What To Look For In A Baby Bump Insurance
Expectant mothers in Singapore would be rid of financial worries before and after childbirth by securing a ‘baby bump’ or maternity insurance. It’s the ultimate protection product that’s designed for mother and child.
This type of insurance basically allows would-be parents to fully concentrate on the baby growing in the tummy. There is less focus too on the impending medical expenses associated with pregnancy.
Do you know what maternity benefits you are entitled to? Read more about your employment rights here.
Medical expenses take precedence over excitement
In the Lion City, when the coming of a new family member becomes news, the excitement over the baby’s arrival is muted by the medical expenses associated with pregnancy. There’s good reason to think about the financial aspect. It could scale anywhere from S$10,000 to S$150,000, particularly in the event of complications or birth anomalies.
Thus, maternity insurance and its importance are likely to come into the picture. Would-be parents with foresight can allay fears of a financial strain during the stretch of the pregnancy term and thereafter.
However, purchasing the customized insurance for mother and child is not simple. The key aspects of pregnancy should be amply covered to justify the higher premium rate. In other words, you should derive the greatest advantage and not worry about the pile-up of medical bills before and after delivery.
What to look for in a baby bump insurance
1. The waiting period
If you’re considering purchasing maternity insurance, inquire first about the waiting period. All insurance providers mandate a waiting period or the period before you can claim for the expenses.
The time frame is usually between 10 months to 2 years months. It is suggested that parents intending to raise children in the near future should already plan to secure the maternity insurance.
In case the woman is already on the family way, there are insurance companies that will cover a pregnant woman but with specific pre-requisites like eligibility on age and months of pregnancy.
However, take note that an insurance company can deny the application of a female who underwent vitro fertilization (IVF) in the desire to get pregnant. It is the high-technology fertility treatment that is commonly used nowadays to increase the chances of a woman having problems with conceiving.
2. Out-of-pocket expenses
Before purchasing a maternity insurance, it is important to know the out-of-pocket expenses which can be a deal-buster at times.
Medical insurances often contain “deductibles” and “co-payment” provisions. By charging these extras, they can charge lower premiums to make it affordable.
While the amounts stipulated as the deductible or co-payment is relatively smaller compared to the total cost of the medical services, find out the extent of the coverage. It might be useless to you if the policy can’t fully cover all related expenses.
On top of the regular premiums you pay for the maternity insurance, you need to shell out the deductible (flat amount) prior to making a claim. After paying the deductible, you have to share by way of the co-payment (percentage).
Discuss these items with your insurance counselor. But for insurance in general, the normal practice is that lower deductibles and co-payment means higher premium payments.
3. Restrictions on services and medical facilities
Since your primary objective in securing maternity insurance is to minimize the cost of medical expenses, find out the restrictions as to the services and medical facilities. A coverage that offers plenty of choices as to where the patient can be treated prior, during, and after delivery should be the better choice.
Besides acceptability to several medical facilities, find out exactly the equivalent of your premium payment in terms of the one-time payout in case of unforeseen pregnancy complications or congenital defects.
Even if you’re certain of a healthy pregnancy, there is peace of mind knowing you’ll not be weighed down by medical bills in emergency cases. Your hospital bills can skyrocket because of pregnancy complications. That should be enough to serve as your motivation to take on a unique protection product.
4. Check out the investment-linked policies
One salient feature of a maternity insurance is how medical protection can be combined with an investment plan. Savings can be derived if you’re already thinking about your baby’s financial well-being in the future. Investment-linked policies are available as options for parents.
Also, have the insurance agent brief you on the insurability option for your baby. A baby with a pre-existing condition can’t qualify for insurance coverage because of the risk involved.
However, it would be advantageous if your insurance coverage comes with a guaranteed insurability option and readily transferable to your child. There’s no need for any prior assessment or added insurance underwriting.
5. Seamless claim procedures
The image of an insurance company can be strengthened or tarnished by its claims process. For a new mother who has just gone through labor pains should not be subjected to an equally rigorous filing of insurance claims forms.
You have to make sure the insurance provider you choose is known for having a competent, problem-free and timely claims process. What would simplify the process is if the hospital or medical facility has a direct billing arrangement with the insurance company. It will save you time, energy, and the trouble of making follow-ups.
In case there is none, better clear the step-by-step procedures with your insurance agent. Sometimes the problem is not with the insurance company. Claimants complain about the difficulties yet they’re not fully compliant with the documentary requirements. You can’t miss a beat when it comes to medical insurance claims.
A must-have protection product
Whether you’re preparing to raise kids or a baby is just forming in the womb, maternity insurance is a must-have protection product. Ensuring the health and safety of the mother and child should be the most important objective for the entire pregnancy term.
Thinking about the medical and hospitalization expenses is understandable for would-be parents. But if you have the budget to pay for the premium, you can’t go wrong with this type of insurance. Once you’ve chosen the insurance provider and the best-suited protection for the pregnant mother and the baby, you can rest easy. For, after all, anticipating moms need to be stress-free while waiting for the life-changing moment to come.