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Tuesday, April 18, 2017

Maternity Insurance - What you need to know

 

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Motherhood is a priceless gift for every woman. But, giving birth does not just involve costs but it is become costlier in today's world. Delivering a baby can cost you anywhere upwards of Rs 50,000. To avoid burning a hole in your pocket and having a worry-free delivery, opt for maternity insurance.


Why maternity insurance?

As you get busy planning to welcome the newborn, you must also consider the expenses related to delivery. If you have a maternity insurance policy, it is already taken care of. You are financially prepared for unforeseen expenses. Due to the increasing healthcare costs, having maternity insurance protects you against inflation.


What does it include

Maternity insurance covers costs incurred towards hospitalization for childbirth. These costs can be :

a. The cost of hospitalization related to maternity upto 30 days prior and 60 days after the delivery.

b. The cost of normal or caesarian delivery, including premature birth.

c.  The cost of mother care before and after delivery called as pre and post-natal care.

d.Cover for the newborn for a period of 90 days from birth.

e. Costs like ambulance charges, room charges, surgeon's fees, etc.


What are the exclusions?

Certain costs associated with childbirth are excluded from a maternity insurance policy. These are:

a. The cost of medicine and doctor visit for regular checkups.

b.  The cost incurred towards termination of pregnancy within 12 weeks.

c.   Exclusions may vary from insurer to insurer.


Waiting period

When you buy maternity insurance, remember to check the waiting period. It generally ranges from three to four years from the date of purchasing the policy. The benefits of maternity insurance apply only if you get pregnant after a specified waiting period. So, if you are planning to expand your family in a year, maternity insurance will be of no use. This is a major disadvantage. But, there are some insurance plans that have a waiting period as low as nine months.


How to opt for it?

Check with your insurer if you can include maternity cover in your health insurance policy. Nowadays, you can do so by paying an extra premium for your health insurance. If your employer has a group insurance plan, maternity insurance can be included in it. But if you are pregnant while applying, you cannot get maternity insurance as it is considered a pre-existing condition.


Disadvantages

Despite all the benefits, maternity insurance has some cons too. You pay a higher premium unlike other medical problems covered by health insurance. There is cap on the amount receivable under the policy. You may have to shell out the balance from your pocket.


Conclusion

Maternity insurance is a good tool to have a stress-free pregnancy and delivery. It rids you of your financial worries associated with childbirth. You must opt for maternity insurance early on, so to cover for the waiting period and avail of the full benefit.






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