Younger expatriates thinking of starting a family need to plan carefully to avoid high out-of-pocket costs during pregnancy and childbirth. These are the main considerations to think about.
The cost of having a baby in Asia
Having a family is always expensive, but expatriates in Asia have to consider additional costs that they might not need to take into consideration in their home country.
Giving birth as an expat in Asia is not cheap. In Phnom Penh, for example, it could cost $4,000 to give birth at Intercare, the top choice of hospital for many expatriates. In Bangkok, this could rise to $8,000 and even more in Singapore and Hong Kong.
While everyone hopes for a smooth, problem-free birth, pregnancy and childbirth is an unpredictable business. Complications for an expectant mother, an emergency C-section or post-partum issues can all cause healthcare costs to escalate fast. To avoid financial stress during a pregnancy, which could prove harmful to mum and baby, it’s a good idea to consider maternity insurance.
What does maternity insurance cover?
Policies vary but in general maternity cover includes prenatal and post-natal services including consultation fees, diagnostic scans and tests, medicines and drugs, midwifery services, delivery expenses (whether natural or C-section), hospital room fees and any interventions due to complications.
Some policies will even include certified doula services, vitamins and supplements and complementary maternity therapies.
Maternity cover can be bought as an add-on or rider to your existing health insurance plan. For example, April Insurance, one of our insurance partners, offer a maternity module in Vietnam with a choice of essential, extensive or elite coverage paying respectively $5,000, $8,000 or $15,000 per pregnancy.
Think ahead: waiting periods
It is essential for parents-to-be to plan ahead. Maternity cover is subject to a waiting period which will be at least a year, and sometimes as long as two. That means you need to arrange an add-on 12 or 24 months in advance of getting pregnant. Usually policies do not cover pregnancy-related expenses if the pregnancy was confirmed during the waiting period.
As we all know, pregnancies often don’t go to plan! That’s why we advise any women of child-bearing age who would like to start a family, to consider getting maternity cover in place, even if you are not planning on getting pregnant imminently.
It may cost you a bit more in the short-term, but it could save you thousands in the long run. If you discover you are pregnant without cover in place, it will be too late – a potentially very costly mistake.
Individuals who do decide to self-fund the birth should ensure they have an insurance policy with comprehensive complications of birth cover, which also needs to be in place before the pregnancy.
Of course, as soon as the baby arrives, they should be added to the parent or parents’ healthcare policy, so discuss this with your insurer ahead of time to ensure a smooth transition.
Maternity insurance exclusions
Most policies will include exclusions and in general, higher benefit limits will mean higher premiums. We advise parents in waiting to take out the most comprehensive cover that they can afford. A financial adviser can help you interpret the small print and compare policies and exclusions to find the right policy for you and your nascent family.
Giving birth overseas
If you’re planning to give birth abroad, it’s essential to plan well in advance. Start by researching the cost of maternity care in your chosen country and confirming whether your health insurance (if applicable) will cover it.
The expectant mother will typically need to travel around the seventh month of pregnancy and won’t be able to return home until the baby has received a passport. As a result, you should also budget for living expenses over a period of three to four months.
Is maternity cover worth it?
Given the potential for high out-of-pocket costs during your pregnancy or the birth, we think maternity cover is definitely worth the cost. It will give you peace of mind that whatever happens, you and your baby will be able to access the best healthcare available in a timely manner if complications occur. For new parents, that’s priceless!
To find out more about maternity cover in Asia tailored to your requirements, please get in touch
I started in the financial services industry back in 1995 and I am now the Country Director of Infinity Financial Solutions (Cambodia) Limited, specializing in corporate and individual medical and general insurance needs along with expatriate financial planning.
