The Life Insurance Industry is in full bloom. With wide marketing from Private Players, LIC and Government insistence, people from all classes are realizing the importance of taking Life Insurance Cover. Short term, long term, pension and child insurance plans are on boom. People are investing in these plans initiated either by self awareness or by the glam of insurance advertisements.
After the flight of pension plans (sale of pension plans have boomed up dramatically in the past years), the next big thing, most insurance companies are targeting is Child Insurance Plan. Even Life Insurance Corporation of India, which majority targeted on Money Back and Term Plans, is now moving towards child plans.
Child Insurance Plans began from the Child age 0, so it's easy for most of the parents to plan the future of their "to-be-born" child. Child Plans - cut only for children are meant to cover the education, higher education and marriage needs. Sum assured or guaranteed returns are the main features of child plan. The main attraction, insurance companies like ICICI Prudential and HDFC insurance companies tap on is the Maturity Benefit Plan wherein the family need not pay further in case of insured parent death during the policy term and the policy continues with sum assured and the bonuses declared.
Tapping on other benefits, which in fact are beneficial, insurance companies are putting up their best. Child insurance plans have some of the basic attractions like cheques when the child reaches a certain grade/class or age and beneficiary concept where beneficiary (in this case the child) is the sole person to receive the benefit. To add to the icing is the Tax benefit. Parent/s who is taking the child policy is eligible for Tax Benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
- Under Section 80C: You can save tax each year as premiums up to Rs. 1,000,000 are allowed as a deduction from your taxable income.
- Under Section 10 (10D), the benefits you receive from this policy are completely tax-free subject to the exclusions.
Securing ones child future is one of the biggest relief for any parent. With so many insurance companies coming in the child insurance, life insurance field, this should not be a dream too far...
Get generic information on life protection plans and unit linked insurance plans.
Monday, May 25, 2009
11 Basic Steps to Starting a Child Care Facility (by Catherine Pruissen)
When thinking about whether or not to open a home-based or centre-based child
care facility, give the following two questions considerable thought. The fact
is, child care is an extremely demanding business with long hours a high level
of stress. So, before you go any further ask yourself:
1. Can I handle taking care of children for large blocks of time each day and dealing effectively with parents?
2. Is there a need for child care services in my area?
The answers to these questions will tell you whether or not you can handle the profession, especially when you are your own boss and in most cases are isolated from adult contact and conversation throughout most of your day, and if in fact, there will be enough interest in your services to make your business work. So, if you're certain this is the business for you, then the following sections should
guide you through the basic steps in starting a child care business. Keep in mind that these steps are condensed and are the absolute basics.
1. If you decide that you can certainly handle owning your own child care business and there is a definite need for your services, you should obtain a copy of your state or provincial licensing regulations and application. There are currently many locations where you do not need to be licensed to operate a home child care facility. It is in your best interest to find out from your local licensing office. Quite often you can actually download a copy of the licensing regulations, saving you time and the cost of purchasing the publication. Still, you are well advised to call and talk to someone in the licensing office first to get specific details and suggestions. Keep in mind that becoming licensed gives you a lot more credibility in the eyes of the parents you are hoping to attract, and it may also entitle you to work with parents who require subsidy. Of course there are many more reasons for being licensed, but this gives you some indication of the importance of taking your business to the highest level of professionalism.
2. Your next step should be to contact your city business licensing and planning departments to inquire as to whether or not you need a business license and if you can in fact operate a home child care facility in your local. You'd be surprised at how many people go to all the trouble of setting up their business only to encounter a zoning bylaw officer telling them they have to shut down because running a child care business is prohibited in their neighbourhood. Or they find out after the fact that there is a clause in their home owner act that doesn't allow for this type of business in their subdivision.
3. After you receive the go-ahead from the city planning department, register to take an Infant/Child CPR and First Aid training program if you haven't already taken one. Your local Red Cross can recommend a course, or check with your Child Care Resource and Referral Agency for referrals. If your licensing office requires you to have any additional training, get booked into those programs as well. You can be working towards your certification while you set up the rest of your business plans. Contact your local community college or university for available Early Childhood Education courses (E.C.E.) or Child Development Courses (C.D.C.). Many colleges offer night courses if you can't attend during the day. Your local Child Care Resource and Referral Agency may be able to recommend course programs as well.
4. You'll also want to call your insurance company to upgrade your homeowner and car insurance to include your child care business. In some instances you may actually have to purchase a plan specific to home child care business. Your local licensing office should be able to give you some idea as to who can offer you the proper insurance. If they can't, contact your local Child Care Resource and Referral agency or local child care support group to get their advice.
