Welcoming a baby is one of life’s most precious moments, filled with excitement, hope, and sometimes a little worry.
Parents want the best for their little ones, even before they arrive. But along with the joy comes the reality of new expenses and the 'what ifs' we can’t always predict.
Maternity insurance is one option that parents may consider for added financial security during pregnancy, delivery, and sometimes beyond. This guide answers key questions about maternity insurance in Singapore to help you decide if it’s the right choice for you and your baby.
What Is Maternity Insurance?
Maternity insurance is designed to help protect expectant mothers and newborns during pregnancy, childbirth, and sometimes even after delivery.
Maternity insurance generally covers inpatient treatment for pregnancy, delivery-related complications, and congenital conditions that your standard medical insurance may not cover. It provides an extra layer of financial support during this significant time.
Since coverage details and benefits vary among insurers, it’s important to choose a plan that aligns with your specific needs.
The cost of maternity insurance can range from S$300 to S$1,600.This depends on the coverage you choose and the mother’s age—generally, younger mothers get lower premiums.
Do I Still Need Maternity Insurance If I Already Have Basic Health Insurance?
MediShield Life and Integrated Shield Plans (IPs) provide some coverage for serious pregnancy-related issues, such as inpatient treatments for conditions like postpartum haemorrhage.
MediShield Life also extends lifetime coverage to Singapore Citizen babies, including those with certain congenital conditions.
Your IP generally covers certain pregnancy complications, such as pre-eclampsia and eclampsia, but may not extend coverage to your newborn.
Maternity insurance provides more extensive coverage for expectant mothers and their babies, addressing specific pregnancy, delivery, and post-childbirth complications. Additionally, your baby may qualify for a health plan with the same insurer without needing medical underwriting if you sign up within the first 90 days after birth.
This can be especially beneficial if your child has health concerns at birth, as it helps ensure they have access to insurance coverage from the start.
Maternity insurance can also cover large expenses that may arise during pregnancy or right after birth. For instance, if your newborn has a congenital condition, maternity insurance could provide a lump-sum payout to help cover early treatments or surgeries.
This extra financial support can be invaluable, especially if unexpected medical bills come your way.
What Does Maternity Insurance Cover?
Maternity insurance coverage varies depending on the provider and the specific policy you choose.
Here’s what most plans in Singapore usually include:
Pregnancy complications: Covers costs for unexpected issues like emergency C-sections, hospital stays, and treatments for conditions like pre-eclampsia, gestational diabetes, or premature birth.
Congenital illnesses in newborns: Many plans help cover early treatment costs if your baby is diagnosed with conditions like Down syndrome, spina bifida, or certain heart problems.
Hospital cash benefits: Some plans provide daily cash payouts if you or your baby needs a hospital stay. This can help cover lost income or extra expenses during longer hospital visits.
Death and disability benefits: In rare cases, if the mother or baby passes away, the plan may offer a payout to support the family. This support may also be available if the mother becomes disabled due to pregnancy complications.
Some plans may also offer extra benefits, like mental health support for mothers, newborn health screenings, or treatment for newborn jaundice.
Does Maternity Insurance Cover Pre-Existing Conditions?
Whether maternity insurance covers health conditions you had before pregnancy depends on the specific policy and insurer. Some plans may cover certain pre-existing conditions at no extra cost, while others might exclude them or charge you a higher premium.
For instance, if you had gestational diabetes or high blood pressure before pregnancy, some insurers might cover these conditions, while others may view them as a higher risk and either charge more or exclude them altogether.
It’s a good idea to check with your insurer early on to find out what’s covered, especially if you’ve had health issues in past pregnancies.
When Should I Buy Maternity Insurance?
It’s advisable to buy maternity insurance early in the pregnancy to secure protection against any potential complications.
Most insurers allow you to purchase maternity insurance starting at the 13th week, as the risk of miscarriage significantly drops after the first trimester.
Most insurers allow maternity insurance to be bought up to the 35th or even the 40th week of pregnancy, although specific age requirements for the mother (usually between 18 and 45) may apply.
One benefit of buying early is that the premium cost stays the same, whether you purchase it in the 13th week or later. Also, maternity insurance typically has no waiting period, meaning coverage starts as soon as the policy is active.
How Do I Compare Maternity Insurance Plans?
Choosing a maternity insurance plan doesn’t have to be complicated. Focusing on a few practical steps can make the process much easier:
Focus on core coverage: Look for essential benefits, such as coverage for pregnancy complications and newborn conditions. Some plans come with extra perks, but it’s best to ensure the main coverage meets your needs.
Check the insurer’s track record: Choose an insurer known for smooth claims processing and reliable customer service. You can look up reviews online or ask friends for recommendations.
Compare insurance plans: Take some time to chat with financial advisors who represent multiple insurance companies. This will help you understand the differences between maternity insurance plans so you can choose what works best for you and your needs.
Is Maternity Insurance Right for You?
When it comes to deciding on maternity insurance, the ultimate goal is the peace of mind it can provide. Like any form of insurance, you make a financial commitment with the hope that everything goes smoothly and you won’t need to use it.
However, if you have concerns about possible complications, high medical costs, or a family history of health issues, maternity insurance can be a valuable safety net. It offers added security, knowing that you’ll have financial support with unexpected medical expenses. Plus, it ensures your newborn will be covered if any unforeseen health issues come up.
In the end, it’s about weighing the value of this protection against the cost and choosing what feels right for you and your growing family. For guidance on picking the right plan, consider reaching out to your financial advisor. They can help you choose coverage that best fits your needs.
We hope this article helped you in your pregnancy journey. Share this with a friend who might need it too.
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The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulations. You should also note that the information presented does not have regard to the specific investment objectives, financial situation, or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.
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