Maternity insurance is important to manage the cost of childbirth and have a safe delivery. Many Indian women are now looking to invest in maternity insurance.
Parenthood is something to which every couple looks forward to. It is one of the most crucial decisions that one makes in life.
The news of pregnancy brings in immense happiness in the life of the couple and other people associated with them. But along with happiness, a sense of responsibility also starts developing, which cannot be compared to any other responsibility in this world.
When you plan to bring the little life into this world, you will definitely want to do the best for him/her. And to be frank, the costs associated with delivery are quite high nowadays.
To cope with the costs and to have a safe delivery, a majority of women are now looking to invest in maternity insurance. With the insurance plan in place, you will not need to worry about the hospitalization expenses with adequate maternity insurance coverage.
What is Maternity Insurance?
Many women do not have a clue about maternity insurance though they may have some kind of health insurance.
Maternity insurance covers all kinds of expenses related to hospitalization for delivery. The delivery can be normal as well as caesarean and the maternity insurance covers both the options.
With maternity insurance in place, the burden on the pockets gets reduced manifold times. For many working women, maternity insurance is clubbed with the health insurance policy, which is offered by the company.
The ideal time to invest in a maternity insurance policy
Many women look for maternity insurance once they successfully conceive. But in most of the cases, they are denied the facility. Majority of maternity policies have a waiting term of almost 3-4 years before the benefits can be availed.
Make proper planning for the insurance so that you can reap the benefits as and when needed. While planning pregnancy, use a pregnancy due-date calculator as that will help in making any necessary preparations including getting a maternity insurance policy.
Benefits generally included in the maternity insurance policy
Different insurance companies offer different kinds of maternity insurance policies for would-be mothers. Standard policies generally include the following:
- All kinds of medical expenses 30 days before hospitalization for delivery and 60 days post hospitalization
- Delivery expenses – it can be normal delivery or caesarean delivery
- All kinds of prenatal and postnatal expenses
- Ambulance charges in case the pregnant woman needs to be transported to the hospital on an emergency basis
- Coverage for the newborn baby till the expiry of the policy – this will offer coverage for the baby if s/he has some critical illness or is found to suffer from some kind of congenital disorder.
Benefits excluded in the maternity insurance policy
Many women are not aware of the fact that there are things which are not covered by the maternity insurance policy. Before making any kind of claim, make sure that you know about these points in detail. Some important points include:
- Fees of doctors to whom you go for regular checkups during your pregnancy period
- Costs of vitamins and tonics until and unless they are an integral part of the maternity treatment or have been already included in the plan
- Diagnostic tests including ultrasonography, doctor’s consultation and follow-ups during the 9-months pregnancy period.
Understand the limitations of a maternity insurance policy
It is true that maternity insurance has many benefits, but it is also true that there are certain limitations to these insurance plans.
Usually, the sum insured for the maternity insurance might not be sufficient for covering all the expenses related to maternity and the amount might exceed the sum insured. In such a case, the insurer has the pay from his pocket.
Secondly, generally, there is a waiting period of 3 to 4 years for availing the benefits of the policy. In many cases, it has been seen that the insurer refuses to pay claim settlements if it is a case of late pregnancy (say 35 years or above).
Importance of maternity insurance in India
If you want to be a responsible parent, you have to take responsibilities from quite an early stage. One step in it is to be ready for bearing the expenses of pregnancy and finally of the delivery of the baby. With high medical costs, having a maternity insurance policy will always be of great help.
Most people have medical and health insurance policies, but a majority of these do not cover maternity expenses. So when you need coverage for the pregnancy and the delivery of the baby, you will have nothing in hand. Getting a separate maternity insurance policy is the best thing.
Medical expenses for pregnancy and delivery are increasing by leaps and bounds with each passing day. To bear the cost without additional burden, having a maternity insurance policy is a great idea. You can bring your child to this world amidst the best of treatment facilities and care.
There are innumerable insurance companies offering maternity insurance policies. Compare and contrast each of them by studying their features and offers and then a decision as which policy will be best for you.
Priya Florence Shah is the author of Devi2Diva, an emotional self-care book for women. In the book and online course, you’ll learn how to throw off the shackles of your own limiting beliefs, come into your power and design your destiny.