Maternity Insurance

Maternity Insurance

Having a child can be both nerve-racking and exciting at the same time. While your primary concern should be the health and safety of the mother and the child, many people forget about the financial consequences. Having a child in Hong Kong can be very expensive; especially if you factor in additional costs such as vaccinations and health checks for the newborn.

The cost of a standard childbirth in Hong Kong, without complications, for ID card holders using the public system is highly subsidized. For non-ID card holders or for individuals that want to use a private hospital like Matilda, costs can be upwards of HK$150,000. And these costs are not covered by most health insurance plans.

To help alleviate some of those costs, prospective parents should consider purchasing maternity insurance. This insurance protects the mother and the child during pregnancy, birth, and sometimes, aftercare for the newborn as well.

Coverage

While each insurance company is different, most maternity insurance policies will cover you for:
Pre-natal and post-natal exams and treatments such as ultrasounds, vitamins and supplements recommended by a doctor or obstetrician visits to make sure the pregnancy is proceeding smoothly
Pregnancy complications such as a miscarriage
Planned delivery costs (including costs associated with complications) at home with a midwife or at a hospital of your choice
Medically necessary procedures such as caesarean sections
Outside of these more routine costs, some more comprehensive insurance plans will also cover fertility treatments, newborn care and medical treatment for the newborn for congenital birth defects or other unexpected occurrences. These costs, when going through the private healthcare system, can be very expensive.
After the baby is born, the danger isn’t over yet. While some family health insurance plans will automatically provide coverage to newborns, many do not. We always recommend selecting a maternity insurance plan that extends coverage to the newborn to avoid any gaps in coverage.

Most maternity policies will extend coverage to the newborn from anywhere to a few weeks to a few months to take care of any health issues that may arise or to cover expenses like incubation should the baby be born prematurely.

More routine expenses like accommodation costs (for the baby and for an accompanying parent) if the baby is hospitalized and basic newborn care like physical examinations, blood and hearing tests as well as costs involved with administering the necessary vaccines (hepatitis B).

Terms & Conditions

Most insurance companies will decline your application if you are already pregnant. To prevent losing too much money, most insurers will also require a waiting period where you have to pay at least 10 months’ worth of premiums before they would start providing coverage.

If you’re planning to have children and would like to learn more about how maternity insurance can control costs and bring some peace of mind, contact us to speak with one of our advisors. We can help you craft the right plan for your specific needs.

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