Being new parents, the entire journey of moving into the next stage of life known as ‘parenthood’ can be filled with questions, fears and doubts. You find yourself wondering about the what-ifs, questioning what you should do should something happen to yourself or your (now still unborn) baby and suddenly having fears about all the money needed for medical emergencies.
You must have now heard about maternity insurance plans but what exactly are they good for during rainy weather? We’ll let you in on the details in this quick read!
As a term insurance, maternity plans provides pregnant mom with a financial cushion in the event they suffer any complications during their pregnancy. You will also be covered if your baby suffers from a congenital disorder. Depending on your chosen policy, hospital care benefits and hospital stays may also be included.
And that is how maternity insurances complement regular medical insurance plans.
*differs for every insurer
For mothers, a lump sum payout and/or hospital benefits will be given if a pregnancy complication occurs. Depending on the insurer, different pregnancy complications may be covered but they typically include these:
Amniotic Fluid Embolism
Fatty Liver During Pregnancy
Disseminated Intravascular Coagulation
Postpartum Haemorrhage which requires Hysterectomy
As for newborns, medical reimbursement or lump sums will be paid if your baby is born with any of the following standard 18 congenital illnesses:
Congenital Diaphragmatic Hernia
Transposition of Great Vessel
Atrial Septal Defect
Ventricular Septal Defect
Absence of two limbs
Cleft Palate/Cleft Lip
Congenital dislocation of the hip
Retinopathy of Prematurity
To purchase a prenatal insurance plan, you’ll need to be:
1. Between the legal and possible ages of childbearing (18-45 years old)
2. An expectant mother of a minimum of 16 weeks
Maternity insurance plans are still a great idea to give yourself additional security during the unpredictable pregnancy period if you can afford them. Like what people always say, it’s better to be covered now and not worry about high medical costs later in the future.
For an easier and more comprehensive view of the maternity plan benefits offered by 7 insurance companies in Singapore, be sure to download it for free here!