Hi all!
I've had a good financial advisor tell me that maternity insurance is really NOT required.
Pregnancy complications are already covered under your hospitalisation plans, and any complications with baby like premature labour or illnesses can be paid through mommy's medisave. By the time baby is 15 days old, you can purchase a hospitalisation and life plan for baby without any underwriting as well. The added benefit for hospitalisation benefits also doesn't really cover much, it covers hospitalisation stay for max $200/day for illnesses like hfmd and pneumonia which usually tend to happen much later on, not newborn days. However, once you have purchased the hosp and life plan by day 15, your baby would already be covered.
So I just would like to hear your thoughts about maternity insurance. Why did you buy it? For peace of mind? Or perhaps did your advisor mention that all these complications can already be covered by our hosp plan and medisave?
Some references:
https://www.heybaby.sg/having-and-raising-children/medishield-life-coverage
"All Singapore Citizen babies are automatically covered by MediShield Life from birth, including those with congenital and neonatal conditions, for life."
https://www.moh.gov.sg/medishield-l...life-benefits/serious-pregnancy-complications
I've had a good financial advisor tell me that maternity insurance is really NOT required.
Pregnancy complications are already covered under your hospitalisation plans, and any complications with baby like premature labour or illnesses can be paid through mommy's medisave. By the time baby is 15 days old, you can purchase a hospitalisation and life plan for baby without any underwriting as well. The added benefit for hospitalisation benefits also doesn't really cover much, it covers hospitalisation stay for max $200/day for illnesses like hfmd and pneumonia which usually tend to happen much later on, not newborn days. However, once you have purchased the hosp and life plan by day 15, your baby would already be covered.
So I just would like to hear your thoughts about maternity insurance. Why did you buy it? For peace of mind? Or perhaps did your advisor mention that all these complications can already be covered by our hosp plan and medisave?
Some references:
https://www.heybaby.sg/having-and-raising-children/medishield-life-coverage
"All Singapore Citizen babies are automatically covered by MediShield Life from birth, including those with congenital and neonatal conditions, for life."
https://www.moh.gov.sg/medishield-l...life-benefits/serious-pregnancy-complications