How much do baby insurance plans cost?

There are still many parents who do not realize the importance of having baby insurance plans. These parents think that it is too early to buy insurance plans for their newborns. If you are a parent who has yet to buy an insurance policy for your newborn, here are the types of insurance people buy for their newborns. In this article, you will also know about the advantages of having insurance policies for newborns. 

Types of insurance coverage for newborns

• Health Insurance (integrated Shield Plans):  It gives a higher quality of care by complementing MediShield Life Coverage. 
• Critical Illness insurance: This insurance scheme compensates for the loss of income of one or both parents when they are forced to be absent from work to look after their sick child. 
• Personal accident insurance: It covers expenses for outpatient treatments and other medical expenses. 
• Whole life insurance: It is a type of forced saving plan where parents accumulate cash for their child, and the child is covered for the rest of their life. 

Health Insurance coverage for newborns

The health insurance coverage for newborns covers the child if any medical problem occurs during the first few years after birth. Parents often buy an Integrated Shield Plan, which complements MediShield Life Coverage in Singapore. Every permanent resident and Singaporean citizen is entitled to MediShield Life Coverage. When the integration of health insurance happens with the essential MediShield Life Coverage, policyholders get better health care. 

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For newborns, health insurance offers coverage for:

• Outpatient
• Inpatient
• GP (General practitioner) consultation
• Prescribed medicines
• Room accommodation in private hospitals
• Direct billing

 In some health insurance plans, additional benefits may be included, such as:

• Vision check-ups
• Dental check-ups
• Vaccinations

Why should you cover your newborn early?

The financial condition of each family is different. Parents would buy insurance schemes for newborns according to their financial capacity and investment styles. Parents can buy insurance schemes for their children later in life, but there are many advantages if these insurance are bought early. 

• Newborns do not have any pre-existing conditions: Healthy babies do not have any pre-existing conditions. So, it is easy to include them in health insurance schemes. If you include your baby early, it is possible to get the most coverage from the scheme. If you wait longer to buy a health insurance scheme for your baby, there are more chances that a sudden health condition will occur, and your baby is not eligible for insurance coverage. 
• ●        Lower premiums: The early you buy a health insurance scheme for your baby, the lower would be the premium. So, it is better for parents also. If you avail of guaranteed lifetime coverage of your newborn under the Great Maternity Care, it is beneficial for the child. Even if the child is diagnosed with a pre-existing condition before the purchase of the scheme, your child will be covered under Guaranteed Insurability Benefit Option.  
• Have peace of mind: As a parent, you have many responsibilities towards your child. One of the most important responsibilities is to ensure your child gets healthcare whenever needed. If you do not buy health insurance schemes for your child, you may have to bear a substantial financial burden, which may not be possible at times. Having a health insurance scheme for your newborn will give you peace of mind, and you will have anxiety and stress-free to concentrate on other important work. 

Premium rates of Great Eastern Maternity coverage

1. Mother’s entry age: 18-30 years, S$ 398(single premium) for the essential plan, S$ 678(single premium) for the enhanced plan.
2. Mother’s entry age: 31-39 years, S$ 448(single premium) for the essential plan, S$ 758(single premium) for the enhanced plan.
3. Mother’s entry age: 40-45years, S$ 558(single premium) for the essential plan, S$ 978(single premium) for the enhanced plan.

This premium is applied to mothers who have conceived naturally and have a single foetus. If the mother has conceived through assisted conception methods or has twins, then 50% premium loading is applied to the given rates. If the insured mother is going to give birth to more than one child in the same pregnancy, each child will get the benefit of the insurance separately. 

Summary

Newborn insurance coverage offers multiple benefits. These insurance plans protect babies even before they are born. The GMC (Great Maternity Care) Insurance Plan covers mothers and babies. The coverage starts from the 13th week of pregnancy and lasts up to 3 years of the policy. With a one-time premium, policyholders get protection for the mother and newborn. The choice of insurance policy for newborns depends on the financial situation of the parents and their investment styles. For example, some parents do not consider a whole life insurance policy a good investment plan for their children. Though you can buy insurance policies for your child at any time, but buying them early has certain advantages.