Posted on Feb 04, 2015 by Alex Nellist
As a consequence of Bupa Global’s change on the waiting periods applicable to pregnancy benefits on its flagship international health insurance product (Worldwide Health Options), expatriates will most likely find less competitive options in the marketplace. In line with the ever-increasing costs of medical treatments locally in Singapore, insurers are reviewing their strategies in terms of maternity insurance and how to offer coverage whilst maintaining premiums at an affordable level.
Whilst most expatriates and local nationals in Singapore do usually benefit from (limited) corporate medical insurance benefits, it’s not very common that these extend to maternity coverage. There are obvious HR reasons behind this but also as you would expect, a question of costs. As a result, a large number of expats in Singapore seek medical insurance solely for the purpose of securing cover relevant for maternity and the associated costs (delivery, pre-natal, complications and new-born coverage).
As maternity insurance specialists, Pacific Prime has been helping residents of Singapore to find options for the past 10 years. Recently, we released a ‘Guide to Maternity Insurance’ to highlight all key points and aspects to look for in your insurance to secure relevant coverage.
The most important part is to make sure you secure coverage early. Since most plans now have a 24 month-waiting period (or longer), it is essential to plan early. Also, there are no ‘miracle’ solutions and there are no insurance plans that would be designed to make a ‘profit’ from the claims you will make. This means that good maternity coverage will not come in cheap. Simply put, this means that there are no solutions in the market where you will pay a small premium and can claim full maternity expenses and bills within a short period of time.
The expensive claims in relation to maternity are not necessarily to do with delivery expenses, or the pre-natal expenses. While covering these can amount to substantial sums, the main risk is in case of complications and especially for the new-born (premature birth) where the potential liability and exposure is well above 100,000$ in the event the baby needs to stay in an NICU department.
A range of comprehensive solutions are available and Pacific Prime can help you secure coverage that you need. While planning to welcome a baby in the family, the last of your concerns should be about medical bills.