Being a mom-to-be is undoubtedly one of the most awe-inspiring experiences a woman can have, but with it comes a significant financial responsibility that can be daunting for many expectant mothers.
Maternity healthcare can be quite expensive, and without proper insurance coverage, it can be a significant financial burden on families.
This is where maternity health insurance comes in, providing coverage for various expenses related to pregnancy and childbirth. However, it’s essential to understand the waiting period associated with such policies and how they can impact coverage.
What is the Waiting Period for Maternity insurance?
The waiting period for maternity insurance is when the policyholder cannot claim any benefits related to pregnancy, childbirth, or postnatal care. Maternity health insurance plans in India may have various waiting periods, each with its own duration and purpose.
The initial waiting period is the time between the policy’s start date and when the policyholder becomes eligible to claim maternity benefits. It is at least a minimum of 30 days. The maternity cover waiting period is the time between the end of the initial waiting period and the start of the coverage for maternity expenses. This period usually lasts for 9 months to 6 years.
In addition to these waiting periods, some policies may also have waiting periods for pre-existing diseases. This waiting period is between the policy’s start date and when the coverage begins for medical conditions that existed before the policy’s start date. The duration of this waiting period can range from 2 to 4 years.
Similarly, some policies may have waiting periods for specific diseases or procedures. This waiting period is the time between the policy’s start date and when the coverage begins for specific medical conditions or procedures. The duration of this waiting is generally a minimum of 2 years. Unfortunately, maternity insurance coverage with no waiting period is not available in India.
Eligibility Criteria for Maternity Health Insurance
Maternity health insurance is a vital aspect of planning for the financial aspects of pregnancy and childbirth. To avail of the benefits of a maternity insurance plan, one must meet the eligibility criteria laid out by the insurance companies. Factors taken into consideration by insurers are listed below:
• Age:
Insurance companies may require the insured to be of a certain age to avail of the benefit. The entry age is usually 18 years, and some insurers set the exit age at 45.
• Limit on the number of maternity claims:
Some insurance companies may have a cap on the number of maternity claims for 2 living children. This means that a person can only get maternity benefits for 2 deliveries.
• Exceptions for loss:
There could be exceptions in case of loss, such as a miscarriage or stillbirth, where the policyholder may be eligible for maternity benefits beyond the 2-child limit.
• Waiting period:
Policyholders may need to fulfil the waiting period criterion before becoming eligible for maternity benefits.
It’s important to note that the eligibility criteria for maternity health insurance may vary across insurance companies and policies. Hence, it’s crucial to carefully review and understand the policy's terms and conditions before deciding to purchase it.