We all know that the entire maternity phase is a crucial time not only for a mother but for the entire family. Along with several responsibilities, expenses too, start from the day you come to know that you are expecting a baby. And the biggest of them is the delivery and hospitalisation expenses. An easy and modern way is buying a Maternity Insurance to take care of all expected and unexpected medical expenditures. After all, we all want the best maternity care from the best hospitals and a safe delivery, isn’t it?
Rising Maternity and related Medical Costs
With all the high-end hospitals spreading their reach across the country, quality maternity care is now accessible for everyone. But the average cost of a Normal delivery (along with the hospital stay and related expenses) could range anywhere between INR 60,000 – INR 2 Lakhs. The amount further depends upon the city or the type of hospital and of course your medical condition.
Moreover, we are in a time where women delay their motherhood due to constant juggling between their career and life. It’s quite possible that with the stressful lifestyle and delayed pregnancy they may face complications during their pregnancy. Along with it one must be even be prepared for all expected or unexpected expenses. And a right Maternity Insurance cover can really help here.
What is Maternity Insurance?
There are currently 34 General Insurers in India which offers Health Insurance plans. Each of these insurers has different Insurance plans and the degree of the coverage provided may also vary with different policies. These health insurance plans offer maternity benefits which include various expenses related to Maternity like
1. Delivery Charges –
The maternity insurance policy covers delivery charges or the in-patient hospitalization charges. This covers the cost for delivery, along with the hospitalization expenses of the insured. Usually, there is a Maternity Sum insured defined in various plans which varies for Normal or C-section delivery, which varies insurer to insurer.
2. Pre and Postnatal Expenses–
This coverage would include doctor’s consultation fees, various lab tests as well as the medication cost both pre and post Maternity. Though various insurers restrict the coverage to a specific amount. But as a single penny counts too, this can help you save a lot.
3. Vaccination Cover–
A couple of few health insurance policies also offer expenses towards the mandatory vaccination of the new-born. while most of the health insurance policies offer this coverage for the first one year only, but there are some plans available which offer the vaccination beyond one year as well.
4. Newborn Cover-
All health insurance policies cover new-borns after first 90 days, subject to his enrolment in the policy with an appropriate premium being paid. But if your policy provides for a New Born cover, this will include the coverage for expenses right from the birth time.
When to Buy a Maternity Insurance?
Well for Maternity Insurance, or any other Health Insurance product there is no right time as such. If you are thinking to buy, it’s better to buy as early as possible. Do not delay opting for the cover, as there are various terms and conditions in availing maternity benefits. These terms include
1. Waiting Period –
It is a specific time period during which you cannot avail the maternity coverage. opted. All Health insurance policies do not provide maternity coverage from the Day one, i.e. when the policy is bought. You will have to wait for 2-4 years depending on the plan opted. This time period is known as the waiting period in insurance lingo.
2. Pre-Existing Clause–
If you are already pregnant when you buy the policy, the maternity expenses will not be covered. As this is considered as a pre-existing condition, i.e. a condition which is existing at the time of policy purchase. Hence to avail this coverage, make sure you are covered in the policy for a continuous period of 2 years before you plan to conceive a child. So the best time to buy an insurance policy time of the wedding, since most couples plan a child 2-3 years after marriage.
3. Premium Hike with Age –
Just like all insurance policy, the premium of maternity coverage too increases with the age. So, you will have to pay a higher premium to get all the required benefits of maternity coverage. Therefore, if you delay buying the right insurance policy, you might not be able to opt for an affordable plan.
How I got my Maternity covered?
Many of you know that I was working in the Insurance sector for over a decade. Hence, I was aware of the importance of Maternity Insurance. And the first gift I gave my husband after marriage was to enrol him in my Health Insurance policy. Moreover, we also bought ourselves another plan specifically for Maternity Insurance.
While both these Maternity Insurance plans took care of my emergency C-section delivery, and we hardly had to bear a few thousand from our pockets. That little amount was nothing, compared to the huge bill which was raised by our hospital. Above all, we were relaxed and had nothing much to worry about. We just spent good quality time with our Newborn #LittleTuggu. As I was aware that my Insurance policy would take care of almost all the medical expenses during that hour of need.
In a Nutshell
So, If you are planning to buy a Maternity Insurance plan, now is the best time to get one. Or, if you are recently married or planning to have a child in a couple of years. Then this is just the right thing to do. You should ideally not delay in buying this coverage. Just make sure you opt for a comprehensive health insurance plan that also offers maternity coverage at an affordable premium.
Also, read all the offer documents carefully before making a purchase.
“This is a sponsored post meant to educate new couples about the importance of Maternity Insurance ”