If you are an expectant mother, you may already be aware that the cost of pregnancy and childbirth can quickly add up. This is especially true in Singapore, which is known worldwide for its high medical costs. That’s why best maternity insurance in Singapore is so important for anyone who wants to be prepared for the unexpected.
In addition to medical coverage, a good maternity insurance policy will also offer benefits like prenatal care, breastfeeding support, and even postpartum and newborn care. Some of the top maternity insurance providers in Singapore include Allianz Care, Cigna Global, and AXA. But what does it take to get the best maternity coverage? In this article, we’ll explore what it means to have a comprehensive maternity insurance plan, how the waiting period works for Singapore maternity insurance, and more.
The Best Maternity Insurance in Singapore
Pregnancy is a huge milestone, but it’s also a time for careful financial planning. Aside from Medishield Life, which is compulsory for all Singaporeans and Permanent Residents, many other types of health insurance do not cover pregnancy and related expenses. As a result, the best maternity insurance in Singapore is often an add-on maternity component of a larger health plan.
For example, HSBC HappyMummy can be added to either a Whole Life or Investment-Linked insurance plan such as HSBC Life Treasure II and enables you to enjoy guaranteed insurability for your child until their age of 30. This is an excellent feature that should not be overlooked.
Other maternity insurance providers in Singapore offer similar add-on packages. Great Eastern Flexi Maternity, for instance, offers a shorter application window than other policies. It also covers the mother for 19 types of pregnancy complications and 26 congenital conditions, as well as hospitalization benefit of up to S$200 per day.
The best maternity insurance in Singapore will usually have a waiting period between 10 and 24 months, depending on the insurer. This can be frustrating, especially if you find out you are pregnant very soon or are hoping to become pregnant. However, there are ways around this issue. Many expats in Singapore who have a comprehensive maternity insurance plan from companies such as Allianz Care, Cigna Global, or AXA have been able to bypass this waiting period by beginning their coverage early.
It is also possible to pay for maternity expenses on a monthly basis. This is often a more manageable way to handle the expensive hospital bills that will come up during your pregnancy. It is advisable to discuss your options with the hospital as early as possible so that they can help you work out a payment plan that will suit your budget. This will not only save you money in the long run, but it will also relieve the stress of trying to keep up with massive hospital fees that can easily be deferred over a longer period.