Autism Awareness Day

Autism AwarenessEveryone of us knows some facts about Autism but we can never know how they feel. A simple setting in Starbucks maybe relaxing for us but the crowd can lead to an serve anxietyfor them. A stroll down our usual way home can be difficult for them as the lights and noises are magnified many times for them.

I have friends and clients who have autistic child and I saw the challenges they faced. It can be mentally, physically and financially draining. Thus, I think 2nd April which is Autism Awareness Day is important not only to educate the public on Autism but also the challenger’s face by the caregiver. I can only share how we can help from the job as a financial planner.

A few concerns the caregiver have are

  1. Old Age or Death of caregiver

The caregiver usually parents will find it a challenge to take care of the child physically because as the child grows bigger and heavier, they grow older and weaker. The caregivers are worried what if they pass on and who can provide for the child.

One way the care givers do to avoid facing that situation is to create a Trust fund for the child. A trust fund is set up by a person known as a grantor, for the benefit of another person, known as a beneficiary with the main purpose of ensuring the financial security of a child or grandchild. In simple terms, the care giver leaves a property, cash or other assets to provide for the beneficiary financially. Most of us will not have that much money to be set aside for such purpose. Two simple ways to do is

  • Accumulate as much money as you can to put in the Trust Fund
  • Get a term plan and have the death payout of $1mil or $2mil to be paid into the Trust Fund

 

2. Getting insurance coverage for the child.

An autistic child may not be able to get any insurance coverage at all. A mild autistic child may be able to enjoy coverage with exclusion. And I always share this plan from NTUC Income that covers Autism but not many people heard of it. It is known as the SpecialCare (Autism) Insurance.

Have a look at the benefits and if you think it is useful, you can either get these plan that cost less than $1/day  from NTUC Income or drop me a mail

Benefits Maximum benefit limits
Plan 1 Plan 2
For you (policyholder)
Accidental death and permanent disability of policyholder Up to $30,000 in each insured person’s lifetime Up to $60,000 in each insured person’s lifetime
Waiver of premium due to accidental death of policyholder Amount of premium, up to 5 years in each insured person’s lifetime
For your child/ward (insured)
Final expenses $5,000 in each insured person’s lifetime
Permanent disability of insured person Up to $30,000 each policy year Up to $60,000 each policy year
Outpatient expenses due to accident Up to $200 for each accident, maximum $2,000 each policy year Up to $300 for each accident, maximum $3,000 each policy year
Hospitalisation expenses due to accident Up to $1,200 for each accident, maximum $5,000 each policy year Up to $2,500 for each accident, maximum $7,500 each policy year
Medical expenses due to infectious disease Up to $1,000 each incident Up to $2,000 each incident
Daily hospital income $50 each day, up to 60 days for each accident $75 each day, up to 60 days for each accident
Ambulance fee Up to $100 for each accident, maximum $500 each policy year
Mobility aids Up to $500 each policy year Up to $1,000 each policy year
Physiotherapy and psychiatric therapy Up to $100 per visit for each accident, maximum $1,000 each policy year Up to $200 per visit for each accident, maximum $2,000 each policy yea
Personal liability Up to $5,000 each policy year
Additional benefits if your child/ward (insured) suffers from 50% or more permanent disability (Based on the scale of compensation)
Modifying your home Up to $3,000 in each insured person’s lifetime Up to $6,000 in each insured person’s lifetime
Training your caregiver As charged (once for each accident)
Lifetime limit Up to $100,000 in each insured person’s lifetime Up to $150,000 in each insured person’s lifetime

 

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