5. A good, nay professional child care business, whether it is home-based or center-based, operates under well developed policies, contracts and day-to-day procedures for things such as administering medication, discipline, parent communication and so on. In fact, your licensing regulations may stipulate you have some of these policies and procedures in place before you can be licensed. The good news is you don't have to rack your brain trying to come up with all the forms and policies on your own. You can find professionally developed business forms and other valuable startup-information at Childcare.net's Online Catalog. All profitable child care business have a well-defined set of operations from starting and closing times, to program planning for every day occurrences such as activities, menus and so on. A general calendar noting such things as breakfast, lunch, nap, and other regularly scheduled activities can be used as a guideline for parents to know what their child will be doing at a given time. It also serves as a planner for you to insert weekly reading, free play, outdoor times, etc. possibly with a theme. Menu planning can be done for a six week period and rotated so you don't have to re-invent the wheel ever week.
6. For some reason most new business owners find setting their rates one of the most challenging components of their start up. After all, you don't want to charge too much that no one will use your service, and you certainly don't want to offer basement bottom prices that leave you in the red and attract a clientele you'd rather not serve. To learn more about how to determine your rates check out Chapter 6 in Start & Run a Profitable Home Daycare.
7. Setting up your facility to accommodate the number of children you will be able to care for is actually the fun part. You'll require enough space for play both indoors and out, appropriate sleeping arrangements for the number and ages of the children in your care, etc. Your licensing regulations will have all the specifics you'll need to have in place. This will probably entail contacting your Fire Department and Board of Health to get inspected. And, you'll want to do a complete room-by-room childproofing of your facility, if you haven't already. In any event, it certainly doesn't hurt to go over every room where the children will be just to ensure you have everything safety-proofed, including your outdoor play space.
8. Toys, books, art and craft supplies, child size furniture, and office equipment are just some of the items you'll need to acquire for your child care business. These items can certainly be purchased at discount outlets and thrift stores. Be aware however, that any secondhand items, especially baby or child furniture and apparatus you purchase through garage sales and thrift stores, will need to be thoroughly inspected, cleaned and checked for possible recalls. For recalls visit the U.S. Consumer Product Safety Commission's Web site, or Health Canada's Consumer Product Safety Website.<
9. Next you'll need a good way to keep track of your income and expenses. There are two ways you can go about setting up your record and bookkeeping system. The first is to get you a good file cabinet or portable file storage system and all the fun stuff that goes with it. You'll want to ensure you have a file for each child, for all your forms and policy materials, and for your personal files. Setting up a good bookkeeping system at the onset will help you see how your business is doing at a glance, as well as save you a lot of time and heartache, not to mention money, at tax time. The second way to get you on the right track where your records and accounting are concerned is a child care administration software package. Such software can streamline your business making it, and you, more efficient and professional. Most people don't realize it, but child care administration software will pay for itself in three to six months. More importantly, not only can you deduct the cost of any books, forms, supplies, equipment, etc, from your income tax, you'll save a lot of money at tax time not having to pay an accountant to do the work for you. Such software is certainly worth the consideration.
10. If you live in the U.S., you are eligible to apply to be reimbursed for a percentage of your child care food costs through the Child and Adult Care Food Program. Your licensing office should be able to provide you with the details, or you can learn more by visiting the U.S. Department of Agriculture's Website.
11. There aren't many people out there who enjoy sales and marketing. Aside from actually obtaining your license, you'll likely find this to be one of the toughest parts of running your business. But there are simple and effective ways to let people know you are open for business. A great resource for more information is the international best seller: Start and Run a Home Daycare, (Self-Counsel Press).
Starting your child care business with the valuable resources available at Childcare.net's Online Catalog.
Committed to your success!
Catherine Pruissen
Catherine Pruissen is the CEO and Founder of http://childcare.net and the author of the "International Best Seller", Start and Run a Home Daycare. Catherine has studied and written extensively on the child care/daycare field for over 20 years.
Her published titles include The Daycare Centre Business Plan Guide, and too many others to list here but can be found in her online catalog:
http://childcare.net/catalog/catalog/index.php, and in her Learning Centre:
http://childcare.net/library.shtml
care facility, give the following two questions considerable thought. The fact
is, child care is an extremely demanding business with long hours a high level
of stress. So, before you go any further ask yourself:
1. Can I handle taking care of children for large blocks of time each day and dealing effectively with parents?
2. Is there a need for child care services in my area?
The answers to these questions will tell you whether or not you can handle the profession, especially when you are your own boss and in most cases are isolated from adult contact and conversation throughout most of your day, and if in fact, there will be enough interest in your services to make your business work. So, if you're certain this is the business for you, then the following sections should
guide you through the basic steps in starting a child care business. Keep in mind that these steps are condensed and are the absolute basics.
