Bringing a baby into the world is one of life’s most exciting moments – but it can also come with its fair share of worries and financial surprises.
1 in 10 pregnancies might face complications, and having the right maternity insurance is key to giving both you and your newborn the protection you need.
In this post, you’ll learn:
- What maternity insurance covers (and what it doesn’t)
- When’s the best time to get a plan (hint: it’s sooner than you think!)
- Why it’s not just about you – but securing your child’s future too
- How to take advantage of the Baby Bonus, childcare subsidies, and more
If you’re looking for peace of mind throughout your pregnancy and beyond, keep reading – you won’t want to miss this.
What is maternity insurance?
Maternity insurance is a specialised insurance policy designed to give you peace of mind during a unique and exciting (yet sometimes nerve-wracking) time – pregnancy and childbirth.
It offers financial protection to expectant mothers and their newborns, covering various scenarios that might not be covered by your standard health insurance.
Whether it’s a health issue during pregnancy or your baby being diagnosed with a congenital condition, these plans provide lump sum payouts or daily hospital allowances, helping you manage medical expenses without dipping too heavily into your savings.
Doesn’t Medisave cover pregnancy procedures?
MediSave, Singapore’s national savings scheme, does provide some coverage for maternity-related procedures, but it’s not as comprehensive as maternity insurance.
There’s a specific package known as the MediSave Maternity Package.
This package allows you to use your MediSave to pay for pre-delivery medical costs, delivery expenses, and even some post-delivery care – but there are limits on how much you can use for each.
What about integrated shield plans? Don’t they cover pregnancies?
Some Integrated Shield Plans (IPs) do cover certain pregnancy-related expenses, but there’s a catch (or a few).
IPs may cover treatment costs for serious pregnancy complications, like pre-eclampsia, but only if specified in the policy.
This means that they do not cover routine childbirth expenses, requiring the use of maternity insurance or MediSave.
Additionally, IPs typically exclude coverage for congenital illnesses in newborns, leaving parents financially vulnerable if treatment is needed.
What does maternity insurance cover?
Doctor consultations
During pregnancy, regular check-ups with your doctor are a given.
These consultations help monitor your health and your baby’s development.
Maternity insurance often provides benefits that help cover these doctor visits, which can include specialists or even high-risk pregnancy experts if needed.
Pre and post-natal treatments
Pregnancy involves a series of tests, treatments, and preventive care to ensure you and your baby are on track.
Maternity insurance usually extends coverage for a wide range of pre-natal and post-natal treatments.
The coverage extends beyond your delivery date as well – post-natal care often includes necessary treatments that help the mother recover, support breastfeeding, and ensure that the baby is thriving in those early weeks.
Medically prescribed caesarean section
If your doctor prescribes a C-section for medical reasons – whether it’s due to complications like placenta previa, a breech baby, or any other condition that makes vaginal delivery risky – maternity insurance will often cover the costs associated with the procedure.
This includes the surgical fees, hospital stay, and any additional care required during the recovery period.
Keep in mind that elective C-sections, where there’s no medical need for the procedure, may not always be covered, so it’s important to check your policy details.
Normal delivery
For many expectant mothers, normal delivery (vaginal birth) is the preferred and most common way to welcome a new baby into the world.
It’s good to know that these benefits typically also apply to various delivery scenarios, including induced labour.
Complications of pregnancy and childbirth
Maternity insurance coverage extends to a variety of potential pregnancy and childbirth complications, which may include pre-eclampsia and eclampsia, stillbirth, amniotic fluid embolism and placenta complications.
It typically provides a lump sum payout and/or daily hospital allowance to cover these complications.
One thing to note is that some policies have exclusions, such as complications resulting from assisted conception procedures like in vitro fertilisation (IVF).
Hospital, birthing centre, or home delivery costs
Whether you prefer the comfort of a hospital, the more intimate setting of a birthing centre, or even a home delivery, maternity insurance can help offset many of the associated costs.
No matter your delivery choice, it’s important to check your specific policy, as some insurers may have restrictions or preferences about the location and types of professionals involved.
Care of newborn children and congenital birth defects
One of the key benefits of maternity insurance is its extended coverage for newborn care, especially if your child is diagnosed with a congenital birth defect or requires extra medical attention.
Maternity insurance often covers a range of these defects, providing financial support to manage medical costs during your baby’s crucial first few years.
Some policies cover up to 18 to 26 different congenital illnesses, depending on the insurer.
On the other hand, newborn care can include a wide variety of medical needs, such as paediatrician fees to lab tests, screenings, and treatments necessary for the immediate care of your baby.
It can also provide daily hospital allowances if your newborn requires extended stays in a hospital or neonatal intensive care unit (NICU).
Conditions covered for pregnant mothers and newborns
These are some of the most common conditions covered by most maternity insurance policies in Singapore:
Mother | Newborn |
Stillbirth | Anal Atresia |
Amniotic Fluid Embolism | Transposition of Great Vessel |
Pre-Eclampsia/Eclampsia | Cleft Palate/Cleft Lip |
Fatty Liver of Pregnancy | Congenital Cataract |
Abruptio Placentae | Truncus Arteriosus |
Disseminated Intravascular Coagulation | Cerebral Palsy |
Placenta Increta/Percreta | Congenital deafness |
Postpartum Haemorrhage requiring Hysterectomy | Atrial Septal Defect |
Clubfoot | |
Congenital Diaphragmatic Hernia | |
Ventricular Septal Defect | |
Congenital dislocation of hip | |
Infantile Hydrocephalus | |
Spina Bifida | |
Retinopathy of Prematurity | |
Tetralogy Fallot | |
Absence of 2 limbs | |
Down’s Syndrome |
Maternity plans also let you convert or purchase other policies for your child without underwriting
One of the lesser-known but hugely valuable benefits of some maternity insurance plans is the ability to convert or purchase other types of insurance policies for your child without underwriting.
