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The Importance of Maternity Health Insurance

Financial protection during pregnancy, pre- and post-natal care, pre- and post-hospitalisation costs, ambulance fees, and delivery costs, regardless of whether you have a normal delivery or a caesarean section, are all advantages of maternity insurance. Therefore, one of the best ways to deal with such costs is to purchase maternity insurance, which many health insurance companies provide.

  • 18 Apr 2023
  • min read

While the excitement of parenthood may require some time to subside, if you have adequate maternity insurance, you won't have to stress about the associated costs. Couples should consider several other things before and after the baby is delivered. The best insurance plan for pregnancy will also cover the newborn child up to a specific time. Financial protection during pregnancy, pre- and post-natal care, pre- and post-hospitalisation costs, ambulance fees, and delivery costs, regardless of whether you have a normal delivery or a caesarean section, are all advantages of maternity insurance. Therefore, one of the best ways to deal with such costs is to purchase maternity insurance, which many health insurance companies provide.

Features of Maternity Health Insurance

The benefits of purchasing pregnancy insurance online include the following:

• Cashless hospitalisation:

Leading insurance companies offer maternity plans to provide cashless hospitalisation services at hospitals nationwide. At network clinics, you can access medical services without paying for them.

• Claim-free Bonus:

If you do not make a claim during a policy year, some insurance companies will reduce the insurance payment for the following year or increase the amount covered at the same premium. Moreover, insurance companies provide an online application facility to make the process straightforward for policyholders.

• Choice of the covered amount:

Policyholders can choose the insured amount. When purchasing a maternity insurance policy, they can select the desired amount insured.

• Tax benefit:

Section 80D of the Income Tax Act of 1961 allows policyholders to receive tax benefits for insurance premiums paid for pregnancy coverage.

When you are ready to become a parent, maternity insurance coverage is an excellent addition to your healthcare plan. Growing medical inflation and the possibility of unpredictably high hospitalisation costs typically make it challenging to pay for medical expenses and can interfere with parenting pleasure. Therefore, buying maternity insurance is advised for an economically secure pregnancy. You can purchase these insurance policies online, as the process is seamless and easy.

Can You Buy Maternity Health Insurance After Getting Pregnant?

Typically, insurers do not provide maternity coverage as a part of your standard healthcare plan. Insurance companies consider pregnancy and it-s related expenses as a pre-existing condition. However, you can still buy maternity coverage as an add-on with your regular healthcare insurance policy. You might be wondering why you should buy maternity insurance. You might have to wait between 9 months and six years to make a claim for expenses related to becoming a mother. Therefore, purchasing pregnancy insurance after getting pregnant is not a good plan. Instead, consider buying it much ahead in preparation to avoid having to wait.

Unfortunately, inflation has increased the expense of healthcare and will probably continue to do so in the future. This includes maternity-related costs too. Women must buy pregnancy insurance as quickly as they can afford it. By doing this, you can enjoy the arrival of your kid without worrying about expensive medical bills. You can leave that in the care of your insurance provider.

Waiting until the very last minute when attempting to conceive will only lead to unnecessary worry. So, we suggest that you invest in a comprehensive maternity insurance policy well in anticipation. This will also help you complete the waiting period and help you to receive coverage when you start planning for a family.

Importance of Buying Maternity Insurance

The following list includes maternity insurance benefits in India:

• Acting as a Financial Backup:

Maternity insurance is a safety net for the family’s finances by covering the expenses related to normal and caesarean birth. You need not worry regarding the payment of treatment. Some plans include pre- and post-hospitalisation expenses, paying all associated costs up to 30 days before admission and related expenses up to 60 days after admission.

• Expensive delivery in an intimate setting:

People today prefer private clinics because they want high-quality healthcare. Caesarean delivery may cost an additional Rs 50,000 to Rs 1 lakh in a private hospital, while a normal birth may cost Rs 50,000 to Rs 70,000. Your insurer provides all these costs.

• Coverage for the newborn from Day 1:

Typically, health insurance begins to cover infants once they’re at least 90 days old. A maternity insurance policy, however, starts to pay benefits as soon as the child is delivered. In addition, some plans will pay for the newborn's immunisations until the end of the policy year.

• Prepares the couple for complications:

A newborn requires an incubator for a specified time for complications like premature birth. The price of such treatment can reach Rs 10,000 per day. However, if you have a good maternity insurance plan covering most expenses, you can find respite from the financial pressure.