1. If you decide that you can certainly handle owning your own child care business and there is a definite need for your services, you should obtain a copy of your state or provincial licensing regulations and application. There are currently many locations where you do not need to be licensed to operate a home child care facility. It is in your best interest to find out from your local licensing office. Quite often you can actually download a copy of the licensing regulations, saving you time and the cost of purchasing the publication. Still, you are well advised to call and talk to someone in the licensing office first to get specific details and suggestions. Keep in mind that becoming licensed gives you a lot more credibility in the eyes of the parents you are hoping to attract, and it may also entitle you to work with parents who require subsidy. Of course there are many more reasons for being licensed, but this gives you some indication of the importance of taking your business to the highest level of professionalism.
2. Your next step should be to contact your city business licensing and planning departments to inquire as to whether or not you need a business license and if you can in fact operate a home child care facility in your local. You'd be surprised at how many people go to all the trouble of setting up their business only to encounter a zoning bylaw officer telling them they have to shut down because running a child care business is prohibited in their neighbourhood. Or they find out after the fact that there is a clause in their home owner act that doesn't allow for this type of business in their subdivision.
3. After you receive the go-ahead from the city planning department, register to take an Infant/Child CPR and First Aid training program if you haven't already taken one. Your local Red Cross can recommend a course, or check with your Child Care Resource and Referral Agency for referrals. If your licensing office requires you to have any additional training, get booked into those programs as well. You can be working towards your certification while you set up the rest of your business plans. Contact your local community college or university for available Early Childhood Education courses (E.C.E.) or Child Development Courses (C.D.C.). Many colleges offer night courses if you can't attend during the day. Your local Child Care Resource and Referral Agency may be able to recommend course programs as well.
4. You'll also want to call your insurance company to upgrade your homeowner and car insurance to include your child care business. In some instances you may actually have to purchase a plan specific to home child care business. Your local licensing office should be able to give you some idea as to who can offer you the proper insurance. If they can't, contact your local Child Care Resource and Referral agency or local child care support group to get their advice.
5. A good, nay professional child care business, whether it is home-based or center-based, operates under well developed policies, contracts and day-to-day procedures for things such as administering medication, discipline, parent communication and so on. In fact, your licensing regulations may stipulate you have some of these policies and procedures in place before you can be licensed. The good news is you don't have to rack your brain trying to come up with all the forms and policies on your own. You can find professionally developed business forms and other valuable startup-information at Childcare.net's Online Catalog. All profitable child care business have a well-defined set of operations from starting and closing times, to program planning for every day occurrences such as activities, menus and so on. A general calendar noting such things as breakfast, lunch, nap, and other regularly scheduled activities can be used as a guideline for parents to know what their child will be doing at a given time. It also serves as a planner for you to insert weekly reading, free play, outdoor times, etc. possibly with a theme. Menu planning can be done for a six week period and rotated so you don't have to re-invent the wheel ever week.
6. For some reason most new business owners find setting their rates one of the most challenging components of their start up. After all, you don't want to charge too much that no one will use your service, and you certainly don't want to offer basement bottom prices that leave you in the red and attract a clientele you'd rather not serve. To learn more about how to determine your rates check out Chapter 6 in Start & Run a Profitable Home Daycare.
7. Setting up your facility to accommodate the number of children you will be able to care for is actually the fun part. You'll require enough space for play both indoors and out, appropriate sleeping arrangements for the number and ages of the children in your care, etc. Your licensing regulations will have all the specifics you'll need to have in place. This will probably entail contacting your Fire Department and Board of Health to get inspected. And, you'll want to do a complete room-by-room childproofing of your facility, if you haven't already. In any event, it certainly doesn't hurt to go over every room where the children will be just to ensure you have everything safety-proofed, including your outdoor play space.
8. Toys, books, art and craft supplies, child size furniture, and office equipment are just some of the items you'll need to acquire for your child care business. These items can certainly be purchased at discount outlets and thrift stores. Be aware however, that any secondhand items, especially baby or child furniture and apparatus you purchase through garage sales and thrift stores, will need to be thoroughly inspected, cleaned and checked for possible recalls. For recalls visit the U.S. Consumer Product Safety Commission's Web site, or Health Canada's Consumer Product Safety Website.<
9. Next you'll need a good way to keep track of your income and expenses. There are two ways you can go about setting up your record and bookkeeping system. The first is to get you a good file cabinet or portable file storage system and all the fun stuff that goes with it. You'll want to ensure you have a file for each child, for all your forms and policy materials, and for your personal files. Setting up a good bookkeeping system at the onset will help you see how your business is doing at a glance, as well as save you a lot of time and heartache, not to mention money, at tax time. The second way to get you on the right track where your records and accounting are concerned is a child care administration software package. Such software can streamline your business making it, and you, more efficient and professional. Most people don't realize it, but child care administration software will pay for itself in three to six months. More importantly, not only can you deduct the cost of any books, forms, supplies, equipment, etc, from your income tax, you'll save a lot of money at tax time not having to pay an accountant to do the work for you. Such software is certainly worth the consideration.
