A few months back One of my husband’s cousin who has a kid with cerebral palsy ended up losing her child after paying a hefty sum to hospital where she was treated. I know there was nothing the doctors could do to save her other than make her last few days pain free.
The cost of ICUs is too high and they ended up paying everything from their pocket !!
Of course, I can understand parents grief !! Though I am relieved that the child does not have to bear any more pain!
But what pinches the most is that Insurances do not exist where it is needed the most. Most of the Insurances do have a permanent exclusion for congenital disorders, injuries during war, HIV, professional sport injuries, injuries arising due to exposure to radioactive waste, pollution etc.
Any chronic condition which has no known cure or recurs, needs prolonged supervision,monitoring or treatment is an exclusion for most Insurances.
So what do people do in such cases ??
How do you plan finances for children with special needs ?
There are more than 12 million children in India alone with disabilities. At times parents do face the concern of managing the expenses right from expensive therapy, special schools and prolonged sickness. The parents do need to save more and should invest wisely in assets which can be liquidated when need arises.
There are various government sponsored health schemes which do provide a cover of up to 1 lakh. If you have a disabled dependent you can claim tax benefit under section 80D.
We still need to come a long way to support such groups !
Hope you find this information useful!