Also read:

Inclusions of Maternity Insurance Plan

Inclusions are circumstances in which an insurer will accept a maternity benefit claim. The coverage extends to both the woman and the newborn child's related costs and those associated with delivery and childbirth. The following are the standard benefits of maternity health insurance:

  • Support for both pre- and post-hospitalisation

• Delivery and Labour Costs:

The maternity add-on insurance covers all birth-related expenses. However, the insurance may only cover a certain number of pregnancies due to the coverage limit.

• C-Section:

Your insurer will cover all costs if the doctor recommends a C-section for the mother's or the child's health.

• Hospitalisation and Room Rent:

All hospitalisation costs and room rent incurred while receiving medical care are covered by your health insurance policy with maternity benefits. This also includes the cost of natural and c-section births and pregnancy termination in a life-threatening, medically essential scenario.

• Newborn baby coverage:

Up to 90 days after birth, a newborn will receive coverage at no extra expense. The infant must be added to the basic plan as an insured individual after 90 days.

• Vaccination coverage:

  • A newborn infant needs to receive vaccinations frequently. The maternity advantages of a medical insurance policy cover the expenses of routine vaccinations, such as:
  • Measles
  • BCG
  • Tetanus Toxoid
  • Hib
  • Hepatitis B-1
  • MMR-1
  • Typhoid
  • DTPw booster-1 or DTPa booster-1
  • HPV (female child)
  • Meningococcal

Exclusions of Maternity Insurance Plan

Maternity insurance has several exclusions too. First, one should increase the coverage or amount insured under the plan to pay maternity expenses. The typical range of coverage offered by health insurance plans with maternity benefits is between Rs 20,000 and Rs 70,000, which needs to be revised to cover delivery expenses.

Second, there may be circumstances where the insurance company chooses not to settle the claim even though you think the policy covers all expenses. For example, an insurer may reject a claim in the event of a delayed pregnancy (for women aged 35 and more). Let’s have a look over the critical exclusions that apply to maternity insurance policies:

  • Spending on vitamins and tonics listed in the plan as well as other dietary supplements
  • During the pregnancy, costs associated with diagnostic procedures and medical visits.
  • Costs associated with treating infertility
  • Price of collecting and preserving stem cells, including the possibility of doing so as a preventative step.

The list above includes some factors; additional exclusions may be relevant depending on your selected maternity health insurance plan. Maternity insurance coverage plans vary, and it would be wise to read the terms and conditions related to the exclusions before you decide on one.

How is Maternity Insurance Premium Calculated?

Maternity insurance plans have a cap on the number of benefits. You may claim up to the insurance cover you selected when you bought or renewed the insurance for the premium you paid. Your insurance amount chosen will have a significant impact on your insurance premium. Maternity insurance coverage has a higher premium than a standard medical insurance plan. Insurers charge higher premiums for these policies because there is a guarantee that a policyholder will make a claim under the policy. You should conduct a thorough cost-benefit analysis of the various plans provided by multiple insurance companies before purchasing such coverage.

It's important to remember that maternity insurance costs rise as you get older. Furthermore, the cost of maternity insurance is growing day by day. Therefore, women should purchase maternity coverage today and not put off their choice to guarantee they can access an affordable policy with the most significant benefits.

It is crucial to compare different plans and pick the best one because medical insurance policy costs vary considerably from one insurance provider to another. On their website, each insurance provider offers a free premium calculator. You can use it to determine the premium for your maternity insurance coverage.

Waiting Period After Applying for Maternity Insurance

The waiting period in a maternity health insurance policy is the term after which insurance coverage is made available to the insured. Maternity insurance without a waiting period does not exist. It starts on the day it is issued, though it may differ from one insurance policy to another. The four kinds of waiting periods for maternity health insurance plans are as follows:

• Waiting Period for Maternity Coverage -

  • Maternity insurance typically pays maternity costs after a period ranging from nine months to 6 years. Depending on the plan, the specific waiting period might be different. There are no maternity insurance plans with no waiting period available.

• Initial Waiting Period -

A 30-day initial waiting period is standard for all medical insurance plans encompassing maternity care. Except for medical costs associated with unintentional injuries, the insurance provider does not accept claims during this time.

• Pre-existing Diseases Waiting Period -

  • Pre-existing disease waiting periods for maternity insurance policies range from two to four years. The insurance provider will not provide coverage for pre-existing conditions during this time.

• Waiting Period for Specific Diseases/Procedures

After a 2-year waiting period, maternity health insurance will cover certain illnesses and procedures. The insurance company's policy document includes a summary of these illnesses and procedures.

Unfortunately, there is no health insurance with maternity coverage with no waiting period. However, it is essential to buy maternity benefits to ensure a safe and stress-free childbirth experience, especially in light of the spiralling costs of medical services.

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