10. If you live in the U.S., you are eligible to apply to be reimbursed for a percentage of your child care food costs through the Child and Adult Care Food Program. Your licensing office should be able to provide you with the details, or you can learn more by visiting the U.S. Department of Agriculture's Website.
11. There aren't many people out there who enjoy sales and marketing. Aside from actually obtaining your license, you'll likely find this to be one of the toughest parts of running your business. But there are simple and effective ways to let people know you are open for business. A great resource for more information is the international best seller: Start and Run a Home Daycare, (Self-Counsel Press).
Starting your child care business with the valuable resources available at Childcare.net's Online Catalog.
Committed to your success!
Catherine Pruissen
Catherine Pruissen is the CEO and Founder of http://childcare.net and the author of the "International Best Seller", Start and Run a Home Daycare. Catherine has studied and written extensively on the child care/daycare field for over 20 years.
Her published titles include The Daycare Centre Business Plan Guide, and too many others to list here but can be found in her online catalog:
http://childcare.net/catalog/catalog/index.php, and in her Learning Centre:
http://childcare.net/library.shtml
Does My Child Need Health Insurance? (by Seamus S)
After Tesco health care launched a new offer promising up to 25% off the first year premiums. The big question is do children really need health insurance cover or are insurance companies just playing on the fears of parents.
This is always one of the biggest selling points for any health insurance policy offering peace of mind if the worst was to happen, so this is obviously a big factor for any parents thinking they need to get health insurance cover for their children.
So what is out there for any parents looking into getting private health insurance for their children? There are just as many health care plans for children as there are for adults, as with most health insurance plans the big advantage is the option of choice. If your child was to fall ill or needed an operation, with the right cover you will have a choice of hospitals and time frame for which your child can get the relevant treatment he or she needs.
It is true that all this can be found on the NHS but if you can afford the best care for your child why wouldn't you? One major reason may be, how many children need serious medical care, and even if they do need it more often than not the NHS well have more than adequate medical care for your child.
Taking for example the Tesco health care deal for children, what is available for those who apply for it? According to Tesco, the insurance offers fast access to medical professionals for private consultations, tests and diagnoses. Private treatment is also covered in case a child needs surgery and cannot be treated within six weeks on the NHS.
The added bonus with the Tesco cover is that the child cover is not part of a family cover plan, meaning that any medical history to do with the parents, will not affect the cost of cover for your children. Jeremy Sutton, head of Tesco Health Insurance, said "parents do not need to include themselves in the cover and that the policy does not carry an annual maximum limit on claims."
So the simple question any parent needs to ask them self is does my child really need health insurance? Well it could all be put down to just how much do you trust the NHS, many parents will have been bombarded with stories to do with superbugs and post code lottery its enough to put off any parent going to the hospital.
The NHS is by all means equipped to care for your child if he or she was to fall ill, but the thing is if you believe private health insurance is good enough for you then surely it is good enough for your children. There are many companies offering comprehensive health insurance for children.
Seamus has more articles pertaining to health insurance.
This is always one of the biggest selling points for any health insurance policy offering peace of mind if the worst was to happen, so this is obviously a big factor for any parents thinking they need to get health insurance cover for their children.
So what is out there for any parents looking into getting private health insurance for their children? There are just as many health care plans for children as there are for adults, as with most health insurance plans the big advantage is the option of choice. If your child was to fall ill or needed an operation, with the right cover you will have a choice of hospitals and time frame for which your child can get the relevant treatment he or she needs.
It is true that all this can be found on the NHS but if you can afford the best care for your child why wouldn't you? One major reason may be, how many children need serious medical care, and even if they do need it more often than not the NHS well have more than adequate medical care for your child.
Taking for example the Tesco health care deal for children, what is available for those who apply for it? According to Tesco, the insurance offers fast access to medical professionals for private consultations, tests and diagnoses. Private treatment is also covered in case a child needs surgery and cannot be treated within six weeks on the NHS.
The added bonus with the Tesco cover is that the child cover is not part of a family cover plan, meaning that any medical history to do with the parents, will not affect the cost of cover for your children. Jeremy Sutton, head of Tesco Health Insurance, said "parents do not need to include themselves in the cover and that the policy does not carry an annual maximum limit on claims."
So the simple question any parent needs to ask them self is does my child really need health insurance? Well it could all be put down to just how much do you trust the NHS, many parents will have been bombarded with stories to do with superbugs and post code lottery its enough to put off any parent going to the hospital.
The NHS is by all means equipped to care for your child if he or she was to fall ill, but the thing is if you believe private health insurance is good enough for you then surely it is good enough for your children. There are many companies offering comprehensive health insurance for children.
Seamus has more articles pertaining to health insurance.
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