Family means responsibility for one another

Despite the steadily falling birth rate, for many couples, starting a family is the epitome of happiness, and the birth of their first child is a wonderful event. But with happiness comes responsibility for one another. So it’s good if you’ve already taken care of a few important matters before the birth.

Register your baby with your health insurance company

You can register your baby with your health insurance company before the birth. This means that your child is insured from day one. Register your child with your health insurance provider within the first three months of their birth. Now is also a good time to consider supplementary insurance, as reservations on the policy are unlikely. There’s no rush to take out dental insurance, but you’ll need to do this before your child reaches the age of four.

Protecting your child: insurance coverage in case of illness or accident

Medical expenses in case of an accident are covered by your health insurance. If your child becomes disabled as a result of an illness or accident, they will be covered by statutory invalidity insurance, but this will only pay minimal benefits.

Protecting the parents

It is also important for you as parents to have adequate protection in case of inability to earn or death as, in addition to the emotional pain for the family, this can result in significant income gaps and additional costs for childcare.

If a parent reduces their working hours to fewer than eight hours per week for childcare purposes or even ceases to work entirely, then accident insurance must be incorporated into their policy if they have private health insurance. This ensures that medical expenses from non-occupational accidents or in everyday private life are covered. You should also be aware that the minimum contribution for OASI (old age and survivors’ insurance) of a parent who is not working must continue to be paid. In the case of married couples, this is usually covered by the working spouse (provided they pay at least twice the minimum OASI contribution). An unmarried non-working parent must pay the minimum OASI contribution separately.

Everyday living costs will also need to be paid if a parent dies unexpectedly. A life insurance policy could provide for this so that the sum insured can at least cover fixed costs such as rent and the cost of living for a certain period of time.

Check your insurance coverage

New furniture for the nursery, a pram and clothes are expensive. So now is a good time to check the amount of coverage you have for your household contents insurance. Finally, you should notify your liability insurance provider of the new addition to your family. The insurance will usually cover children on the family policy until they turn 25 with no increase in premiums.

A new family member really turns your life upside down. An individual analysis of your insurance situation with an expert will provide clarity and help you make the right decisions for you and your new family, so that you can focus on your child without any worries.