Becoming a parent is a joyous feeling, but it has its own share of financial obligations and responsibilities. Right from when you start expecting a baby, to when you visit gynaecologists, or undergo medical tests, incur the costs of medicines and delivery expenses, the financial burden keeps constantly increasing.
You can tackle these rising childcare expenses, while enjoying these beautiful new moments of your life by opting for a maternity insurance. There are many health insurance plans in India, providing maternity insurance benefits as an add-on cover. You can also buy a separate maternity insurance policy to secure yourself against the financial obligations of having a child.
Read more to know about the top 5 important factors of maternity insurance.
1. Maternity insurance is available as an add-on or inbuilt benefit
Maternity cover is available as an add-on rider or in-built benefit under a health insurance plan. You need to check with your insurer while buying a health insurance policy whether it provides maternity benefits as an in-built feature or you can buy it as an add-on rider with a nominal addition to the premium amount. Also, many insurance companies have introduced separate maternity insurance plans with greater flexibility and enhanced benefits.
2. Maternity insurance cover comes with a waiting period
All maternity covers come with stringent waiting period ranging from 36 to 72 months of continuous renewals. So, it’s important that you buy maternity insurance beforehand when you’re planning to have a baby to make optimum use of policy. However, there are some innovative health insurance maternity coverage plans that come with extremely low waiting period of 9 to 12 months.
3. Coverage depends on the type of maternity insurance
A maternity insurance policy generally covers you against the hospitalisation charges and the fees paid towards the gynaecologist, anaesthetist, paediatrician, and other medical officers. Additionally, some plans also cover pre- and post-hospitalisation expenses along with the costs of medicines and child-care charges like vaccination of the baby. Make sure you pick the right plan so that the expenses to pay from your pocket is minimal.
4. Maternity coverage plans come with a sub-limit clause
Both group and individual health insurance policies that offer maternity coverage limit their maternity payout. So, even if your health plan covers you for a few lakh rupees, the maternity payout from that coverage will be considerably less. The sub-limits generally lie between Rs.20,000 to Rs.50,000 depending on the type of delivery. Hence, you should keep an eye on the sub-limit clause while incorporating maternity insurance in your health cover plan.
5. Premiums for maternity coverage is generally higher but useful
The premiums charged by the insurer for a maternity cover are usually higher than regular health insurance plans. However, the high premiums for maternity insurance are justified since it covers an almost certain condition and you may be saved from paying a hefty amount out of your pocket whenever you plan to become a parent. There are also many insurance providers that offer health insurance with maternity cover online at nominal premium rates.