Are you planning to start a family within two to three years? Consider buying maternity insurance well in advance to stay financially covered. This way, you can avoid digging into your savings at the time of your baby’s arrival. here are several benefits of having maternity insurance.
With maternity insurance, you can cover almost the entire hospitalisation bill related to your baby’s birth—during and after the birth up to a specific time. Some important points that you should note about maternity health insurance are:
- Add-on cover
You can buy the insurance as an add-on cover for your health insurance by paying an additional premium. If you have an ongoing policy or are planning to buy a new policy, you can opt for maternity coverage for yourself, or your spouse can buy it on your behalf. Go online and compare the maternity insurance cover offered by different insurers and choose the one best suitable for you. The premium increases with the policyholder’s age, so get the add-on early instead of delaying it.
- You have to get the policy before you become pregnant
You may not get insurance if you are already pregnant. This is the standard rule followed by most insurance companies. This is because pregnancy is considered a pre-existing condition and treated similarly to other pre-existing diseases. If you have this cover, there would not be any worry related to finances and you can have peace of mind. Keep in mind that there can be surgical processes associated with childbirth or expenses related to the post-natal recovery period.
- Calculation of maternity insurance
The premium for maternity insurance is usually high, the reason being that there is always a certainty that the maternity insurance policyholder will file the claim. The insurers levy a high premium to take care of future claims. However, the benefits you get in the future would compensate for the high premium you initially pay. You just have to take care of the documents, analyse the premium you are paying and the corresponding benefits, and choose the coverage accordingly.
- Waiting period
It is the specific period for which you have to wait before you make a claim. For maternity insurance, the waiting period can be within the range of 2-6 years, and this is entirely the insurer’s decision about how much time they want the policyholder to wait. In certain cases, you will find an upper age limit, for example, 45 years for availing of the policy or claiming for caesarean section during delivery.
- Extent of coverage
Under maternity insurance, the expenses incurred up to 30 days before, up to 90 days after the baby is born and during the delivery are covered. The extent of coverage would vary between the insurers, so you would have to select the plan carefully. Hospitalisation charges can go up to exorbitant levels at times, particularly if the delivery is associated with any complication related to the mother or child’s health. Both normal and caesarean delivery are covered.
Who needs maternity insurance?
You must get this insurance if:
- You got married recently or would be getting married soon.
- You would be starting a family soon or have plans of doing so within the next few years.
- You have a child already and would be planning for a second child within the next few years.
- You do not have any immediate plan of having a child, but you would like to get the policy to keep yourself protected quite early.
Get maternity health insurance in advance to sail through your pregnancy without any stress related to financial matters. Plan ahead to remain stress-free when it comes to the time of the birth of your child; it can be either for your first or second child.
