Do I need Prenatal or Maternity Insurance?
You never want to need to use insurance...but you put it in place to reduce risk. And you never appreciate insurance until you have to use it.
MuMu Mummy are advocates of women's health and wellbeing through our postpartum confinement herbs...we are not insurance agents or financial advisors.
However, we can highlight some talking points.
Prenatal and Maternity insurance will not cover your usual medical bills...your check-ups, scans, or delivery...that's on you! Or if you have a good existing medical insurance through your work or your own plan, then you may be covered for some of these expenses. If you're planning on having a family soon, or if you've just found out that you are pregnant, give your insurance agent/provider a quick call to find out.
Prenatal and Maternity insurance will cover pregnancy complications for you, the mother. This is usually in the form of lump-sum payouts and hospital benefits. The conditions which are covered and the sum will vary from insurer to insurer. Examples of typical conditions that are covered could be:
Postpartum Haemorrhage requiring Hysterectomy
Fatty Liver of Pregnancy
Amniotic Fluid Embolism
This list is much longer, with many conditions you will have likely never heard of before. Your newborn may also be covered for a number of treatments if there are any conditions at birth (congenital illnesses).
Of course, we all hope for a smooth pregnancy but our bodies are not machines, so you should be aware of any pregnancy complications that may arise...at least so you can monitor for any unusual signs yourself. If there are any complications, unfortunately in Singapore, finance is a real issue when it comes to medical treatment and it can cause real stress...whether you have the money in your bank account or not.
You should also be aware that some maternity insurance come with life insurance policies, which if you are willing to commit to can be great, but if also hold penalties if you cancel them in future years. Be sure to ask if it is an Invest Linked Policy or not.
If you have the funds available, you may wish to purchase maternity insurance. For many of us, pregnancy can be a once or twice in a lifetime event, and you may feel that it is worth mitigating the risk. However, pregnancy, childbirth and early parenthood is already a usually expensive period in your life with even the small little things stacking up to big dollars.
There's no right or wrong answer here and you shouldn't ever feel pressured into buying insurance for your maternity period, not by any insurance agent/company and not by other people around you.
Our recommendation? It is worth exploring. As previously mentioned, insurance is there but we never want to actually have to use it. Speak to a few advisors, from different insurers and get an overview of what may work best for you. Read up online and do what you are comfortable with and see how insurance would fit into your budget.