t need to be one of them.
To make sure your family private health cover does everything you need it to, here are some tips to help you ensure your children will be covered when they most need it.
How to manage your child’s insurance plan
Before they’re born
If you’re thinking about starting a family, your first move should be to add pregnancy or obstetrics cover to your policy. Because most insurers will specify a 12-month waiting period before you can access pregnancy and obstetrics cover, if you wait until you’re pregnant to add it, it’ll be too late.
If you do opt to give birth in a private hospital, your insurance should cover the cost of your stay in hospital but you will still need to cover any out-of-pocket fees for your obstetrician (your obstetrician should advise you of their fees at your first appointment). You’ll also likely need to pay for any services you receive from specialists like anaesthetists or paediatricians while in hospital.
It’s also a good time to consider if you want to make any changes to your extras cover to help you maintain good health throughout your pregnancy. For example, many women experience issues like sciatica and pelvic pain during pregnancy, so you may want to increase your cover for services like physiotherapy to help you throughout the pregnancy and during recovery.
When they’re born
Most insurers will need you to change to family cover to add any children to your policy. When your baby arrives, it’s important you give your insurer a call to add them to your policy and make sure they’re covered from birth. You should also check that your policy includes ambulance cover so you don’t need to worry if your newborn needs to make an emergency trip to hospital.
While you’re at it, it could also be a good idea to review your extras and add cover for things like dental. While you most likely won’t need to take your little one for their first trip to the dentist until they’re around 2 years old, now is the time to consider if you want to sign up for extras cover so you can complete any waiting periods by the time their first visit comes around.
As they get older
As your family matures and you decide not to have any more children, it’s a good idea to remove cover for pregnancy and obstetrics from your policy and use the money you’ll save to increase your extras cover instead. This will help you manage the cost of things your children or family are more likely to need like dental, orthodontics, optical or physio.
It’s also important to note that when your children turn 21 they may no longer be covered by your family policy and they’ll need to take out their own health cover.
Finally, it’s also important that you regularly review your family private health cover to make sure you’re not paying for things you’re unlikely to use and check your premiums are still competitive. If you do decide to change providers, it’s also helpful to know that any waiting periods you’ve already served with your current provider should transfer across to your new provider.
This blog post is sponsored by Health Partners
Generous Private Health Insurance with big benefits for singles, couples, families and seniors. Enjoy generous limits on a range of services. Get the best value for health insurance by asking for a quote or find out more at healthpartners.com.au