Maternity insurance in Singapore: So, let’s talk waiting periods?
Planning on bringing another life to the world? Then it is never too early to begin the preparations. It is apparent that there is so much to be done as far as medical care is concerned. Maternity medical care in particular—is no exception. Unfortunately, many Singapore citizens do not know the ins and outs of maternity insurance.
Well, in recent statistics the Singaporean health care system has been ranked among the best worldwide –position 6. We also cannot agree more that the healthcare standards for pregnant mothers is undoubtedly well above average. However, expats planning to have a child in Singapore may have to pay more for maternity care than regular residents. That is why it is essential to obtain maternity insurance to curb the high costs of maternal care. This article discusses some of the essentials of maternity insurance.
Waiting periods; approximately how long is the waiting period?
One significant feature of maternity insurance is the waiting period. It is also one of the most overlooked features by many moms-to-be. A waiting period is the duration of time following a start of maternity insurance in which one cannot be able to make claims. This common feature is substantially used mainly to protect other existing pre-insured members from taking responsibility of the costs that may potentially grow from the members joining the plans and subsequently exiting as soon as they receive the benefits.
That means that you may not be in a position to just snap on maternity protection few months before your due date. Doing so may only lead to potential losses since you may not use the coverage after all. It is wiser to get a maternity coverage either as a rider who is added on an existing insurance policy or as a detached policyholder one year or ten months before the conception of the baby. It is equally far-reaching to check your policy details in your documentation—if you already have one in place—for distinct waiting periods.
What if you’re already pregnant
Being pregnant means, you’re going to become a parent. It also means that it is not all about you anymore and therefore you must start thinking about the steps you’re going to take to protect your pregnancy, delivery, and nursing. The good news is that you’re not too late for maternity coverage and that there are still options. A noteworthy point to understand here is that the costs for your pregnancy and delivery may not be covered, but you can purchase a newborn health insurance coverage to settle your child’s medical charges.
Newborns are particularly vulnerable to illnesses, and it will only be valuable if you obtained medical insurance for your little one. This is also to say that in case you purchased your maternity coverage one month before getting pregnant, in the event of premature birth, you may not enjoy the coverage as your waiting period may not work on your side.
In case you get pregnant before obtaining maternity coverage, it is essential that you first consider covering for the pregnancy needs such as minor illnesses, ultrasounds checkups and delivery complications before purchasing any health insurance. This will help you avoid spending too much on the newborn since anything can happen.
Maternity insurance for expatriates
Pregnancy knows no residency, meaning that you may have to deal with giving birth to a child in a foreign country primarily in Singapore where the number of expatriates is almost 46 per cent of the entire Singapore population. Before you decide to have a child in Singapore, you must first familiarize yourself with the Singapore medical insurance.
According to Expat Insurance, many people do not know that maternity insurance cannot be bought as a stand-alone plan without having purchased the medical insurance policy first. The high cost of living in Singapore requires one to organize their finances especially for expats who may not get some privileges such as Medisave maternity package.
In fact, most private hospitals can command a fee of up to $15,000 for normal birth and $25,000 for C-section. This cost can even escalate higher if there are complications, which confirms the high medical expenses experienced in Singapore. It is advisable to visit an insurance expert who will help you find an affordable plan, although many will recommend that you seek international medical insurance like Bupa Global.
What does maternity insurance cover?
It is imperative to understand that maternity insurance can only be purchased as additional coverage for health insurance. This extended benefit covers various costs for both mother and child depending on the institution. It is important for an individual to do enough research before settling on a particular package. Most insurance companies impose waiting periods that may range between 10 to 24 months.
You want to make sure that you and your baby are getting the best from your package. Getting enough insurance cover help you relive some of the financial stresses related to prenatal and postnatal care.
The insurer determines the number of complications that can be covered by the insurance. Remember that your overall expenditure can skyrocket any time as the majority of complications are typically emergencies.
Reputable insurance companies mainly incorporate the common yet expensive complication costs in the event that one is unable to pay for them under normal circumstances. Some even go overboard to cover for premature births or situations where the child develops congenital conditions and other significant illnesses.
This is seemingly the main reason why many people go for maternity insurance. The uncertainties accompanied with carrying and bringing into the world a new being are too much to be covered by single coverage. Maternity insurance covers for both natural and cesarean delivery.
Many people prefer scheduling appointments with certified doctors to attend to them when giving birth. If you happen to choose a doctor to perform the c-section, you may have to dig deeper into your pockets to pay for the service. However, you will not need to spend a coin if you already have a valid maternity insurance policy.
You may also like to read: