Pregnancies can be fraught with many concerns, especially for first-time parents. It is like entering an unknown territory and you fear that things can go wrong when least expected. For this group of parents, maternity insurance is a worthwhile solution. However, many insurance companies require mums to plan ahead by purchasing the plan about a year before actually being pregnant. Fortunately, prenatal insurance makes it possible for already-pregnant mums to enjoy insurance benefits.
Get covered with prenatal insurance
To address some of these fears, insurance companies offer prenatal insurance plans to help parents secure better coverage for themselves and their little one. Essentially, prenatal insurance is a term insurance that offers coverage should complications arise during a mum’s pregnancy, up to say 30 days after the baby is born.
Prenatal insurance coverage is varied, with most prenatal insurances paying out a lump sum in the event of a complication, or hospital benefits during a mum’s stay in hospital during her pregnancy. Hospital benefits include up to $200 per day for up to a month for baby and mum.
Since complications may require greater medical care or a longer recuperation period in hospital, which translates into higher medical bills that will significantly weigh on one’s Medisave savings, an added insurance coverage offers greater protection to ensure that the family can focus on the mum’s and baby’s well-being.
When choosing a prenatal insurance, it is worth noting the type of complications covered, since every plan is different. Having said that, some basic complications insured for mums include:
- Fatty liver
- Amniotic fluid embolism
- Abruptio Placentae
- Placenta increta / Percreta
- Disseminated intravascular coagulation
- Postpartum haemorrhage
- Still birth
This coverage also extends to babies who are found to have a congenital disorder. Standard congenital disorders covered include:
- Anal atresia
- Atrial septal defect
- Absence of two limbs
- Congenital cataract
- Congenital deafness
- Congenital diaphragmatic hernia
- Cleft palate / lip
- Cerebral palsy
- Congenital dislocation of hip
- Down’s Syndrome
- Infantile hydrocephalus
- Spina bifida
- Retinopathy of prematurity
- Tetralogy fallot
- Transposition of Great Vessel
- Truncus arteriosus
- Ventricular septal defect
What to look out for when purchasing a prenatal insurance?
To purchase a prenatal plan, mums must have passed the first trimester. While some insurance providers provide standalone prenatal insurance plans, the majority offers prenatal insurance as part of an insurance bundle, to include life insurance or an investment-linked policy, or an added component to an existing health insurance plan.
Depending on your long-term insurance needs, you will need to select from the array of plans out there. Needless to say, it is important to understand how the lump sum payout is made, as well as the amount of payout if complications do arise.
Learn how else you can put your mind at ease as you prepare for a new addition. Speak with a representative and receive a 24-piece diaper pack as our little gift to you when you sign up here!