The Waiting Game & Maternity Insurance
The coming of a new member always brings joy and delight to the family. For the first time would-be mother, in particular, the excitement is more than double. However, this stage in a woman’s life is also plagued with anxieties. Hence, the maternity insurance coverage was ‘conceived’ especially for the pregnant lady and her child.
Think for a moment about the long wait that could take between 37 to 42 weeks. During this prenatal period, minor pregnancy concerns, as well as major complications may arise. The safety of the mother and child hangs in the balance until childbirth. Therefore, it makes maternity insurance worthy of consideration.
If you are pregnant and worried about losing your job, learn more about your employment rights here.
Parenthood schemes in Singapore
Singaporean moms-to-be are a lucky bunch. The government provides women on the family way with benefits and perks. On top being able to use Medisave funds at government-supported public healthcare facilities, pregnant women can avail of the Medisave Maternity Package (MMP). They have the option of using the funds to defray childbirth expenses in a private or public hospital.
The withdrawal limit from the fund is up to $3,000 for normal or vaginal deliveries and $4,400 for C-sections. In addition, all Singaporean newborns are given the Medisave grant amounting to $4,000 instantly upon registration of birth. Thus, mothers need not worry about the healthcare needs of their babies after childbirth.
If you analyze the extent of the government’s financial support, why would there still be a need for maternity insurance?
An added safety net
Private maternity insurance would definitely matter to expatriate mothers-to-be. The cost of labor complications, delivery, and post-natal care doesn’t come cheap in the Lion City. However, a number of Singaporeans are beginning to see the advantage of having a protection product for the mother and child.
Besides securing coverage that is coterminous with the pregnancy term, a maternity insurance works as a financial safety net in case something goes wrong during the critical period of pregnancy.
What are the benefits of maternity insurance?
First and foremost, what makes maternity insurance attractive is the added financial cushion. The would-be mom could hedge for normal or caesarian delivery expenses and other related expenses to be incurred in pre and post hospitalization.
But the real, underlying motivation for securing this customized insurance coverage is protection in the event the pregnant lady suffers from any complications during pregnancy. Further, when the baby suffers from a congenital disorder, expenses for the treatment are covered.
If the delivery procedure will be done in a private hospital, expect the professional fees, consultation, and surgery, to be significantly higher. Thus, the said expenses can be reduced.
Does maternity insurance cover the key aspects of pregnancy?
An important thing to remember if you’re sold to the idea of maternity insurance is when to buy it. You can secure the coverage as early as 13 weeks of pregnancy when a miscarriage can happen.
By the 20th week, pre-eclampsia or the rise in blood pressure can be fatal to the mother and child. A rare but serious condition that can occur during or just after childbirth is the amniotic fluid embolism. With maternity insurance, pregnancy complications and congenital illnesses of the baby is adequately covered.
However, the period of coverage, as well as the insurance premium due, varies from insurer to insurer. The specific protection for mother and child may also have slight differences. For hospitalization coverage, it can range from a low of S$100 to a high of S$3,000.
Is there a catch to maternity insurance?
If there’s one feature of maternity insurance that’s often not clarified is the waiting period. The waiting period for this insurance coverage refers to the period within which you can claim your expenses under your policy coverage.
ALL maternity insurance providers impose a waiting period on maternity insurance. So it is essential to know beforehand if the waiting period is prior to conception or claim. That is material because waiting periods can take months or years depending on the conditions set by the insurer.
Because of the numerous maternity plans being offered in Singapore, it pays to be meticulous in choosing. Compare the features each insurance company. Get into the nitty-gritty of the coverage for the mom and the newborn. Make sure you understand every single detail. The last thing you need is to be anxious prior to, during, and after childbirth.
However, prospective clients shouldn’t confuse maternity insurance with pregnancy coverage. The latter is attached to the main health insurance policy which is more relevant to expatriates. Soon-to-be parents in Singapore opting for maternity insurance are after the one-off payment should pregnancy anomalies or any congenital birth defects manifest.
But in reality, it’s the kind of insurance coverage you’re willing to purchase and yet hope that you won’t have to deal with the insurer. For those wanting to extend the coverage for the baby’s future after delivery, many of the policies can be converted into an endowment policy. You can also inquire from the insurance company on investment-linked policies (IPLs).
For those thinking of starting a family, it would be good to purchase maternity insurance the soonest time possible and way before conceiving the baby. More often than not, pregnant women applying for maternity insurance are denied.
Given the difficulties of carrying a baby bump, moms-to-be should seriously consider maternity insurance. Understandably, the male counterparts would not readily submit to the idea. They will never experience the plight of women during a most delicate stage.
But for the woman on the family way, it is a pivotal protection which is tailor-fitted for the condition. The additional spending is worth every dollar especially if the pregnancy is risky or precarious. You might as well be covered and be saved from higher cash outlay in case pregnancy complications arise.
Remember that just like any other insurance coverages, you might not need to tap on it. But since you can’t predict future events, it’s there when you need it. The higher premium rate shouldn’t matter if you have money to spare. Maternity insurance is not an afterthought. It’s for happy moments until the waiting game is over.