The Importance and Necessity of Maternity Insurance

Pregnancy is a time of excitement and anticipation for many families. However, it can also come with its fair share of uncertainties and potential complications. In Singapore, pre-natal insurance plans have become increasingly popular.

By getting a maternity insurance, it provides some financial protection against unexpected pregnancy complications for the mother and congenital illnesses in the newborn. The earliest you can purchase a Maternity insurance is typically "13 weeks of your pregnancy." ?

Key Benefits of Maternity Insurance

1. Coverage for Pregnancy Complications

Pre-natal insurance helps reduce a portion of the medical costs for complications during pregnancy, like placenta previa, preeclampsia, gestational diabetes, and postpartum haemorrhage.

2. Congenital illnesses coverage

If your baby is born with a congenital illness such as Down’s syndrome, cleft palate, club foot, Cerebral Palsy, or heart defects, maternity insurance provides some financial support.

3. Hospital Cash Payout

Pre-natal plan provides some daily cash benefits for hospital stay relating to pregnancy complications, helping to cover a portion of the expenses such as accommodation and food.

For premature babies needing Neo-natal Intensive Care Unit (NICU care), this hospital cash payout can help reduce some of out-of-pocket costs, allowing the family to focus on the child well-being.

"Based on my client’s case, her baby was born pre-maturely at 32 week, the baby had to be warded in NICU for a total of 35 days! She received this daily hospital cash payout and this has helped the family to reduce a portion of the medical costs"

4.?Potential for Guaranteed Insurability Benefits

By obtaining maternity insurance, it helps to bridge the gap for hospitalization and insurance plan, especially for premature babies. What do I mean by this? For babies who are born prematurely, obtaining a hospitalization plan and insurance coverage can be challenging.

For parents who had their baby born pre-maturely, they would probably understand what I am talking about. Many insurers may postpone offering coverage until the child is at least two years old, and in some cases, up to five years old. This delay leaves a significant coverage gap during the crucial early years of the child's life.

Having a pre-natal insurance plan can helps bridge this gap, as some policies allow you to insure your newborn for life insurance and/or health insurance without needing further medical underwriting within a specified time frame after birth (typically 60 or 90 days, depending on the insurer you signed up with).?

Conclusion

While Maternity insurance is not mandatory, it offers valuable protection for both mother and baby. Investing in pre-natal insurance can provide peace of mind, ensuring both mother and baby receive the necessary medical care without the added financial stress.

Disclaimer: This article is for informational purposes only and should be used as a reference only. Please consult your trusted advisor for more detailed information and personalized advice.

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