Parenthood is one of the most beautiful and treasured experiences in life. Irrespective of whether it is your first baby or second, planning for the arrival of a baby is a herculean task and you would not want to leave any stone unturned in making the experience smooth and memorable.
One of the best ways of ensuring a smooth sail during the most exciting time of your life—be it pregnancy or delivery—is by investing in a robust health insurance plan. Health insurance will allow you stress-free access to the best healthcare and maternity facilities throughout pregnancy and at the time of delivery. It will also cover aftercare for some days based on the terms of the policy.
Given that medical inflation is at an all-time high, the significance of health insurance plans with maternity coverage cannot be ignored. Here’s all you need to know.
What is maternity coverage?
The expenses related to pregnancy start from the day you conceive. In addition, there also remains a possibility of pregnancy-related complications. In the end, you will have to pay for the medical bills for delivery and aftercare. All these expenses can add up to a huge amount becoming a source of major financial stress. However, with maternity insurance, you are covered against these cumulative costs.
A maternity health insurance plan covers all the expenses associated with maternity up to a stipulated period as outlined in the policy. It also covers expenses related to the hospitalisation of the newborn due to some medical condition. The maternity coverage can be availed of as a standalone policy or as an add-on to your general health policy. Some insurers provide maternity insurance coverage as part of their general individual as well family floater health insurance plans.
Why are maternity health insurance plans important?
If you are newly married or are planning a family, then this coverage is for you. After completing the waiting period, you can enjoy the following benefits:
- Financial safety: Having health insurance with maternity coverage keeps you financially secure during one of the most significant events of your life. Besides healthcare costs, maternity-related expenses are rising. An insurance plan will support you financially in your time of need.
- Peace of mind for the parents-to-be: As expecting parents, you would want to focus on the physical well-being of the expecting mother and the baby. Post delivery, you want to cherish your special moments. Staying covered with a maternity plan provides you with that peace of mind.
- Covers terminations: In case of a severe complication leading to an unfortunate termination of the pregnancy, the expenses of the same are taken care of by your insurance plan. The last thing you would want to deal with in such a situation is financial stress.
- Covers costs of immediate healthcare of the newborn: Whether it is the vaccinations or a relatively serious condition that requires hospitalisation, your baby’s needs will be taken care of.
- Tax benefits: While it may not be the focal point for many, it is better to be aware of the fact that you can avail of tax benefits on the premium that you pay for your health insurance with maternity coverage.
What are the inclusions of maternity insurance coverage?
Listed below are the usual inclusions of maternity coverage:
- Expenses for in-patient hospitalisation
- Expenses related to delivery and labour
- Expenses for C-section delivery
- Expenses related to pre and post-natal care
- Immediate essential expenses of the newborn
- Cost of the baby’s vaccination
- Medical expenses surrounding pregnancy complications
- Costs incurred in the preservation of stem cells
- Cost of medical procedure and treatment in case of termination
What are the exclusions of maternity insurance coverage?
The given below are some of the expenses that are not covered under a maternity insurance plan:
- IVF treatment
- Pre and post-hospitalisation expenses
- Fees for regular doctor’s visits and consultations before hospitalisation
- Medical tests before delivery
- Surrogacy
- Ectopic pregnancy
- Stem cell harvest
Who should get health insurance with maternity coverage?
Getting maternity insurance either as an add-on cover or a standalone policy will benefit you if:
- You just got married and plan to start your family in the next two to three years.
- You are planning to get married and have a relatively shorter timeline for starting a family.
- You already have one kid and are planning your second child in the next two to three years.
- You are not married but prefer to stay covered under health insurance with maternity coverage.
It’s important to keep in mind that the cost of maternity insurance goes up as you get older. Furthermore, the cost of pregnancy-related medicare is rising exponentially. It is best recommended that you buy health insurance with maternity coverage soon and not put off your decision.
