Welcoming our bundle of joy into the world is usually a joyous moment for all new parents. However, the cost of unexpected events can be very high.
Getting a right maternity insurance plan is important to provide us some peace of mind. However, if you do not make a claim, the policy will expire after a set period, with no payout. So is it worthwhile to purchase? Here are some of the factors to look into.
With hospital bills that may go up very high, not many people can stomach the cost without depleting their hard earned savings or retirement funds.
Most local mums would have at least the basic MediShield Life protection for hospitalisation expenses from pregnancy complications. The importance of maternity insurance is therefore to have coverage for the newborn.
This includes a payout if the baby is diagnosed with one of the covered congenital illnesses as well as a daily hospital care payout for certain situations such as admission into the ICU or phototherapy for severe neonatal jaundice, where the baby needs to be placed under a special light from a phototherapy machine.
Premiums for maternity insurance plans range from a few hundred dollars to over a thousand, depending on the sum assured, your age and other risk factors.
It is important to find a suitable plan to provide adequate coverage without stretching your pockets.
Since the purpose of getting maternity insurance is for peace of mind, decide what are your main concerns and measure the potential costs of treatment for the condition or event against the cost of the maternity plan premium to see if it would be worth it to take up the plan.
You might find special features of a plan that caters to your particular needs, such as coverage for a pregnancy by assisted reproductive technology, IVF, or a multiple pregnancy. Some plans may also provide coverage for phototherapy for severe neonatal jaundice, or mental wellness care for mums.
You can start buying maternity insurance as soon as week 13 and the latest you can buy is between 35 and 40 weeks of pregnancy.
Should you wish to find out more about the maternity insurance plan from various companies, feel free to reach out to me for a comprehensive comparison of premiums and benefits.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Being a Financial Adviser has been an enriching and fulfilling journey as I help my clients reach their financial goals with proper planning. Meeting people from different backgrounds and turning them from clients to friends keep me inspired to do what I do. With the trust and support of my clients, I am able to help them reach their personal goals with tailored financial solutions. You can be assured of personalised high-quality service from me as I, together with Financial Alliance, support you in your life journey, and perform my role in a transparent, professional and enterprising manner.
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