The question at hand is regarding the potential value of purchasing insurance coverage for children in the event of accidents.
Private accident insurance for children offers a more extensive and customizable range of benefits compared to statutory accident insurance. Here's what you need to know about this insurance option.
Coverage Scope
Private accident insurance covers a wide range of accidents anywhere – at home, during sports, or in public places. It includes benefits such as hospitalisation, surgeries, rehabilitation, disability, and death benefits, tailored specifically for children. In contrast, statutory accident insurance typically covers accidents occurring under prescribed conditions, such as during school hours or on school premises, and often restricts benefits to medical treatment costs and limited compensation.
Benefit Limits
Private plans offer higher maximum benefit amounts, often up to €50,000 or more for children for accident coverage, plus additional amounts for dismemberment or death. Statutory plans usually have lower maxima, with medical benefits up to €25,000 to €100,000 depending on the plan level, but often limited in types of covered injuries and duration.
Duration and Extent of Coverage
Private accident insurance often covers expenses incurred within a set period – usually up to 52 weeks after the accident – but may also include lump-sum payments for permanent disabilities or death. Statutory insurance tends to have strict time limits on treatment and benefit claims, and may not address long-term or psychological impacts adequately.
Additional Coverage Aspects
Private policies may cover expenses not always included in statutory plans, such as ambulance fees, outpatient rehabilitation, or trauma-related psychological care. Statutory coverage is often mandatory but may have gaps that private accident insurance can fill to provide comprehensive protection.
Optional Benefits
Some insurers offer additional services such as transport to doctors and/or authorities, a 24-hour nursing hotline, day and night care for 48 hours, and mediation of pet care. The services of a private accident insurance for children can cover costs for "rooming-in", necessary renovations, recovery costs, care by a rehabilitation manager, medical-therapeutic aids, cosmetic operations including dental care, and disability benefits.
Pricing and Options
To find the right accident insurance, specify who should be insured, the desired term, the planned insurance start date, the amount of insurance in case of invalidity and death, and optional tariff options such as payment of a hospital daily allowance. Fractures are only covered by a few providers, and experts recommend indicating "yes" if it is important for you to insure fractures.
Disability Benefit Calculation
Insurers assign fixed percentages to the loss of certain sensory organs or body parts for the disability benefit calculation. The disability benefit is a one-time payment based on the degree of disability, the amount of the insurance sum, and whether you have agreed on a progression with the insurance.
Progressive Coverage
If you choose an accident insurance with progression, the amount in the event of partial or total disability of your child can exceed the entire insured sum. Experts recommend a progression of 225% or even 350%.
Daily Cash Option
If you choose an accident daily cash, it will be paid to your child daily after an accident, regardless of whether they are in the hospital or not.
Comparison and Transition
You can compare children's accident insurance using a calculator to find the best price-performance ratio for your offspring. The insurance ends with the 18th birthday and transitions to an accident insurance for adults.
Important Considerations
The "hospital and convalescent cash" is paid by the insurance company if your child is hospitalized after an accident. You can choose how many days of hospital cash you want for your child. The "transition performance" is usually less useful and can be expensive to include. It is paid after 6 months if your child's physical and mental performance is impaired by at least 50%. A so-called accident pension can be received if your child is at least 50% disabled and will be paid for life, but it is very expensive to include this service.
Insurers only recognize disability if a damage is permanent and confirmed by a doctor at the latest 15 months after the accident that caused it. It's essential to understand the terms and conditions of each policy to make an informed decision.
[1] [2] [3] [4] - Sources for further reading on private accident insurance for children.
- In contrast to statutory accident insurance, private accident insurance for children may offer coverage for health-and-wellness expenses such as trauma-related psychological care and cosmetic dental care, in addition to traditional benefits like hospitalization and surgeries.
- A test of different private accident insurance plans could reveal that some policies provide optional benefits not covered by statutory insurance, like daily cash payments to a child post-accident, which can help alleviate financial stress during recovery. This is essential information for parents who seek comprehensive protection for their children's health and well-being.
