Maternity insurance plans are designed specifically to cover the huge financial obligations for having a child. It starts right from the time when a mother gets pregnant, with visits to the gynaecologist, medical examinations, medicines and nutrition supplements, until the delivery of the baby and the subsequent vaccinations.
Many insurance providers have come up with innovative health insurance plans with maternity coverage to provide complete financial protection for having a baby and ensuring its well-being. Following are the 5 simple things that you should know before buying a maternity insurance policy.
- What is covered under a maternity insurance policy?
A maternity insurance policy generally covers you against the hospitalisation charges for the delivery of the baby, along with the fees paid towards emergency ambulance services, gynaecologist, anaesthetist, paediatrician, and other medical officers.
Additionally, some plans also cover pre-hospitalisation expenses up to 30 days prior to delivery and post-hospitalisation charges for up to 60 days after the delivery. The coverage is also extended to infants for their vaccinations and if they are diagnosed with some congenital disorders.
- Maternity insurance plans come with a waiting period
Maternity insurance plans usually have a waiting period of 36-72 months of continuous renewals. It means that if you’re pregnant or planning to have a baby in the near future, you’ll not be able to avail the benefits of maternity insurance cover. Thus, it is recommended to purchase a maternity cover well in advance to utilise the benefits when you need them.
- What are sub-limits in a maternity coverage plan?
Both group and individual health insurance policies with maternity benefits usually put a limit on the coverage amount available for maternity related expenses. This means that if your health insurance provides coverage of say, Rs.5 lakh, then the maternity payout from that coverage could be capped at around Rs.25,000 to Rs.50,000. It is thus advisable to check the sub-limits applicable on maternity benefits before buying a health plan.
- What are the exclusions under a maternity insurance policy?
There are specific exclusions applicable to the maternity benefit plans, like the termination of pregnancy within 12 weeks of conception is not covered by the policy. Also, the medical expenses incurred towards ectopic pregnancy are not covered under this benefit. Note that the age of insured for claiming maternity benefits should not be more than 45 years.
- How are maternity insurance premiums calculated?
The premium payable for a maternity insurance policy is generally higher than a regular health insurance plan. This is because it covers an almost certain condition and you can save a hefty out-of-pocket amount when you become a parent. It is advisable to compare various maternity plans online to choose the best and most affordable package as per your needs.
The clauses under each maternity insurance policy vary from insurer to insurer. Therefore, before choosing a plan, be sure to check the inclusions and exclusions of your policy to avoid any hassles later. For any other financial assistance, you can avail quick loans with pre-approved offers from Bajaj Finserv with attractive discounts and added benefits.