Everything You Need To Know About Maternity Insurance In Hong Kong

December 2, 2017

Are you and your partner planning to start a family in Hong Kong?

Parenthood is life’s remarkable gift and privilege. However, giving birth is one of the most expensive things you can do in Hong Kong (other than buying an apartment...)! Since the well-being of mom, baby, and your future finances are top priority, adding maternity coverage as part of your family planning is a crucial step. 


Why do you need maternity insurance?

Maternity coverage is not part of basic health insurance plans. It is usually provided as an optional benefit. This added coverage helps protect you from medical expenses related to pregnancy, delivery, and even newborn care. Hong Kong’s health care practitioners and facilities are beyond capable; however, these services come at an expense. Not only does it cost you $120,000 HKD to give birth in a private room at a private hospital, there are other potential costs that can really throw a wrench into your financial plans. It leads some to bankruptcy! No one would wish these potential costs for their worst enemies. Not to mention, there really is no upper limit to what you could spend if one of such conditions present itself.



Medical expenses that can be covered by Maternity Insurance generally include: 
 

  • Pre-Natal treatment, consultations, and check-ups 

  • Pregnancy complications

  • Hospitalization 

  • Routine vaginal delivery

  • Emergency Caesarean-section

  • Medical complications during delivery

 

Additional benefits may also include:

  • Post-natal pregnancy treatment (newborn care and check-ups) 

 

Depending on the insurance plan, maternity insurance may also have additional benefits such as treatment for birth defects, congenital conditions, fertility and IVF treatments. Why not take some preventative measures in your financial planning? Especially when pregnancy is only the beginning to a whirlwind of future family expenses.

It is important for couples to educate themselves on the spectrum of maternity expenses that can potentially happen throughout the process from pregnancy to childbirth. When choosing between public or private hospitals, recent overcrowding has shown that more couples turn to private hospital care. We at Groveland Financial Services can help your growing family navigate complicated insurance plans with benefits to offset the expenses of pregnancy and child birth at a private hospital.

 

When should you get maternity insurance?

 

Remember to sign up BEFORE you start trying for kids! All maternity insurance plans have a waiting period. This means there is a duration of time in which you will NOT be eligible to claim maternity benefits. The waiting period ranges from 10 to 12 months. So, if you sign up for maternity coverage when you're already pregnant, chances are VERY high that you will give birth within the waiting period. It means you will be unable to make any claims. If you and your partner are even thinking about pregnancy, ensure that you are covered during the full term of your pregnancy. Don't delay on the waiting period! 


Parenthood is a journey full of love and responsibilities. Let Groveland help you find and choose the best plan suited for your family and your baby! Contact us today: info@groveland.com.hk

Oh! Don't forget! Family planning also means responsible, financial planning for the future. You can help to ensure that your family is safe and secure with The Insurance Mole (www.theinsurancemole.com). The Insurance Mole is Hong Kong’s first and only online Life Insurance aggregator. Get customized premium quotes, appropriate for your family, instantly!

 

 

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