Childrens Health Insurance, Child Insurance Cover

It's a natural desire to want to wrap your child in a safety blanket and protect them from harm. Unfortunately we know this is not possible around the clock and for the unfortunate children and parents in Australia a visit to hospital may ensue. In 2002/2003 12 month period, 66,000 children were admitted to hospital. I would guess most of them thought "it would never happen to me".

This is not the end of the story though, as the outcome of a need to visit hospital varied greatly. If a parent could have a one wish outcome, in a hospital situation, it would be "don't worry about cost, make my child better!"

During my childhood someone close to me fell very ill and the medication alone was almost $50,000pa, I guess the cost of treatment would have doubled that but I didn't know or care because that was a problem for the "Adults" I just wanted him better. He lived through his childhood and finally succumbed to a painful death 17 years later to the illness. What would have been the outcome should he have had the best of the best treatment? Probably better then what actually eventuated.

Child Cover insurance has a vital role in the "make my child better" outcome of the lives of sick and injured children. It's not health insurance and its not some insurance you make a claim on down the track when you get around to it, this is a front line strategy for parents who need to be there for their children. It is money that opens doors, gets the best and demands your child gets every chance possible. Having money in times of need gives options and access to the best of them, from extra medical care, overseas travel to specialists, additional special equipment, to special medications and medications not funded by hospitals or the government. When a child looks into your eyes and says they just want to be better, most parents will try to move heaven and earth just to make it happen.

How do parents foresee achieving this "make my child better" plan? Many see selling assets and giving up work to be with a sick child, with remortgage of the family home as their avenue to gain much needed funds and time. Unfortunately this all takes time to organise and time is what is not normally available when trying to mend a sick child. Start thinking in minutes and hours not days or weeks and think how you can access bulk funds.

Many life insurance companies offer some form of Child Cover and at very reasonable rates. This cover is not about making money off the child, no indeed; if a parent can't spend every payout cent on helping their child then they haven't tried hard enough. The unfortunate truth is there is not generally enough cover available. The insurance companies cap the amount of cover to a measly amount. So most likely taking full cover is the first option not the last.

Imagine you get called to the hospital as your child has had an accident at school. You arrive to find the finest medical experts in the country are tending to your child. After absorbing the circumstances of what happened, the chief medical officer comes to explain to you some horrific news. Your child has had the best treatment available but it's not going to fix the accident trauma, your child is going to need special medications and recovery therapy to try and climb out of a life of incapacity. You realise that while your child is still alive you will need to provide around the clock care. In desperation you ask if there is anything extra that can be done, anything? The answer is yes (you're not surprised) but it involves immediate action, travel overseas to world renowned specialists and special equipment/medications. The chief medical officer then reverts back to the best of the worst as he thinks you don't have the means to take this golden path. But you remember the words uttered when you considered and then afforded the child cover insurance "A good investment is one that pays you the most when you need it most" All of a sudden a steely glint comes into your eye and you utter the words every parent wants as fact but you know as true, "don't worry about cost, make my child better"

Health is not a natural inheritance and far from the norm, getting a child back to 100% after a sickness or injury is a costly exercise and may never be achievable if to much time passes or short cuts are taken due to budget constraints.

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Published on October 10-th, 2008 in Health Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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