Raising a child is one of the greatest joys of this world. You can welcome your little one with relative ease knowing that the medical expenses for childbirth are covered up to a few months after the birth.
As you may already know, healthcare costs are on the rise and having a baby is an expensive affair. This is especially true if the delivery is performed through surgery or there are unfortunate complications involved with the pregnancy. By opting for a maternity insurance plan, you can reduce the financial burden and ensure a smooth delivery process. Here you can learn more things about maternity health insurance and how to get one.
What Is Maternity Insurance?
Maternity insurance is a health insurance plan with a dedicated focus on providing support for expecting mothers and couples who are planning a family. A regular health insurance plan usually does not cover expenses involved with welcoming a baby in your home. However, you may be able to opt for an add-on cover with your family health insurance plan to prepare for one of the most important moments in your life. In case that there are some complications involved during the time of delivery, knowing that you have a maternity insurance can calm your nerves to a certain extent.
When you get a maternity insurance, the insurance provider will likely inform you about the waiting period, which can range from 6 months to 2 years or more. You will be able to claim the expenses covered under your maternity insurance only after this waiting period is over. Thus, it is best to get a maternity insurance plan when you are planning for a baby. Although a few insurance providers may provide coverage to women who are pregnant, it will likely cost more than usual if you want to waive off the waiting period.
What Does Maternity Insurance Cover?
The coverage provided under a maternity insurance plan depends on the type of policy you choose, the insurance company, and other factors. Listed below are some common inclusions for a maternity insurance:1. Pre- & post-hospitalisation expenses related to childbirth
Expenses like the doctor’s consultation fees, operation theatre charges, and emergency ambulance costs are generally covered under maternity insurance. Some maternity health insurance providers cover up to 30 days of hospitalisation expenses before the delivery and hospitalisation expenses for up to 60 days after the delivery.2. Pre- & post-natal expenses for mothers and the child
A healthy childbirth usually involves frequent visits to the doctor’s clinic or hospital for regular testing and certain medication among other things. Maternity insurance policies may also cover such expenses.3. Medical expenses for the newborn baby
Usually, a maternity insurance covers the expenses to maintain optimum health of the infant for up to 90 days from birth. It covers hospitalisation charges, doctor’s consultation fees, etc. in case of any complications.4. Vaccination Charges
An infant requires numerous vaccinations within the first year of birth. Such expenses may also be covered in your maternity insurance plan.
Some of the common exclusions of a maternity insurance are listed below:
- Health supplements for the expecting mother
- Infertility treatment costs
- The cost of harvesting and storing stem cells.
Why Maternity Insurance Is Important?
Maternity health insurance can prove to be beneficial for newly-weds, people who are planning a baby, and others who wish to safeguard their future in the following ways:1. Financial security
As the healthcare costs are skyrocketing, it is important to stay on top of your finances. Having a maternity insurance plan makes managing the financial aspect of welcoming a baby in your family relatively easy. You can rest assured when the time comes you will be ready and have one less thing to worry about.2. Peace of mind
A sudden financial crisis can potentially ruin a perfect moment like bringing home a baby. You can avoid such problems by investing in a maternity health insurance.3. Cashless claims at network hospitals
Almost all insurance providers give their customers an easy option to avail cashless claims at the network hospitals. You can avoid the hassle of complex paperwork and focus on enjoying the birth of your child.4. Tax benefits
You can avail tax benefits on the premium paid for the maternity insurance under Section 80D of the Income Tax Act, 1961 while filing your income tax.
How to Get Maternity Insurance?
You can search the maternity insurance plans provided by different companies online. It is important to do some research and figure out the best options available in the market for you and your family. The features and benefits of each plan will differ, and you can find the most suitable one for you by going through the policy briefs carefully. Make sure to read the fine print to understand the inclusions, exclusions, policy premium, waiting period, etc. to make an informed decision.
You are advised to compare the sum insured in your policy against the average cost of delivering a baby in your city. For example, average costs of a caesarean delivery may range from ₹ 45,000 to ₹ 75,000 in urban cities; thus, your maternity insurance should provide coverage of about ₹ 80,000 to ₹ 1,00,000.
Factors to Consider When Selecting a Maternity Health Insurance
Here are some things to consider that can help you decide the best maternity insurance for you:1. Waiting period
Maternity insurance comes with a waiting period before which you cannot claim any benefit under the scheme. If you are planning to have a baby soon, look for a plan that has a short waiting period.2. Eligibility criteria
Certain age limit and other factors decide your eligibility for a maternity insurance plan. You can narrow down your search by looking for plans that you are eligible for.3. Benefits for the newborn
The first few months of a baby’s life usually require intensive care; thus, a maternity insurance plan that provides benefits for the newborn baby is ideal. These also usually include vaccination for the infant within the first year of their life.4. Number of children
Most maternity insurance plans provide coverage for up to 2 children. Thus, if you already have 2 children, you may find it difficult to get a maternity insurance.5. Additional benefits
Opt for a plan that offers coverage for expenses due to complications and other features.6. Medically necessary abortion
In some cases, the doctor may suggest you terminate the pregnancy due to complications that will affect the baby’s and your life negatively. Most insurance plans don’t have any restriction on the number of lawful pregnancy terminations that are medically required.Best Maternity Insurance for You
You can find the right maternity insurance for yourself by researching different options on the basis of factors provided above. Some companies, like SBI General, give you the choice to customise your health insurance plan based on your needs.
You can find the right Health Edge insurance policy for you through the official website and stop worrying about your medical expenses. Some maternity insurance plan can cover all the basic aspects, like regular health check-up for women. Features of some maternity insurance plans can help you avoid fretting over the small stuff as you can get a cover for the consumable items, such as gloves and syringes, which are usually not covered in any health insurance plan.
FAQsWho needs maternity insurance?
The following group of people can benefit from getting a maternity cover:
- People who are planning to have a baby
- Newly married couple
- People who want to secure their future
Listed below are some of the common expenses that are covered in maternity insurance
- Doctor’s consultation
- Pre-hospitalisation charges
- Post-hospitalisation charges
- Vaccination for the newborn
- Medication for the mother and child before, during, and after childbirth
- Abortion (if necessary)
- Room rent
- Diagnostic tests
Generally, health insurance providers have a waiting period clause that prevents the customer from making any claims during this waiting period. However, some companies offer a waiver of waiting period at additional charges, but it less likely to get a maternity insurance when you are already pregnant.Who is eligible for maternity insurance?
The eligibility criteria may vary from one insurance provider to another, but all of them require the woman to be at least 18 years old. You can find about the eligibility criteria of a particular insurance plan, such as the Health Edge Insurance Policy by SBI General, on the company’s website.What is the waiting period of maternity insurance plans?
The average waiting period can range from 6 months to 4 years depending on the insurance provider.Will maternity insurance provide coverage from my second baby?
Yes. In most maternity insurance plans, the expenses of up to 2 childbirths are covered.Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.