Having children can be fulfilling and can permanently alter our perspective on life. But the price tag that comes with raising a little one can deter some from expanding their families. According to theAsianparent, the cost of raising a child in Singapore is at least $340,000 from infancy to the age of 21. These costs involve: pregnancy and delivery, infant care childcare, education, extracurricular classes, basic necessities such as food and clothes, as well as healthcare. 

In this article we break down the costs of raising children in Singapore and how foreigners who move here can take steps to mitigate these costs with insurance: 

1. Pregnancy

The costs involved in pregnancy can be hefty. Pre-pregnancy screenings, prenatal care and prenatal classes – standard procedures to ensure your baby is developing well and your pregnancy is carefully monitored – can amount to a large fee. Pre-pregnancy screening packages with a clinic or hospital could cost you $349 to $700. Prenatal care, visits to the gynaecologist can cost somewhere between $100 to $300 during the first trimester. Prenatal classes – meant to equip you with the on-how on birthing and taking care of a new born – start from $160 and can go up to $800.

The cost of deliveries depends on the type of hospital one chooses whether a government or hospital one. Unexpected complications – premature deliveries, birth complications, and congenital conditions – can mean the cost of the delivery can multiply exponentially. For example, a C-section delivery involving serious complications can cost up to $20,438. Maternity insurance offer protection by providing financial assistance for the extra hospital stay and additional treatment costs.

2. Taking care of an infant

For the first two years of your child’s life, you would need to purchase several things. This includes setting up a nursery equipped with a baby cot, changing mat, play pen, toys baby proofing items, to ensure your infant has a safe, clean place to sleep in. You would also need a stroller and carrier for you to bring them out in. Next, you would need to buy comfy clothes.

You would also have to purchase diapers and diaper bags. For first time parents, the number of diapers your child uses throughout the day, and over the two years, can be shocking. You will have to use up four to six diapers, with an average diaper costing $2.16 per piece, that can amount to a total of $2,393 over two years. 

Items for feeding include breast milk pumps, milk bottles, bibs, infant formula milk, a baby bowl, and utensils. Formula milk is essential to your baby’s healthy development, providing them with the nutrients and vitamins so their needs are supported. But this can be rather expensive, with each tin costing an average of $50. 

3. Education 

The cost of education for your child depends on the type of schools you choose to enrol your child in. It also depends on how early you plan on sending your child to school. If you elect to send them to pre-nursery school (18 months to two years), it can start from an affordable $256.80 per month (for a half day programme) for PCF Sparkletots, the government-funded preschool, to as high as $1,978.60 per month (half day programme) for more premium schools like EtonHouse Schools. 

There are up to 70 international schools to choose from when considering a primary or secondary school education for your child. Annual fees can start from $10,000 to $15,000 and can go up $40,000. Some renowned international schools in Singapore include Tanglin Trust, Singapore American School, Dulwich College (Singapore) and Dover Court International School. What’s important is that you find a school that offers the same curriculum as you would back home or one that is recognised by international universities. 

Alternatively, you can consider enrolling your child in the local schools in Singapore. For foreigners, the annual fee is $8,000 to $15,000 – about half that of an international school. 

4. Healthcare

To ensure your child is healthy and strong, and that they are hitting their developmental milestones, frequent trips to the paediatrician are a requirement. On average, each visit can cost about $120. Sometimes children can fall seriously ill or play sports and sustain injuries. They may require special treatment or need X-rays to be done or must be hospitalised. In cases like these, you could end up having to fork out a lot of money. 

Ensure you are financially covered by getting the right health insurance that offers adequate protection for your child. While Singaporeans and Permanent Residents (PRs) have access to MediShield Life, that offers basic coverage, foreigners living in Singapore can be vulnerable in the event something happens. This makes it imperative that you take on a comprehensive insurance package.

Expat Insurance’s insurance options for children

Expat Insurance offers a range of different plans to cover your children, including life insurance, medical insurance, hospital and surgical insurance and GP & specialist insurance. Speak with our insurance advisors in Singapore to find out which plans would fit your unique needs and provide you the assistance you need when you need it most.