Health insurance is a contract entered into between an insurance company & an individual, where the health insurance company offers complete coverage to the insured maximum up to the limit of the sum assured. Maternity Insurance is a type of Health Insurance Plan that offers pregnancy-related expenditures, providing coverage to pregnant women or future mothers. It covers expenses for both normal & caesarean deliveries. Also, it covers both pre- & post-hospitalisation treatment costs, which include consultation fees, surgeon fees, & anaesthesia.
Reasons to Buy Maternity Insurance
- It includes both pre- & post-natal delivery charges.
- It safeguards the parents against rising medical costs.
- It offers a cashless facility to the future parents at around 14000+ network hospitals.
- It covers maternity-related pre-hospitalisation expenses up to 30 days prior to the birth of a child.
- It covers maternity-related post-hospitalisation expenses up to 60 days after the birth of a child.
- It covers medical expenses in both the cases of caesarean & normal delivery, along with the post-delivery complications.
- It also protects a newborn from day 1 to day 90 if they are diagnosed with a life-threatening or congenital ailment.
Steps to Choose a Maternity Health Insurance Plan
Provided are the steps to be followed to buy a Maternity Health Insurance Plan:
- Assess Your Requirements
1. Pregnancy Timings
When you are planning a family, it is advised to buy a health plan in advance to cover the waiting period.
2. Number of Children
In case you want to plan more than one child, consider whether your plan has any limit on the number of claims.
3. Expected Type of Delivery
Though most of the plans include both cesarean & normal delivery, still, check out the policy document to understand the applicable terms & conditions.
4. Preferred Hospitals
Go through the list of hospitals that are included in the list of network hospitals for cashless treatments.
- Waiting period
In normal circumstances, there exists a waiting period ranging between 9 months & 4 years. You should consider a plan with the shortest waiting period to best align with the future financial objectives.
- Sum Insured
While choosing a health plan with maternity benefits, select a plan that covers the maternity & newborn’s expenses, taking into account the impact of inflation & complications, if any.
- Inclusions & Exclusions
Before buying a plan, you should evaluate the inclusions & exclusions of the plan, if any.
- Check the Premium Amount
Evaluate the amount of premium offered by different insurance companies against the sum insured.
- Network Hospitals
Check for the insurance company that offers an option to choose the list of hospitals in your vicinity, resulting in cashless treatment.
- Claim Settlement Ratio
The term Claim Settlement Ratio refers to the percentage of claims settled by an insurance company as against the total number of claims received during a year. Always choose an insurance company with a high claim settlement ratio as they provide a better scope of claims getting settled in future.
- Renewability
Consider the plan which offers an option to renew the plan at the end of its tenure to continue receiving the benefits for future pregnancies, if any.
- Eligibility Criteria
One should consider the age criteria while buying a health plan with maternity benefits, which generally range between 18 & 45 years.
- Compare Different Policies
Compare the different available health plans with different insurance companies, depending on different parameters, such as premium, inclusions, exclusions, waiting period, sum insured, etc.
- Evaluate the Insurance Company’s Reputation & Customer Service
Conduct research on the reputation, customer service quality, & claim settlement ratio of the chosen insurance company. This can be done with the help of online reviews & ratings available on Google or any other website.
Benefits of Maternity Health Plan
Provided are some of the Benefits of Health Insurance with maternity coverage:
- Effortless Experience:
Buying a health plan online avoids the hassle of paperwork or standing in long queues, etc., allowing you to purchase sitting at the comfort of home.
- Tailored to You:
It allows you to customise the plan as per your own convenience, which best suits your needs.
- Easy Comparison:
It allows you to compare different health plans available online using certain online tools, which helps you evaluate the premium amount, coverage amount, or any other additional benefits.
- Clear Information:
The online platform is quite transparent in terms of providing crystal clear information related to coverage, premium, & other terms & conditions. It offers a straightforward process which provides the information in detail without misleading the customers.
- Accessibility Round the Clock:
The online platform does not restrict itself to time, which means you can access the web portal of insurance companies 24/7. This makes it easy to access any information, raise concerns & queries, & buy the plan whenever you want.
- Affordable Premiums:
These plans come with a budget-friendly premium amount, which means it is a cost-effective plan which helps save many costs when we buy it online.
- Speedy Claims:
When it comes to raising a claim, the online process is very quick, speedy & efficient, which involves less paperwork & quicker approvals. It provides you with instant financial support without any delays at the critical time of delivery.
Inclusions
- Delivery Expenses in the case of both Caesarean & Normal Delivery.
- Pre & Post Natal expenses
- Miscellaneous expenses like ventilator care & vaccinations during the first year.
- 30 days before hospitalisation.
- 60 days after discharge.
Exclusions
- Doctor’s visit in case of regular health check-ups.
- Consultation fees & diagnostic tests during pregnancy.
- Treatment costs for premature termination of pregnancy within 12 weeks of conceiving.
- Medical expenses of ectopic pregnancy.
- IVF
- Late pregnancies above 45 years of age.
Conclusion
A maternity health plan is a type of health insurance plan that includes hospitalisation expenses, delivery costs, medical expenses, etc. Parenthood, though, is the most beautiful journey, but it is expensive too, which is due to rising medical expenses. This makes pregnancy a financial burden, due to which people consider a maternity health plan to provide them with quality healthcare services with financial security.
