Supplementary health cover for children

Supplementary health cover is not mandatory in Luxembourg. In fact, the CNS National Health Fund reimburses 100% of the cost of consulting a paediatrician. However, often, when purchasing glasses or opting for a single hospital room, for example, it can come in useful.

That’s the case for Laetitia. A young mother of two young children, during his first months, her son suffered acute abdominal pain, making him cry inconsolably.

“On the advice of the paediatrician, I took my baby to an osteopath who, in two sessions, was able to calm his colic. I was delighted with the result even if the bill was quite hefty”.

An osteopathy session in Luxembourg will set you back between €80 and €100. They are covered by some supplementary health policies such as AXA. Moreover if you have been a customer of AXA health insurance for at least 3 months, your newborn is covered free of charge until his or her 1ᵉʳ birthday!

Child school insurance

Is your child starting school? Like many parents, you probably wonder if you need to take out specific insurance for your child’s school or extracurricular activities…

Well, actually there’s no point! In Luxembourg, the Accident Insurance Association (AAA) covers school or extracurricular accidents.

In the event of an accident, it is the school or organizer of the extracurricular activity that submits a claim for the incident. The medical or treatment costs are then covered by the AAA. You don’t have anything to worry about.

Family civil liability insurance

The “civil liability” coverage, also known as “personal liability insurance”, is generally offered under a home insurance policy. It then covers the whole family living under the same roof for any loss they could cause to others.

This cover is not always included by default. A word of advice, check with your insurer that you and your children are covered for civil liability, as was the case with Aurélie…

“I was just chilling out in my neighbours’ garden when I heard a big crash. My son had just broken a lamp while romping around inside with the other children. There was glass everywhere! Fortunately no one was injured. But, when I found out it was a designer lamp worth € 3,000, I started to panic…”.

The concern was short-lived since her “civil liability” guarantee covered this damage and the neighbours were fully reimbursed.

Life insurance or savings account

What if you started preparing for your children’s future now?

Whether to help them finance their studies, buy their first car or their first home, there’s nothing like starting your savings as soon as possible.

To do this, 2 options are available to you:

• A savings account you can open with your bank. You pay a little money every month, and over the years, you build up a small capital to hand over to your child. But with the current rock-bottom rates, the period is not favourable to savers. And the amount of money you save up may pale in the face of inflation.
  
  
• On the other hand, life insurance, as the name suggests, is an insurance product. Main advantage: premiums are deductible from taxes up to €672 per person per year (Art. 111 L.I.R). This can generate up to 41% tax savings per year on the sums paid! Second advantage: you set a capital in advance. It will be paid in full to your child at the age you have decided, even if life sends you a curve ball or if you die before that age. Because, life insurance doesn’t just let you enjoy the fruit of your own savings, but guarantees the payment of a certain amount of money whatever life throws at you (death, disability).

Any doubts or questions? Don’t hesitate to contact one of our agents for a more thorough look at your situation and that of the whole family!