What does maternity insurance mean?
Are you wondering what maternity insurance is all about? Well, let's dive in and discover how this type of insurance policy can provide crucial support for expecting mothers throughout their pregnancy journey. Maternity insurance offers valuable coverage, specifically designed to protect against unexpected complications that may affect both mother and baby.
Maternity insurance refers to a type of insurance policy that expecting mothers can acquire while they are pregnant. Its purpose is to provide coverage for unforeseen complications that may arise during pregnancy, affecting either the mother or the baby.
Instead of leaving families burdened with additional medical expenses, maternity insurance often pays out a lump sum to help alleviate the financial strain caused by pregnancy-related complications. You can obtain maternity insurance either as a standalone policy dedicated to covering pregnancy-related issues or as part of a comprehensive insurance package offering additional benefits.
What is included in maternity insurance coverage?
So, what exactly does maternity insurance cover? Comprehensive coverage is a hallmark of maternity insurance, encompassing a wide range of potential pregnancy complications. It addresses common concerns such as high blood pressure, gestational diabetes, and premature births, as well as unfortunate events like miscarriages.
But that's not all—maternity insurance goes beyond physical health. It may also extend support for mental health needs and hospitalization expenses. This means that if the mother requires hospitalization due to pregnancy-related complications, financial assistance can be provided. Additionally, maternity insurance acts as a safeguard against birth defects, offering protection for significant conditions like congenital heart diseases, cleft lip or palate, clubfoot, missing or underdeveloped limbs, and Down syndrome. A comprehensive maternity insurance plan should cover a range of 17 to 26 different types of birth defects.
It's worth noting that premiums for maternity insurance are non-refundable, and successful pregnancies do not result in payouts. Nonetheless, the peace of mind and the financial security it provides in case of complications make maternity insurance a vital resource for expectant families.
Understanding maternity insurance
When it comes to maternity insurance, there are two distinct types to consider.
Standalone maternity plan: offers coverage exclusively for maternity-related expenses.
Maternity plan coupled with a base plan: provides a comprehensive insurance package.
To give you a quick snapshot of what these plans entail, take a look at the following illustrative diagram. If you decide to go for a bundled maternity insurance option, your maternity rider will work in harmony with your base plan, providing added benefits and support.
Situations to explain how maternity insurance works:
Who qualifies for maternity insurance coverage?
Pregnant women in their 13th - 36th week of pregnancy are eligible to acquire maternity insurance. The premium remains consistent regardless of whether the policy is purchased at the 13-week or 36-week stage.
If you are considering purchasing maternity insurance, it is advisable to purchase it as early as possible to maximize the coverage duration, as the premium remains unchanged.
Comparison of maternity insurance policies
*Hospital conditions encompass medical situations unrelated to pregnancy and childbirth, such as pregnancy-related appendicitis or post-delivery cardiomyopathy.
Coverage for children
Additional benefits
Do note that these lists are non-exhaustive. Do reach out to us on Whatsapp at 9790 1583 to learn more.
Is maternity insurance a good investment?
With the multitude of maternity insurance plans available, it can be challenging to narrow down the best option and determine if investing in maternity insurance is worthwhile. To help you make an informed decision, let's address some commonly asked questions:
Question #1: I already have MediShield and IP. Do I still need maternity insurance?
MediShield Life currently covers 24 pregnancy complications, including gestational diabetes and preeclampsia. Your Integrated Shield Plan (IP) also provides coverage for specific pregnancy complications. However, neither MediShield Life nor IP offers coverage for your newborn, and insurance for your infant can only be applied for when they are at least 15 days old. Maternity insurance can complement your existing plans by providing additional payout on top of their coverage.
Question #2: Are the premiums for maternity insurance one-time or ongoing?
If you choose a standalone maternity insurance, you only need to pay the premium once. However, if you opt for a maternity insurance package that includes a maternity rider and a base plan, you will pay the premium for the maternity rider once, while the base plan will continue based on the chosen term. A one-time premium for a maternity insurance rider typically provides coverage for 3 to 6 years.
Question #3: Can I purchase maternity insurance if I undergo in vitro fertilization (IVF)?
Yes, you can still purchase maternity insurance for peace of mind, but not all insurers cover pregnancies through IVF. Some insurers may impose an extra premium loading for pregnancies conceived through IVF. Look for a plan that provides coverage for IVF-associated risks if you are undergoing IVF. Singlife MyMaternityPlan, for example, covers congenital illnesses and provides coverage for up to 4 children in a pregnancy, including those conceived via IVF. Consult your doctor to determine the coverage that suits you best.
Question #4: Does maternity insurance provide lifelong protection for my child?
If your base plan is a life insurance policy, it will provide coverage until your newborn obtains a birth certificate. Within 60 days of birth, you can transfer the whole life plan to your child without medical underwriting. Some plans, such as AIA Mum2Baby Protect, allow for the transfer of the base policy to your infant, offering basic life insurance without underwriting. Great Eastern's Great Maternity Care and HSBC's HappyMummy, HappyFamily, and EmpoweredMum policies also provide coverage for twins conceived through IVF.
Question #5: What happens if my pregnancy fails?
In the unfortunate event of a failed pregnancy, the maternity insurance you choose will still provide coverage until the end of your pregnancy term. If you have a bundled plan with a base policy, it will continue to cover you for life.
Question #6: What happenes if my health deteriorates during pregnancy?
It is not uncommon for a mother's health to decline during pregnancy, with conditions like gestational diabetes or hypertension arising. In such cases, it may be advisable to retain the base plan for yourself, as obtaining a new plan without exclusions can be challenging. However, you can always purchase a fresh policy for your infant to ensure their coverage.
To buy or not to buy
In Singapore, having health insurance coverage is mandatory. However, MediShield Life and Integrated Shield plans do not provide any payouts for emergency Caesarean sections, miscarriages, premature births, or treatments for birth defects. These circumstances will require you to bear the expenses out of your own pocket.
In the case of premature births, the costs of Neonatal Intensive Care Unit (NICU) can reach up to $2,000 per day in a private hospital. Even with a maternity plan, the coverage is limited as the maximum daily payout is $600 for up to 30 days.
If you choose to purchase maternity insurance, it is crucial to understand that only specified pregnancy complications or birth defects are eligible for payouts according to your policy. Any conditions not listed will not be covered.
Furthermore, if your maternity insurance is part of a package that includes a whole life or investment-linked insurance policy (ILPs), the premiums for those policies will still need to be paid in the unfortunate event of the death of your child or fetus. However, the maternity policy will continue to provide coverage for the mother.
If you have questions or need personalized advice regarding coverage, premiums, or any concerns you may have, feel free to reach out to us on WhatsApp at 9790 1583. Let's have a conversation and find the right maternity insurance plan that suits your needs.
Comentarios