Oh, you should take it up! Its very worth it, for me anyway... You see, they offset $100 from your hospital room bill which very much pays for itself already. Also you are entitled to some discounts if you buy from the pharmacy and stores I think. Also if you bring your baby to the Paediatric Centre, you also have some discounts for the consultation as well as other ad hoc services. Also we had lower rates for attending the antenatal classes.
Its valid for 2 years and as I delivered my 2nd baby within the 2 years, I was entitled to deduct another $100 from my room bill again! We did not need to sign up for the Subsequent Born Incentive Program.
In fact, we gained more from the program then what we paid!