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Read This Before You Start Looking for a Maternity Insurance Plan

Published On Apr 29, 2019 5:30 AM By Yamini Sharma

Are you ready to embrace the next phase of your life? Have you been waiting for years to start a family?

Consider maternity insurance without giving it a second thought!

Surprised? Don’t be! Maternity insurance is for your own benefit. How? Let’s find out!

The Significance of Maternity Insurance Plan

Needless to say, neither giving birth to a child nor bringing them up is a cakewalk. In addition to the same, it is not easy to manage finances related to the birth of a child and the phase before it. You must have heard of numerous cases where parents get stressed because of their inability to bear maternity expenses. To make sure you do not belong to the same category of worrisome parents, opt for the best pregnancy insurance so that at least your financial matters are sorted at a time when you cannot tolerate being worried about money.

One may not be capable of preventing the medical costs from rising; the least they can do is prepare themselves for expected and unexpected expenses that may arise at the time of a medical emergency. Since most medical plans do not cover pregnancy costs and are of no good use at the time of the baby’s delivery, it’s best to invest in a maternity insurance plan.

Elements Covered in a Maternity Plan

  • Hospital benefits, in addition to pre-hospitalization cover up to 30 days as well as post-hospitalization expense up to 60 days.
  • Charges of the room, surgeon's fee, nursing charges, cost of medicine, ambulance, and doctor’s consultation fee.
  • Pre/post natal expenses, normal & cesarean delivery expenses, and post-delivery complications of the mother.
  • Newborn baby cover from day 1 to 90 days. However, some insurance policies even offer vaccination charges for the newborn with a cover till the end of the policy year, without any extra charges.​

Isn’t health insurance for maternity the perfect investment to make?

If you have finally understood the significance of maternity insurance, make sure you do not forget to emphasize the prominent aspects that one should look for when searching for a maternity insurance plan.

The list of features to look for in a maternity insurance plan includes:

  • Waiting Period

In case of maternity insurance, the insured has to complete a waiting period of 2-6 years before making any claim. What’s significant to know is that the waiting period depends on the insurer. When looking for a maternity insurance plan, one should look for the waiting period and buy the maternity plan as soon as possible, even if there are no chances of conceiving anytime soon.

  • Premium

One of the key elements of health insurance, the premium is the amount that one pays to reap the insurance benefits when the time arrives. In the case of maternity insurance plans, the premium is higher in comparison to other plans.

  • Other Benefits

Those with a healing plan having maternity benefits can opt for claiming for the employee-owned plan and gain no claim bonus from their own policy for not claiming the insurance. By doing this, they can reap double benefits, NCB, and maternity, an additional bonus on the premium paid.

Yet another advantage is that a separate plan provides one with the coverage of the incurred amount if they somehow exceed the cover offered by their insurance company. In a case like such, the individual plan helps one in making a claim for the exceeded amount.

  • Exclusions

There is ‘n’ number of aspects that a health insurance plan for maternity covers. However, also present are aspects that are not included in the plan. Exclusions such as expenses on vitamins, tonics, and others (unless a part of the treatment or otherwise mentioned in the plan), doctor’s visit for regular checkups, and follow-ups, doctor’s consultation, and diagnostic tests during the nine months of pregnancy are not covered.

When to Apply for Maternity Coverage?

The ideal time to seek coverage for maternity is before conceiving. Take note that many insurers deny pregnancy cover if the individual is already pregnant as this case is considered to be pre-existing. We also cannot deny the fact that maternity policies come with a waiting period of 3-4 years before providing the benefits promised.

All in all, proper planning and early application for maternity coverage is the key to make the most of maternity insurance and the benefits that it has to offer.

At last, if you want to enjoy the maternity phase or want it to go smoothly, opt for maternity insurance without thinking twice, and that too as soon as you find the best one.

Rest assured, maternity insurance will provide you with much-desired peace of mind and financial stability at a time when you won’t be able to deal with stress for even a minute.  

Also, Read

2 Health Insurance Plans with Maternity Coverage

Things to Know About Health Insurance Plans With Maternity Rider

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