Parents-to-be ask themselves many questions: What do we need for our child? How do we insure it? What if there isn't enough money? We give you tips on how to prepare yourselves financially for a life with children.
Basic health insurance is mandatory. You can register your child before the birth, but no later than three months thereafter. However, supplementary insurance is voluntary and provides better coverage than basic health insurance, e.g. free choice of doctors in hospital, assistance and cost coverage in the event of emergencies abroad, contributions towards complementary medicine, prevention, and much more besides. It's worth registering children before they are born, so they are insured right from birth. AXA offers attractive Healthcare products.
For basic insurance, the rule of thumb is that premiums for children under the age of 18 are about 20% to 25% of those for adults. Supplementary health insurance is usually significantly cheaper. At AXA, all supplementary health insurance is free during the first month after birth. And for families consisting of three or more people, there is a 10% family discount for all family members in the same household.
In Switzerland, all children and young people are insured by law against accidents under their basic health insurance. If you want your child to benefit from even better coverage in the event of accidents, additional coverage can be taken out under supplementary insurance.
When your child starts his or her first job, accidents will be covered by the employer and you can deselect the “accident” component of their basic health insurance.
To cover the correction of misaligned teeth, it is worth taking out appropriate supplementary outpatient insurance in good time. Correcting misaligned teeth is not usually covered by basic insurance, but can cost thousands of francs in just a few months. Every second child has dental braces, which can very quickly cost between CHF 3,000 and CHF 15,000. This expenditure is reimbursed by supplementary outpatient insurance. For example, AXA covers costs of up to CHF 12,000 per year under its COMPLET option.
Please note: You should register your child promptly with AXA or at the latest before his or her fifth birthday – otherwise there is a risk that misaligned teeth are already foreseeable, meaning that the majority of the costs will not be covered.
Although crèches and day nurseries are partially subsidized by the city or canton, you as parents often bear a large part of the costs yourselves. Regardless of whether you live in Zurich or Pratteln, daily rates of CHF 120 are often normal. For CHF 85, you can usually get half a day of childcare plus lunch. This should be factored into the household budget if, for example, working parents and a lack of alternatives mean that a crèche has to be used.
Do you take care of your child yourself? Do you worry about what would happen if you were ill or had an accident? Discuss this with your insurance advisor.
Furnishing a nursery, buying a buggy, car seat, high chair, etc., and maybe purchasing a bigger car – these must all be included in the budget. Perhaps you’ll be moving to a larger apartment or a house. When you have a chance, check whether your household contents insurance is still sufficient, and whether your child is included in your personal liability insurance.
Many parents set a spending limit for toys, or try to keep a certain level of control over the situation. Children are often lavished with toys on their birthdays, at Christmas, and when friends and relatives visit. Not infrequently, this overwhelms them. To control on the number of toys in your home and also keep a check on your own costs, let godparents, relatives, and friends know in advance what your child actually needs and what a welcome gift might be.
These are just a few examples of costs you may incur as parents-to-be. But you can prepare yourselves for them in advance, so that you can enjoy this new chapter in your lives with your child worry-free.