The birth of a child is a joyous moment, not just for the parents but for the entire family. However, parenthood has its own set of challenges. The mother has to go through tremendous amount of physical discomfort in order to give birth to a child. The father has to support the mother in every way possible. From conception to delivery, and the next few months, constantly caring for the child is a full-time activity.
Checkups, medication, hospital visits, the delivery, postnatal care, etc. demand a huge some of money. Healthcare expenses are skyrocketing, and those related to pregnancy are ever-increasing. Therefore, it is wise to seek health insurance with maternity coverage. Read ahead to know more about maternity health insurance.
Contents
Maternity Health Insurance Coverage
The following maternity health insurance coverage might vary from insurer to insurer.
- Medical expenses related to hospitalization 30 days before delivery
- Medical expenses related to hospitalization 60 days after delivery
- Health complications in the mother post delivery
- Expenses related to cesarean or normal delivery
- Hospitalization charges such as: room rent, charges for nurse, surgeon, anesthetist charges, etc.
- Cover for new born baby for a period of 90 days covering critical illness
Waiting Period
Health insurance with maternity coverage has its waiting period. One might have to wait for a period of 9 months to four years to raise a claim. Therefore, it is suggested to plan accordingly and purchase health insurance for pregnancy as early as possible. The waiting period depends upon the insurer from whom you are purchasing the policy.
Unlike other health insurance policies where the chances of the event against which insurance is taken are less, here the event is almost certain. Therefore, the premium is on the higher side. You need to make a cost-benefit analysis based on the annual premium charged, the cover obtained, the cost of pregnancy care in your locality, and the waiting period.
Major Exclusions
- There might be certain sub-limits (limit on the maximum amount payable by the insurance company) to your health insurance plan. Make sure to check them. Expenses beyond the sub-limit won’t be covered.
- 45 years is the age limit for the insured
- Ectopic pregnancy is not covered
Group Health Insurance
Some employers also provide a pregnancy cover to their employees as a part of their group health insurance cover. If your employer provides such a cover, consider that policy’s extensiveness before purchasing or claiming against your individual plan.
Need for a maternity cover
The need for a maternity cover is felt especially in cases where you are not covered as a part of a group insurance plan or a regular health insurance plan. Make sure that you at least have some basic coverage. If not, include a maternity cover in your health insurance policy. The cover might not factor for the entire expenses related to maternity but the payout will certainly lend financial support in meeting the total expenses.
Own Fund
As there are a lot of sub-limits and a long waiting period associated with a maternity cover, it is wise to create our own fund. Newly married couples should create their own fund to meet future maternity expenses. This can be done by creating a fixed deposit account, by investing in low-risk mutual funds etc. Savings via an own fund, can help you to manage maternity-related expenses without any issues.
Bringing a child in this world is a wonderful feeling. Make sure you are completely ready to welcome the newest member of your family by availing the right insurance plan.
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