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  • Should You Get Health Insurance Plan For Your Kids? Mom Shares Why It Is Never Too Soon To Do So

    A mom and an insurance consultant says getting a health plan for kids 'gives me, a parent, peace of mind.'
    by Angela Baylon .
Should You Get Health Insurance Plan For Your Kids? Mom Shares Why It Is Never Too Soon To Do So
PHOTO BY shutterstock
  • We all know the saying, 'health is wealth.' And this resounded even more in the past two years as we reeled from the health effects of COVID-19. For a mom and insurance consultant, this type of unexpected event is the main reason why getting a health insurance plan for your kid is a good call to make.

    A mom of two, Bianca Halili had a first-hand experience that led her to become an advocate for parents to get their children a health insurance plan.

    "My youngest son was born with a major critical disease requiring major surgery at 5 months old. This experience taught me that caring for a sick child is physically, mentally, emotionally, and financially daunting," Bianca shared in an e-mail interview with Smart Parenting.

    She adds, "Physically tiring because our full focus and attention were on him as parents. Mentally, we had to juggle everyday living responsibilities while thinking of ways how to give our chil the best care.

    "Emotionally because we desperately wanted to "cure" him but know that we cannot. And financially, since medical bills and therapies kept on piling up."

    An insurance consultant now, Bianca can personally attest to seeing the "value in getting kids health insurance plans while still young and healthy." She explains, "This is to prepare for the unforeseen and to at least take some stress off the financial burden."

    She also opts to go for a health insurance plan "that enables them to save while securing their health is a definite plus for me." Bianca refers to insurance plans that are bundled with investment plans.

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    For Bianca, having such tools in her financial portfolio for her family "is something that gives me, a parent, peace of mind." 

    FAQs about health insurance plans for kids

    If you've been thinking about buying a health insurance plan for your kids, here are some things you should know first.

    These can serve as a guide before making your decision. But remember that at the end of the day, you should always consider your own unique circumstances to determine what financial move will work best for your family.

    Q:  What are the benefits of having a health insurance plan (with investment)

    A: Bianca lists down a few things that make a health insurance plan worth it.

    • Affordable premiums since age matter a lot in insurance plans.
    • Guaranteed health insurance while still young and healthy.
    • Investment fund/savings fund.
    • Guaranteed Cash Payout at maturity.
    • Added insurance for the parent or payor.

    Q: Is my money safe?

    A: As with any investment instrument, the investment fund part of the plan is not guaranteed. What is guaranteed are the insurance amounts for major diseases.

    You can expect the insurance amounts to be paid to you regardless of market conditions in the event of diagnosis.

    Q: What if di ko afford? How much is it?

    A: A health plan for kids usually starts at a premium of Php 1,500 per month. Getting an insurance plan is a commitment.

    If hindi pa kaya magcommit, mas magandang maghanap ng ibang savings vehicle like bank account na hindi kailangan ng commitment at madaling iwithdraw.

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    Q: Are there any cons?

    A: This plan is initially and essentially an insurance health plan. You need to understand that this is something ready for you to use in the event of sickness. So if you look at that, there is no real downside. 

    An investment fund is not guaranteed. Fund fluctuations especially during severe market events like what happened during the pandemic.

    Q: Is it too early to pay for a health insurance plan for our little ones?

    A: Insurance lets you invest in your health and age. Walang too soon. The earlier you start, the better. Before you know it, fully paid na ang plan.  

    Parents weigh in on health insurance plans for kids

    To help you decide whether or not you need a health insurance plan, Bianca also shared with us some of the reasons she got from parents on why they did or did not proceed to get one for their kids.

    "I availed of the health and savings plan for the kids because, first, I learned that being financially prepared in times of illness is not only helpful on the pocket but helpful on mental health. Secondly, I plan to give the savings as gift to my children," according to Vicky, who is a mom of three.

    Another mom who is pro insurance health plan says, "My husband and I want to provide what we can for our son. Having his own insurance policy gives us comfort that he has a brighter future ahead of him."

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    On the flip side, Antonio, a dad of two, got real on his reason why he doesn't opt for this insurance tool. He says, "I wasn't comfortable with the idea of getting insurance for my kids kasi medyo morbid."

    There is also the financial restraint aspect, like what a soon-to-be mom of three pointed out. She says, "We are interested in the health and savings plan for kids but haven't gotten it yet because we are prioritizing more urgent finances at the moment. When we are able, we'll surely reconsider this as a way for us to secure our kids' health and future."

    Bianca Halili is a mom of two who is working as a Wealth Management Consultant for insurance company PRU LIFE U.K. For any questions on health insurance plans, you can e-mail her at bsuiza@yahoo.com

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