Why including your kids in your health insurance matters

It’s a quiet evening. The kids are tucked in, the dishes are done, and you’re finally sitting down with a cup of tea. Life feels steady, but as many of us know all too well, the unexpected is never far away. Particularly when it comes to health, the future is anything but predictable, and this includes our children’s wellbeing.

Recently, a claim made it into nib's Top 5 Claims for March 2024 that really puts this into perspective: a staggering $66,000 was needed for spinal surgery for a 15-year-old—how many of us have that kind of money readily available without a significant impact on our family's finances?

The Financial and Emotional Strain of a Sick Child

Having a child fall ill can be an emotional rollercoaster. Beyond the worry and the sleepless nights, there’s the very real issue of financial stress. Aside from the cost of any medical bills, it often means taking time off work if your child needs care, which can lead to a loss of income. Suddenly, you're faced with ensuring your child’s health and managing financial stability.

Why Insuring Your Kids is a Smart Move

This is where the importance of including children in your health insurance policy becomes clear. Imagine if, in the case mentioned above, the family didn’t have medical insurance for their teenager. The financial repercussions could be long-lasting, potentially draining savings or leading to high levels of debt.

What’s reassuring, however, is that securing medical insurance for your children can be straightforward and doesn’t necessarily require the parents to be insured. 

In New Zealand, children can be insured with any policy owner over the age of 16—this can be a parent, but it can just as easily be a grandparent or another guardian. This flexibility helps ensure that you can provide for the children in your life, even if you choose not to have cover for yourself.

The Practicality of Child-Only Policies

Opting for a child-only policy could be one of the most thoughtful decisions you can make. It ensures that if the unforeseen happens—whether it’s a broken limb from an adventurous playground afternoon or something more serious like the need for spinal surgery—you’re prepared financially. More importantly, it allows you to focus on what really matters during a crisis: your child’s recovery.

It's a common misconception that children’s insurance is an unnecessary expense, especially when they are young and healthy. However, as the case with the $66,000 spinal surgery shows, medical issues can be both unpredictable and expensive. Insurance isn’t just for the adults in the household; it’s a shield for your kids against the unexpected twists and turns of life.

Taking the Next Step

In our roles as protectors, providers, and caretakers, the decision to insure our children is fundamental. It isn’t just about covering potential medical expenses, it’s about peace of mind and ensuring that when illness strikes, we’re ready in every possible way.

For those of you who have yet to consider this protective measure, it might be time to look into the options available for your children. It’s a small step that can have a profound impact on your family’s future wellbeing.

If you’d like to know more about insuring your children or adding them to an existing policy, get in touch with us for a free, no-obligation review today.