The most significant transformation a woman experiences is becoming a mother. Your obligations start the moment you learn you’re pregnant and never end. Financial catastrophe can occur if you are not prepared for the changes that are bound to come your way. It’s crucial to secure financial assistance with something like a maternity insurance policy in order to prevent this circumstance. This kind of insurance coverage pays for all birth-related costs up to a predetermined amount. You can select a stand-alone policy or add pregnancy coverage like an add-on medical insurance by paying a higher cost.
Here’s all you need to know about Maternity Insurance :
What exactly does a maternity insurance plan cover?
- Costs of both normal and C-section deliveries.
- Expenses during the 30 days before admission to the hospital and the 60 days following.
- Hospitalisation costs for the room, the nurse, the anaesthetist, the OT fee, and the doctor.
- Daycare services.
- Expenditures for a newborn child’s medical care.
- Ambulance transportation costs for the insured.
- For new babies, vaccination expense insurance.
- Payment-free care in network hospitals
Can you only purchase health insurance while pregnant?
You can get the benefits of health insurance if you are already pregnant. But if you are thinking about when to purchase one, the suggestion would be as soon as possible. This is only because most health insurance plans with maternity benefits surely have a waiting period of about 3 to 4 years. Some plans have a minimum of 9 months waiting period as well. So, if you are already pregnant, you might not be able to avail of a fresh health insurance plan with maternity benefits as it is a planned expense, which is outside the scope of insurance coverage.
What Does a Maternity Insurance Plan Not Cover?
- Congenital ailments
- Illnesses that already exist but impair pregnancy.
- The cost of medicine is not covered by insurance for treatment.
- Infertility-related medical costs.
- Costs associated with routine doctor visits, examinations, etc.
How Are the Premiums for Maternity Insurance Plans Calculated?
In comparison to other health plans, pregnancy and maternity insurance plans have higher rates. This is so because the occurrence in which insurance is purchased is absolutely certain with maternity insurance policies. Therefore, from the insurer’s perspective, a claim will undoubtedly occur.
Because of this, the majority of insurers decide to maintain a high premium for such plans. Health insurance for groups does include maternity benefits. Before purchasing a standalone policy, it is essential to confirm the coverage offered by your employer-based health plan.
How to Purchase the Top Maternity Insurance Plan?
- It is wise to review the policy’s associated clauses, such as Subsidiary Co-payments, Limitations, Room Rent Taxation, Wait Time, Renewability, Tenure, etc.
- Dispel all of your questions about the plan.
- Prior to actually making a final choice, carefully read the fine print.
- Find the best maternity plan for your needs, preferences, and budget by comparing pre-and post-natal costs, coverage specifics, perks, and other factors online.
Does health insurance consider pregnancy a pre-existing condition?
When you’re already pregnant, the majority of insurance companies do not have the maternity insurance option available for you. This is due to the fact that the pregnancybenefits are seen as an already existing ailment and are not covered by the insurance.
Why is maternity insurance so crucial?
The cost of delivering a baby in a reputable hospital might range from Rs. 50,000 to 1.5 lakh, or even more, depending on the complications associated with the delivery process and the soaring cost of healthcare. In these situations, newborn insurance proves to become a lifesaver. By covering the associated medical costs, which are frequently very expensive, maternity insurance, including protection for baby healthcare coverage, lessens the financial strain at such times. Depending on the base sum assured, each advantage under maternity insurance has a unique cap.
In order to enjoy the wonderful event of parenthood in the long term without being concerned about financial preparation at a moment when all you wish to do is concentrate on your family, it is vital to become familiar with the idea of maternity coverage well enough in advance and purchase it at the right moment.