Now, not every maternity policy includes this feature, but the ones that do can be a real lifesaver – quite literally.
This includes the option to convert to a whole life insurance policy for your newborn, offering long-term protection that covers death, terminal illness, and sometimes critical illnesses – all without requiring proof of insurability.
Other maternity policies allow for a seamless conversion into a shield plan, enhancing basic coverage with a broader range of hospital treatments, surgeries, and medical procedures.
If your baby is born with a congenital condition, obtaining insurance can be challenging, as many insurers may increase premiums or deny coverage.
However, the no-underwriting conversion feature allows you to transform your maternity plan into a whole life policy or shield plan without health evaluations.
This ensures your child is covered for life, regardless of pre-existing conditions, providing essential financial security for their future.
Types of maternity insurance
Standalone maternity plans
A standalone maternity plan is what you might consider the “no-frills” option.
Its focus is entirely on providing maternity-related coverage – specifically for pregnancy complications and congenital illnesses.
The benefits can come in the form of lump sum payouts or daily hospital allowances to help with treatment costs.
I wrote more on the best maternity plans here.
Investment-linked pregnancy insurance plans (ILPs)
Investment-linked policies combine investment opportunities with pregnancy coverage, providing protection for you and your baby while also allowing you to grow your wealth.
The investment component of the plan allows you to allocate a portion of your premium into various funds, so it’s like getting insurance and a long-term investment vehicle in one.
Life insurance/Endowment bundled maternity plans
These plans bundle maternity coverage with either a whole life insurance policy or an endowment plan.
The maternity component acts as a rider, attached to a base plan that you can later convert for your child’s lifelong protection or savings.
They often offer more comprehensive long-term coverage, allowing you to seamlessly convert the policy into a whole life insurance plan for your child or a savings plan without further underwriting.
This means that you can set up financial security for your child’s future, all from one policy.
When should I get a maternity insurance plan?
The best time to get a maternity insurance plan is as soon as you’ve reached the 13th week of your pregnancy.
Why 13 weeks?
This is a crucial point in your pregnancy, as it marks the end of the first trimester – a period where risks of early complications like miscarriage tend to be higher.
At this point, your pregnancy is more stable, and many maternity insurance plans start offering coverage.
Don’t stop here, check out how you can smartly raise your child in Singapore
Getting maternity insurance is just the beginning of a long and rewarding journey.
Raising a child in Singapore comes with its own set of financial considerations and opportunities, and there are plenty of ways you can plan smartly to ensure your child’s future is secure.
Here’s a quick guide on what to consider next:
Getting insurance for your newborn baby
Once your baby arrives, it’s time to think about their future health coverage
Some maternity plans let you convert your policy into a life or health insurance plan for your newborn without underwriting, giving you a head start on securing lifelong protection for your child.
Check out our post on choosing insurance for your newborn and what benefits to look for.
Baby Bonus Scheme
The Baby Bonus Scheme is a fantastic initiative by the Singapore government to help lighten the financial load of raising a child.
It provides cash gifts and savings contributions to help with early education and other childcare expenses.
The earlier you register, the sooner you can start benefiting from these financial aids.
Read our detailed guide on how the Baby Bonus Scheme works and how you can maximise its benefits.
Childcare subsidies
Whether you’re going back to work or simply need extra help, childcare subsidies can be a lifesaver.
Singapore offers various subsidies to help make childcare more affordable for families.
Find out more about the different childcare subsidies available and how to apply for them.
Planning for their education
It’s never too early to start thinking about your child’s education.
Whether you’re considering local schools or exploring overseas education options, having a financial plan in place is key to ensuring your child has access to the best educational opportunities.
We’ve got a comprehensive guide on planning for your child’s education – from choosing the right savings plans to understanding education funds, so you can make the smartest decisions for their future learning needs.
Insurance for your child
Beyond basic health coverage, there is a range of insurance policies designed to protect your child at every stage of life – from health plans to whole life insurance that builds cash value over time.
These policies can help with medical expenses, hospitalisation costs, and even provide financial security in case of critical illnesses.
Learn more about the various types of insurance for children and how to choose a plan that will give your little one the coverage they need as they grow.
Saving & investing for their future
Starting a savings or investment plan for your child as early as possible can make a huge difference down the road.
There are many options, from child-specific savings accounts and fixed deposits to investment-linked plans that allow you to build a fund over time.
Dive into our post on how to save and invest for your child’s future and explore different strategies to build a strong financial foundation for them.
Conclusion
And there you have it – a quick dive into the world of maternity insurance and all the important decisions that come along with raising a child in Singapore.
From understanding what maternity insurance covers to making sure you get the right policy at the right time, we’ve covered the key steps you need to take to protect you and your baby.
But this is just the beginning.
There’s a whole journey ahead – getting the right insurance for your newborn, planning their education, and saving for their future.
Feeling a bit overwhelmed or just want to talk through your options?
No worries.
If you’ve got questions or need some help figuring out what’s best for you and your family, we’re here for you.
Feel free to connect with one of our financial advisor partners for a free, no-pressure chat.
Let’s make sure you’re all set for this exciting new chapter!