Insurance coverage for mama and baby
Becoming a mama is one of life’s greatest adventures; full of love and laughs, but let’s get real… it’s also full of lots of responsibility! Nothing is more precious than your baby’s well-being and your own. Are you thinking about starting a family? You should be seriously thinking about adding maternity cover to any potential or existing policies. Check one thing off that long list before baby arrives.
Luckily, Hong Kong is home to some of the world’s best health care practitioners and facilities, but this certainly comes at a cost. Although public hospitals offer great care; recent overcrowding has meant that more couples are turning to private hospitals to look after mother and baby. Maternity cover is not part of basic health insurance plans. It is not only wise, but important to know about the spectrum of maternity expenses that may arise with delivering a baby in Hong Kong.
We’ve introduced you to The Insurance Mole: Hong Kong’s first and only online life insurance aggregator powered by Groveland Financial Services. It offers life insurance premium quotes and comparisons, at the simple click of a button. Life insurance is a critical component of protecting your loved ones from financial burden, and maternity insurance is no different. Groveland Financial Services can help you navigate insurance plans with premium coverage benefits to offset the costs of giving birth at a private hospital. These costs include pre-natal pregnancy treatment (consultations, check-ups and issues during pregnancy, hospitalisation as well as routine vaginal delivery, caesarean sections and complications during delivery) and post-natal pregnancy treatment (newborn care and check-ups) .
Maternity insurance should not be overlooked. Get in touch with Groveland Financial Services to research and purchase policies with additional benefits such as treatment for congenital birth defects, fertility and IVF treatments.
The Waiting Period
Before you purchase any maternity health insurance plan, the most important aspect to consider is the waiting period. Maternity waiting periods require you to hold the policy for a specific length of time (a minimum of 10-12 months), before you can receive coverage for the costs of maternity treatment (this includes the delivery expense for your baby).
A simple case study can illustrate the vital importance of paying attention to the waiting period:
Couple A: Maria and Tom did not consider any maternity insurance and fell pregnant at Christmas time. Both elated, they started to make future plans and provisions for their growing family; including researching possible insurance plans to cover the costly expenses of giving birth in a private hospital in Hong Kong. To their dismay, they realised the waiting period for the maternity coverage they wanted was 12 months. Maria and Tom would not be able to make claims for pre-natal treatment, childbirth costs, and any other maternity related benefits because the plan would have been purchased after the conception of their baby. Instead of a happy beginning, Maria and Tom are burdened with high costs and unknowns that could have been easily prevented with earlier planning.
Couple B: Connie and Richard have been married for a year when they began to think about an addition to their family. They heard their friends talk about the differences between private and public maternity care in HK and the costs associated with each option. They both felt more comfortable delivering their first child in a private hospital. They began researching and financially planning for their little one. Knowing that the maternity plan they wanted had a 12 month waiting period, they purchased a personalised maternity policy immediately.
They were happy to find out that 7 months after the start of their maternity insurance, Connie was pregnant! Unfortunately, their pre-natal costs in month 7-12 of the insurance coverage will not be reimbursed. However, the pre-natal cost in the third trimester (month 13-15 of the policy) would be covered, as well as the hefty childbirth cost and post-natal, pregnancy complications, and newborn care, if required. With these maternity costs budgeted and controlled through maternity insurance, Connie and Richard can tuck their stress into their back pocket. The couple can focus on putting extra money aside for their child’s future educational and developmental opportunities and truly enjoy becoming parents.
Exclusively for Sassy Mamas, Groveland is offering 5% off Maternity Insurance. To qualify for the offer, simply log on to The Insurance Mole and submit your basic details for your life insurance premium quote. Use the Promo Code ‘SassyMama2017’ in the notes section. You will receive an email back to confirm eligibility for available offers. Valid until Friday, 30 June 2017.
Acquiring maternity insurance for a worry-free pregnancy and child birth is something all of us mamas can agree on. Kill two birds with one stone and also get an instant premium quote for Life Insurance from The Insurance Mole, powered by Groveland Financial Services Limited.
Good luck, mamas!