When it comes to ensuring the well-being of our children, considering insurance isn't always the first thing that comes to a parent's mind. However, for families with children on the autism spectrum, like mine, it's indeed a valuable consideration.
As a parent, my top priority has always been to make sure my child is protected and financially secure, no matter what lies ahead. This is where the importance of insurance comes into play.
The Value of Insurance for Children with Autism
Insurance can offer crucial support to families dealing with the unique challenges of raising a child on the autism spectrum. In my case, as a parent, I was looking for insurance that could help cover the following key aspects:
Expenses of therapy for my child
Medical costs, including doctor visits and other healthcare needs for both my child and me.
Continuous monthly financial support for my child in the unfortunate event of my passing.
Did I manage to discover an insurer capable of offering the key elements mentioned above? The answer will be revealed shortly, but first, let's delve into the various types of insurance that pertain to my particular requirements.
Varieties of Insurance in the Market
1. Health Insurance: Health insurance steps in to cover medical expenses such as doctor visits, hospital stays, prescription drugs, and preventive care. It eases the financial burden of healthcare costs and might also extend to dental and vision care.
2. Critical Illness Insurance: While similar to Health Insurance, Critical illness insurance delivers a lump sum if you are diagnosed with a serious illness covered by the policy, such as cancer or a heart attack. It helps in covering medical expenses and other financial needs during the recovery phase compared to Health Insurance that is focused on day-to-day medical needs.
3. Life Insurance: Life insurance offers a payout to beneficiaries in the event of the insured person's passing. This can provide essential financial support to loved ones and cover expenses like funeral costs, debts, and income replacement.
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Where to Find This Coverage?
Both Health Maintenance Organizations (HMOs) and Life insurance can ideally address these concerns. And while there are overlapping offers from both organizations, it is important to note of these differences:
| HMOs | Life Insurance Companies |
Amount of Payouts | Pays your day-to-day medical needs | Provides a lump-sum payout |
Flexible Use | Policyholders are encouraged to use HMOs' in-network providers for services. Going out of network may result in higher out-of-pocket costs or no coverage at all. | Payout can be used for whatever purpose as the policyholder sees fit |
Cost | Lower premium | Higher premium |
Investment Opportunity | None | With potential to grow cash value |
Can kids with autism be insured?
It's not always straightforward. According to my discussions with three different insurance companies, children with autism can pose a higher risk due to the possibility of accidents or self-inflicted injuries. In my case, I was advised to wait until my son reaches the age of 15 for a review of his eligibility for insurance.
Results of my Research
Here are the findings from my research conducted to identify an insurance company that aligns with the specific benefits I was seeking.
Costs of therapy for our child - I was not able to find an insurance that could cover this.
Medical expenses- Usually offered by HMOs, but in my case as a freelancer, I decided not to get an HMO coverage and instead saved the equivalent amount. This is just a personal preference. (If you are employed in a 9-5 job, and your employer offers an HMO as one of your benefits, your child is usually automatically covered as one of your beneficiaries. However, this depends on the terms of the package negotiated between your employer and the HMO.) I opted to get a Life Insurance that covers Critical Illnesses though. More of it on the next section...
Continuous monthly financial support - I was not able to find an insurance that could cover this. Most policies offer a one-time or lump sum payment instead.
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So, What's the Best Insurance Choice?
After an exhaustive search for an insurer that could meet all my specific requirements, I found myself unable to discover a perfect fit. Given the limitations with most insurers not providing coverage for children with autism, it makes more sense for me to focus on securing insurance primarily for myself.
And amidst these challenges, I stumbled upon a noteworthy alternative.
My choice revolved around a policy that not only offered protection but also served as an investment, promising returns after a designated number of years.
I've obtained policies from the following insurers, and I want to clarify that this blog post is not sponsored. Each of the insurance products listed here represents my genuine choices and preferences.
SunLife Maxilink Prime. Know more about it here: https://www.sunlife.com.ph/en/insurance/preparing-for-life-milestones/sun-maxilink-prime/
AXA Axelerator Plus. Know more about it here:
BDO Life Money8 Secure Plus. Know more about it here:
While I chose not to go for an HMO, I'm genuinely relieved to have a policy that extends coverage to my entire family, encompassing myself, my husband, and our son. Even though this policy specifically caters to critical illnesses only, I find great comfort in the fact that it provides coverage for my son, despite his autism.
AXA Health Start Family. Know more about it here:
Here's the summary of benefits of AXA Health Start Family:
Useful Tips for Parents When Seeking Insurance
As a parent who's been down this road, I understand the challenges of finding the right insurance. In this guide, I'll share some valuable tips I've learned, helping you navigate the world of insurance for your family's peace of mind.
1. Parents should prioritize their own insurance needs. While securing life insurance for your child may be cost-effective, it's essential for parents to have their insurance in place.
2. Assessing the financial stability of the insurance provider is crucial. Opt for reputable companies with a strong financial rating to ensure their ability to meet future obligations. Research their track record and read customer reviews to gauge their reliability and quality of service.
3. Consider your budget and affordability. Insurance premiums can vary significantly based on the type and amount of coverage, as well as your age and health condition. Striking a balance between the coverage you need and what you can comfortably afford is key.
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Final Notes on Autism and Insurance Choices
As we wrap up our discussion on Autism and Insurance Choices, I want to applaud your dedication as a parent. You're making great strides in securing your child's financial stability and ensuring they have the support they deserve.
Remember, it may not always be an easy journey, but your love and commitment are what truly matter. Let's keep advocating for better insurance options and a brighter future for all children with autism. You're doing an amazing job!
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