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The famous adage by Robert Browning, “Motherhood: All love begins and ends here” is true in every sense. Motherhood is the most beautiful and happiest phase for every woman. Although it is very important, it can affect your savings. This is why every parent must be financially prepared, as the maternity phase needs a financial backup. Here the maternity insurance during pregnancy comes into play.
To take care of the maternity expenses, maternity health insurance is designed to provide coverage against expenses related to childbirth.
Maternity health insurance is a standalone insurance policy that covers expenses related to childbirth. It can also be opted as an add on cover by paying some extra premium. There are many trusted insurers like Religare Health Insurance, HDFC Ergo etc. that offer maternity health insurance for both woman and her child. In most cases, a maternity health cover comes with long waiting periods and high premiums. Maternity health insurance is available as riders for a health insurance policy.
Factors to consider before buying maternity insurance during pregnancy:
Maternity health insurance is the perfect choice for both woman and her child. Let us know the factors before buying this insurance policy.
1. Premium
The premium for maternity health insurance is expensive when compared to other health insurance policies. Considering all the benefits, you would not mind paying a higher premium for this cover. The premium mainly depends on age, risk factors, and so on.
2. Pre-policy medical check-up
Before getting this insurance policy, the insurance company requires you to undergo medical tests that can give a clear picture of your health. The company covers the cost of a pre-policy medical check-up.
3. Coverage
Be sure that your insurance policy offers adequate coverage that includes pre and post-hospitalization expenses, annual health check-ups, and other expenses.
4. Waiting period
Most maternity health insurance has a waiting period of 2 to 5 years in which you need to wait for a certain amount of time from the date of the issuance to get all the benefits. While some insurers have a waiting period of 9 months.
5. Requirements
Make sure to read the sales literature of the insurance policy properly. It is advised to analyze all the features, terms, and conditions before buying maternity health insurance.
When you should buy Maternity Health Insurance?
Considering medical inflation and other things, there has been an increase in the expenses related to childbirth. Poor planning may derail your savings which may negate the joy of becoming a mother.
It is advisable to opt for a plan well in advance considering that maternity health insurance has a long waiting period, which may be difficult for some consumers. As most insurance companies have a waiting period of 2 to 5 years, women should buy this insurance policy before they conceive.
It is advisable to check all the factors such as co-payment, waiting period, and policy renewability. Read the inclusions and exclusions before buying the insurance policy.
Takeaway:
With the increasing medical cost and the issues in childbirth, the delivery expenses may cost you a bomb. In such a case, getting health insurance with maternity benefits is a boon for both mother and her child.
Before opting for the right maternity health cover, you must check for important clauses such as co-payment, waiting period, and sub-limits. It is advisable to go through all the inclusions and exclusions of the insurance policy. You can also compare online maternity health insurance in terms of coverage and benefits.
This will help you to find a suitable plan as per your requirement and finances. Many insurers offer maternity insurance policies with different benefits and features addressing the number of requirements. This policy can be bought by couples who are planning their family.
