Pregnancy is a whirlwind of emotions. As your body houses and nurtures a piece of your heart, you are busy creating a safe space for them when they arrive earthside. It is as exhilarating and exciting as it is unpredictable and challenging. Of course, pregnancy is often an expensive affair – from regular doctor visits to the delivery itself. Possible pregnancy and delivery-related complications can further add to the financial stress. While it is important to prepare yourself physically and mentally for parenthood, expectant mums and dads must also prepare financially for eventualities. Buying a maternity insurance cover is one way to do so that can take care of several maternity-related costs. In this article, we try to address some common questions pertaining to maternity insurance that expectant parents tend to have. We recommend you speak to a maternity insurance consultant to get detailed information and guidance.

Understanding scope of maternity insurance

Maternity insurance, also known as prenatal or pregnancy insurance, is typically an insurance plan that provides cover against any unexpected complications during pregnancy and shortly after the delivery of the baby. The coverage provided by the insurance can be utilized to offset additional medical bills. Even though most major maternity insurance providers might not cover hospitalization bills or the actual cost of delivery, they do provide a safety net in case of delivery-related complications or congenital illnesses. Usually, the benefits of maternity insurance last during the entire duration of the pregnancy as well as for up to 30 days post-birth. The coverage offered will depend upon the plan you opt for¹. Here’s everything that you should know about maternity insurance so that you ask all the right questions to your insurance provider.

• What is the best time to purchase maternity insurance?

Most maternity insurance policies come with a waiting period. This means that you have to wait for a certain amount of time to elapse before you can claim the benefits. In such a scenario, it is best to include maternity benefits in your existing insurance policy as soon as you begin to plan for your baby. However, some insurance providers also provide maternity coverage post conception. Depending upon the insurance plan, women in the 13^th to 36^th week of their pregnancy can apply for the cover. Also, in general, only women between 18 to 45 years of age are eligible².

• Is it advisable to buy maternity insurance?

Every expectant mother should ideally purchase a maternity insurance plan for herself and her child as some form of financial protection for unforeseen circumstances. But maternity insurance is a must for mothers-to-be who are slightly older or have had some health issues. If you have a family history of pregnancy-related health issues and complications or are concerned about having an unknown genetic condition that might get passed on to the child, a maternity insurance is highly recommended.

• What are the different kinds of maternity insurance plans to choose from?

Broadly speaking there are two kinds of maternity insurance plans available in the market – standalone and investment-linked. Standalone maternity plans are not linked with any other investment products and get terminated after the birth of the child. In investment-linked maternity plans, you can convert the plan into an investment. There are many different subtypes under the investment-linked maternity plans offering different kinds of benefits for both parents and the child.

• What is covered under the maternity insurance plan?

Even though pregnancy-related complications are largely detectable and avoidable in today’s day and age of advanced medical sciences, unexpected complications still arise. Depending upon the insurance provider, modern maternity plans generally provide a cover against complications like disseminated intravascular coagulation, abruptio placentae, amniotic fluid embolism, placenta increta, fatty liver, postpartum hemorrhage leading to hysterectomy, pre-eclampsia, stillbirth, etc. Common congenital disorders, among others, covered under maternity plans include cleft palate, cerebral palsy, congenital deafness, down syndrome, ventricular septal defect, spina bifida, clubfoot, absence of limbs, infantile hydrocephalus. Some insurance plans also offer hospital cash benefits if the mother and the child are admitted to the hospital for any of the covered conditions.

• What is not covered under maternity insurance?

Again, this varies with the insurance provider and the insurance plan that you choose, but most maternity insurance plans do not cover ‘regular’ expenses associated with childbirth and only provide a cover for ‘unexpected’ expenses. Regular expenses typically include doctor visits for pre and postnatal checkups, ultrasonography, vaccinations, and normal childbirth. Sometimes, pregnancies resulting from assisted conception techniques like IVF are also not covered. Most plans do provide a cover for twins but do not cover more than two babies. While premature births are not provided cover for, in the event a preemie is diagnosed with congenital conditions, they will receive the coverage and payout benefits. In case of termination of pregnancy, maternity insurance will only cover it if it is caused due to a complication covered by the plan. Every expectant parent wants what’s best for the future of their child. A well-defined and comprehensive insurance plan can not only be extremely reassuring for the parents, but it can also give your child the head start in life that they deserve. Many insurance providers in Singapore,AXA Insurance, Manulife, and Pacific Prime to name a few, provide maternity insurance plans that cover a plethora of unexpected complications. Choosing a maternity insurance plan that best suits your family’s needs can bring you the peace of mind you need for a healthy, happy pregnancy. While you plan for a maternity insurance to be prepared for challenges during pregnancy and childbirth, why not consider cord stem cell banking for long-term protection for your baby and immediate family? Cord blood banking and cord tissue banking are not “insurance products” in the strict sense of the term, but are similar in spirit i.e. help you in the event of unforeseen health issues. Know more about how you can avail of the benefits of cord stem cell banking with Cryoviva, one of the top family cord blood banks in Singapore.

References & Related Resources

1 A Guide to Maternity Insurance for Mums-to-Be 2 The Ultimate Guide to Maternity Insurance in Singapore

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