Pregnancy Insurance! What does it do?

How many mothers do you think out there know what pregnancy insurance is all about?Well surprisingly 90% of the mother-to-be do.

Pregnancy Insurance

Pregnancy Insurance (or some call it the Maternity Insurance or Pre-natal Insurance or Baby Insurance) is becoming the most important insurance or protection for pregnant mummies. This type of plan is relatively new – first came out 6 years ago maybe? But it wasn’t well-known then and many people don’t understand what is it for.

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However, about 90% of the pregnant mummies that you talk to might have heard of such plan now. The reason why? Many say that each pregnancy is different and this is true in all aspects including the experience that the mothers go through, the potential risk includes premature, pregnancy complications, congenital illnesses. So, the debate continues – is insurance necessary or not?

Did you know?

  •        Cost of NICU per day is about $1000 in private hospital?
  •        Emergency caesarean which can double the bill?
  •        Operation due to congenital illnesses

Generally, there are only 3 groups of people: 

1. I choose Not to Buy

  • To bear any consequences on themselves
  • Feel that nothing will go wrong with the pregnancy
  • First pregnancy was smooth

2. I Want to Buy

  • Peace of Mind
  • Transfer such potential risk to insurance company

3. I am Unable to Buy

  • Past or existing pregnancy complication
  • Low placenta
  • Gestational Diabetes (usually after 20 weeks)
  • High blood pressure in later stage of pregnancy
  • Any growth (fibroids or cysts) that may threaten the pregnancy

As a half-half (kiasu yet not too kiasu) parent, I would definitely want to have my baby protected. At least something better than nothing. So here are some of the pointers if you are half-half like me, thinking to get or not.

  • When can I start?
    As early as 13th week (of pregnancy), ideally before detailed fetal ultrasound (detailed scan normally around 20 or 21 weeks). Most of the parents would get around 16th week where the pregnancy is more stable and first test (OSCAR / Harmony) is done.
  • Why should I start early?
    As there are more scans as the pregnancy proceeds, more information will be revealed during such scans like the 5 reasons (linked to FIVE REASONS WHY YOU WILL BE REJECTED WHEN BUYING PREGNANCY INSURANCE article) which we have mentioned. Thus, it is always advisable to start early so that the pregnancy can be covered before it’s too late.
  • Who should I cover?
    As a rule of thumb, parents should always get themselves covered before planning for their children. Reason being, if the parents are not well taken care of, who can help to take care of the children? Such pregnancy insurance can be bundled with different types of plans: plans for parents, savings plan for children, investment plans for parents.
  • What to look out for?
    plans cover IVF babies while some do not. Some covers only for 3 years while     some can cover up to 6 years. Some plans only covers the pregnancy and baby but do not guaranteed a life plan for the baby (baby who is premature or born with any condition may still not be able to get a life plan after birth). Thus, it is important to find out the plan that most suit your suits.How to get started?Talk to an experienced consultant.

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Sources:
https://www.moh.gov.sg/content/moh_web/home.html

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