Home Health & Fitness A guide on insurance for newborns for expecting moms

A guide on insurance for newborns for expecting moms

by Uneeb Khan
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insurance

If you are a permanent resident of Singapore or a Singaporean citizen and are going to have a child, you must know about maternal insurance policies in detail. Most of us have health insurance, and it covers a lot of health issues throughout our lives. With the advancements in medical science, complications during birth have reduced significantly. Still, in some cases, childbirth complications happen. Some parents may be unfortunate to have babies born with some health conditions. Pregnancy complications are covered in it if you go for maternity or prenatal insurance. Additionally, such insurance schemes also cover if the baby has any congenital disorder. 

What is maternity insurance?

A maternity or prenatal insurance scheme is a term-insurance scheme that offers a financial backup to the policyholder in case of pregnancy complications. This insurance also covers the baby if it has got any congenital disorder. Some maternity insurance plans come with added features, such as the Great Maternity Care plan. 

Standard pregnancy complications covered by maternity insurance 

It is up to the insurer to decide whether or not they would cover issues related to pregnancy. However, the following are some of the most frequent pregnancy problems that are covered by maternity insurance:

  • Stillbirth
  • Abruption placentae
  • Amniotic fluid embolism
  • Pre-eclampsia or eclampsia
  • Fatty liver during pregnancy
  • Placenta increta or placenta percreta
  • Disseminated intravascular coagulation
  • Postpartum haemorrhage that needs a hysterectomy

If the infant suffers from any of the following congenital illnesses, the policyholder is eligible for payment for medical expenses:

  • Cleft lip or cleft palate
  • Cerebral palsy
  • Clubfoot
  • Down’s syndrome
  • Premature retinopathy
  • Congenital hip dislocation
  • Absence of two limbs
  • Spina bifida
  • Ventricular septal defect
  • Atrial septal defect
  • Truncus arteriosus
  • Transposition of the great vessel
  • Tetralogy Fallot
  • Anal Atresia
  • Congenital cataract
  • Congenital deafness
  • Infantile hydrocephalus
  • Congenital diaphragmatic hernia

Some insurers also give the option to convert this insurance plan into a newborn insurance or life insurance plan so that there is coverage for the entire life. 

Is maternal insurance worth it?

Before we can actually find out if maternal insurance is worth it or not, we have to consider these factors. 

  • Cost: most maternal insurance schemes need to pay a one-time premium of $300-700. The amount of premium depends on the coverage plan and the insurer. This can be converted to a baby insurance after the child is born.
  • Risk: Most deliveries happen smoothly, and the pregnancy period is only a 9-month duration. Most people don’t even think of such plans. But, pregnancy or childbirth complications may occur when we expect them the least. 
  • Payout: in case of pregnancy complications, congenital illness, or death, policyholders get one-time compensation of $5,000 for basic plans. The policyholder also gets medical reimbursement for the baby’s hospitalization and other medical expenses. 

What does the Great Maternity Care offer?

By paying a one-time premium for the Great Maternity Care insurance, you can get coverage for yourself and your child, who is yet to be born. This policy also offers Guaranteed Insurability Benefits for the child from the moment it is born. This protection does not even require any medical assessment. 

The Great Maternity Care policy also offers Mum Again Benefit. This ensures that the policyholder will have hassle-free insurance coverage without any medical check-ups when they purchase the Great Maternity Care for the subsequent pregnancy. 

Benefits of GMC (Great Maternity Care) 

From the 13th week of pregnancy, mothers get coverage against 

  • permanent disability or death
  • Coverage for 19 types of pregnancy and childbirth complications
  • Coverage for hospital care ($200 daily) for up to 30 days
  • Coverage for psychological consultation (up to 3 sessions)

Compensation for child 

  • Against 26 congenital illnesses of the child
  • 15 juvenile problems
  • Hospital care benefits up to 30 days

If a policy is bought within 90 days from the childbirth 

  • Guaranteed lifetime coverage which includes any pre-existing disease

With the Great Maternity Care, you can also plan early for your child’s education. By availing of the Wealth Accumulation Plan, you can easily create an education fund for your child. This will help your child to get the required education as there will be no financial hindrance. 

Since this plan is flexible, you can use the funds set aside for your child’s education whenever you feel it is necessary.

Summary

Maternity insurance, such as the Great Maternity Care, is a great idea to provide additional security for would-be mothers. When would-be mothers buy this insurance, they are not only getting a health shield for themselves, but they are also getting additional healthy security for their babies. The baby who is yet to be born gets security from the 13th week of its mother’s pregnancy. The insurance coverage for the baby continues till the 3rd year of the policy. Just by spending less than S$1000 in a year, parents can get prenatal or maternity insurance in Singapore. Such insurance coverage gives additional benefits to their policyholders. 

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