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Is Maternity Insurance Actually Beneficial?
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Pregnancy is an amazing and joyful journey, but it’s expensive as well. The financial burden can be overwhelming for the entire pregnancy, delivery, and postnatal treatments. That’s where maternity insurance comes in to fill the gap and give expectant parents financial support and peace of mind while they wait for the new baby’s arrival.
In this blog we will be discussing the benefits of maternity insurance, what it covers and how to opt for the right plan. If you’re considering maternity health insurance or are researching pregnancy insurance, this guide is for you..
Benefits of Maternity Health Insurance
Maternity insurance represents one of the insurance plans that will come in handy to cover the medical costs involved in pregnancy and later on childbirth, providing much-needed financial relief during this critical phase of life. Here are the key benefits of maternity insurance:
1. Covers Delivery Costs
Maternity insurance usually covers the cost of normal and C-section deliveries. It allows you to eradicate the financial burden of childbirth on your budget.
2. Pre- and Post-Natal Care
Maternity coverage plans cover all expenses pertaining to the prenatal check-up, doctor appointments, doctor consultations, diagnostic tests, and post-maternity care of the mother as well as the baby.
3. Newborn Coverage
Most pregnancy insurance plans that provide coverage for the newborn do so for a set period (usually including vaccinations and any medical treatment the baby needs just after birth).
4. Cashless Facility
Cashless hospitalisation is usually supported by insurance providers and can be availed during delivery through tie-up network hospitals, where insurance pays the hospital directly.
5. Financial Security
Healthcare costs are rising, and maternity insurance protects your savings and allows you to completely focus on your child’s well-being.
6. Tax Benefits
Section 80D of the Income Tax Act allows tax deductions for premiums paid on maternity insurance.
Coverage Options in Maternity Insurance Plans
Maternity health insurance plans are of different types and are designed to meet different types of needs of the expectant parents. Here’s an overview of what you can expect:
1. Delivery Costs
The expenses associated with normal delivery and Cesarean delivery are all covered. However, some plans may also pay for hospital room rental and nursing charges.
2. Medical Expenses
Plans typically cover:
● Doctor consultations
● Diagnostic tests and ultrasounds.
● It covers pre and post-hospitalisation expenses, mostly within 30 days before and 60 days after delivery.
3. Newborn Care
Many maternity coverage plans include medical expenses associated with neonatal, congenital anomaly treatment and vaccinations.
4. Maternity Complications
Some plans help offset the financial burden if additional medical attention is needed for pregnancy-related complications.
5. Optional Add-Ons
You can also purchase add-ons to your maternity insurance plan, such as critical illness coverage, outpatient consultations and wellness programs.
How to Choose the Right Maternity Insurance Plan
Confused about what type of pregnancy health insurance you should choose? Here’s a guide to help you make the right choice:
1. Assess Your Requirements
Consider your past medical history, and when you’re planning to start a family. If you’re planning a pregnancy soon, for shorter waiting period plans.
2. Understand the Coverage
The policy should include delivery costs, prenatal and postnatal care, and newborn expenses. Comprehensive maternity coverage plans bring you greater peace of mind.
3. Compare Policies
Once you are on platforms like Paybima, compare affordable maternity insurance options. Compare the coverage, the premium and other benefits.
4. Check the Waiting Period
Most maternity insurance has a waiting period between 9 months to 4 years. But if you're already pregnant you may have to go for other options like group insurance.
5. Consider Network Hospitals
Go for insurers with a long list of hospitals neighbouring your location. The availability of cashless hospitalisation is much easier in the case of an emergency.
6. Premium vs. Benefits
Low-premium plans with limited benefits should always be avoided because they are not relatively financially protective. Always see the balance between these.
Understanding the Waiting Period for Maternity Insurance
One of the most important features of maternity health insurance is the waiting period. The waiting period is the time you have to wait between buying the policy and when you can claim maternity-related benefits.
Key Points About the Waiting Period:
● Varies by Insurer: Maternity insurance plans have waiting periods and can be anywhere from 9 months to 4 years depending on the provider.
● Group Policies: Often group health insurance provided by your employer may come with or without much waiting period for maternity coverage, which is a good choice for a woman who has already conceived.
● Plan Ahead: Buying maternity health insurance ahead of time is advisable so that you will have benefits there if you get pregnant.
Maternity insurance is health insurance that caters to the reimbursement of expenses incurred during pregnancy, the delivery of baby and newborn care. Financial protection at one of life’s most critical stages is what it provides.
As such, it involves costs of delivery, pre and postnatal care, newborn, and costs resulting from maternity complications and sometimes the vaccination costs of the baby.
The majority of maternity insurance plans come with a waiting period and can last from 9 months to 4 years. If you don’t plan ahead, you might not be eligible for claim settlement.
Compare the coverage options, then decide what you need, and how long the waiting periods are if you select the plan, and make sure the plan covers delivery expenses, newborn care, and pre and post-hospitalisation benefits.
If you already have become pregnant, try to find out whether the group health insurance given by your employer includes maternity expenses. Individual policies do not cover pre-existing pregnancies.
Delivery, hospital stay and newborn care expenses are insured by it. Also, in certain conditions, it also covers medical bills, diagnostic tests and vaccinations.
The great news is that normal and C-section deliveries are usually covered under most maternity insurance plans.
If you are indeed receiving epidurals for delivery, your maternity insurance should cover it.
Your policy also allows you to claim for prenatal checkups, diagnostic tests and any maternity hospitalisation.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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