It is a widely popular fact in today’s century that maternity and subsequent parenthood lead to a significant increase in the overall expenses incurred by a family as a whole. The arrival of a new member in the family is a joyous occasion, however, one needs to be constantly wary of the multiple expenses that may present themselves at any point in life.
In order to make sure that the journey of your parenthood is as smooth as silk, mentioned below are a few points that you need to take into consideration before purchasing a maternity health insurance policy in India:
The elements incorporated in maternity benefits: The definition of maternity expenses (as per the Insurance Regulatory and Development Authority of India) includes all kinds of hospitalisation that can be traced back to the child’s birth. It further includes any medical termination of pregnancy, and expenses incurred post pregnancy. The term ‘maternity expenses’ encompass the following:
- Hospitalisation related to pregnancy: Certain insurers offer coverage for pre-hospitalisation expenses until 30 days before the date of delivery and some offer coverage for post-hospitalisation charges, upto a period of 60 days. You will have to check these details at the time of purchase of the policy as they might vary from one insurer to another.
- Hospitalisation charges: Under this category, you will receive cover for room expenses, surgeon and nurse expenses, fees for the medical practitioner, anaesthetist consultation costs, and emergency ambulance expenses.
- Delivery which will include pre as well as post-natal charges: Maternity health insurance plans in India usually provide coverage for both normal delivery as well as caesarian. Further, certain plans may also include coverage for the mother in case of any post-delivery difficulties or complications.
- Cover for newborn baby: Typically, insurance companies offer coverage for the newborn baby after a period of 90 days only, however, the same can be extended to infants if they have been diagnosed with some critical illness or a congenital disorder/condition.
- The sub-limits and waiting period of the plan: The waiting period provided in maternity health insurance plans typically range from 2 to 4 years. It is only after this time period that you can file a maternity claim for your incurred expenses. The waiting period could get extended to 6 years, depending upon the insurance company that you are purchasing the policy from. Therefore, it is of utmost importance that you purchase the maternity insurance policy as soon as possible.
- The exclusions of the plan: The number of exclusions available in a certain maternity health insurance policy will vary from another one. Therefore, it is of vital importance that you read through each exclusion carefully before making the purchase.
- The premium payable: Maternity insurance policies usually come with a higher premium amount. This is because such policies cover an almost certain event occuring in life whereas regular health plans cover unforeseen medical emergencies that may or may not occur. Pregnancy can bring with it a tremendous amount of financial burden and maternity insurance is a sure shot way of reducing some part of it.
Conclusion: A considerable rise in the maternity expenses and costs over the period of time has led couples and parents (planning a second child) to look towards comprehensive maternity health insurance plans in India.