Several months ago when sleep went on for 7-hours uninterrupted, and the only crying heard in our house was that of junky Korean love drama, an old friends wife suddenly came out of the closet and asked if we wanted to buy insurance.
Not to be rude, so I heard her out and read thru the coverage. Obviously I didn’t buy it. Here’s why:
- It’s so hard sell. The first thing it says is 5000 babies have birth problems etc. Try to scare me into buying? No thanks. I also know how to calculate my chances.
- Its coverage seems very little.
- I am healthy and so is my wife. I doubt any of these terrible things will happen to us and the baby.
- Singapore has a fantastic healthcare system. Nothing will happen to us.
- Im going for a private hospital where the doctors are experienced and professional. We will be alright.
Having read all those articles above, I’m sure it is debatable if we should really have to pay any of these fees at all. The hospital looked unprofessional and the doctors were sleeping on the job.
But this article is about times when this happens to you. And it could. Not specific to just our situation.
So in retrospect (and for all our future babies) I would buy neonatal insurance. Here is why:
- Insurance premiums are priced in hundreds, but medical bills are by the thousands. A premium would cost about $300-400. That’s about the price of some medium difficulty ward procedure that takes just 20minutes and is essential to move forward in the treatment. Anyway, few policies cover 100% of costs and even if they did, I doubt the premium will be worth it (like paying $4500 insurance for $5000 coverage)
- Yes they only payout in hundreds per day in NICU or High Dependency but when you see you final bill, every little bit helps.
- The one I know of, converts to a life insurance plan for the baby at birth so you’re immediately covered for a number of things.
- The risk of not doing so exceeds the monetary savings. For example in the event of birth complications and various “bad stuff” it may become impossible for your baby to be covered by a Medisave integrated plan or a stand alone policy. This means that on top of footing the massive NICU bills and doctors and paedetrictian charges, you have to find a way to pay for ongoing treatment, hospital visits,etc. I know it sounds extreme but if it happens again, I would want to be covered.
The plan I know of is by AIA and a friend of mine sells it. She’s not a hard sell and if you decide not to go with it she won’t take it personally. See, she’s a mommy too and she hates telling people sob stories about bad things that could happen.
So this is my story. I didn’t buy insurance but maybe you should. You can email Jessica for the information here or call her at 98182515.
I made the mistake of not being covered and might live to regret it.
This is not a sponsored post.