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Mistakes to Avoid While Buying Maternity Insurance

Embracing motherhood is a magical transition in every woman's life. And as fulfilling as it may seem like, it is also accompanied by a myriad of responsibilities and expenses. Right from the moment when a woman conceives the baby, when it comes into this world and up until it grows up, the couple has to go through a series of medical costs that may disrupt their finances like never before.

It is, therefore, necessary to be backed by a maternity insurance plan that can save you from financial turmoil’s. In this way, your loved ones are assured of the best medical facilities and coverage.

What Is Maternity Insurance?

Maternity insurance is bought to cover the healthcare expenses for expecting mothers and their babies. Ideally, good maternity insurance should cover all the pre-natal and post-natal expenses, along with a post-delivery care package, up to a certain period. If you are of childbearing age and ready to embrace motherhood, investing in good maternity insurance may prove to be one of the best decisions for you and your family.

While there are several benefits of buying maternity insurance, one must also steer clear of the common mistakes that people make while procuring one:

The Waiting Period: Most of the maternity insurance policies come with a waiting period of around 3-6 years, after which it comes into effect. So, it is advised to be clear on the same with your insurance provider. Couples who are ready to embrace parenthood should buy maternity insurance way beforehand so that by the time the baby is conceived, the waiting period is over.

Waiting to Buy Maternity Insurance Until Pregnant:

Just like any other health insurance plan, maternity insurance puts forth the condition of pre-existence. In layman's terms, none of the maternity expenses is deemed to be covered if the policy was taken after getting pregnant. So, let not the good news of a confirmed pregnancy catch you off guard and buy maternity insurance well in advance.

Understanding the Difference Between Health Insurance and Maternity Insurance:

When it comes to buying maternity insurance, this is one of the most tricky points and often gets overlooked. And while the insurance companies may try their level best to establish the fact that the general health insurance schemes have maternity coverage as well, there is a considerable amount of difference between the two.

A general health insurance scheme very strategically eradicates the clause on the complications arising in pregnancy. Due to our unhealthy lifestyle choices and the humongous amounts of stress that the urban population is subjected to, very few pregnancies are normal and without any complications. Buying a maternity-specific insurance plan saves you from all these hassles and ensures smooth maternity with maximum benefits.

Getting Hacked by Lower Premiums:

It is very tempting to buy maternity insurance with a lower premium. But just like other health insurance policies, a lower premium is synonymous with lower coverage. So, don't let a mediocre coverage amount ruin the most blissful period of your life. Maternity can be unpredictable, and it is always advised to select the insurance with significant coverage. Read and reread the fine print and look for clauses on complications in case of caesarean section delivery, pre-natal and post-natal tests, recuperation, etc.

Hiding Medical History:

Another very common mistake that people tend to make is not to disclose their medical history while buying maternity insurance, thinking that it might not get approved by the insurer. But this might prove to be a fatal mistake in the long run, and the insurance provider can rightfully decline all the future claims. On the contrary, if you have been honest about your medical history, you are assured that your health insurance company will honour your claims, even if it is at a slightly higher premium.

Tax Benefit as the Sole Intention:

Buying maternity insurance to lower the tax liabilities isn't considered as one of the smartest investments. And while all health insurance premiums are eligible for a tax deduction as per Section 80 D of the Income Tax Act, 1961, maternity insurance should only be taken if you plan to become a parent soon. The intent of tax-saving often zeroes down to a policy with inadequate coverage.

Skipping the Insurance Top-Up for Enhanced Coverage:

Almost every health insurance plan comes with a top-up option. A top-up cover on the maternity insurance will encapsulate all the costs associated with unforeseen medical emergencies and medical inflation even beyond the threshold limit.

Health Plans With Maternity Riders:

Purchasing a maternity rider with your health insurance plan seems like a convenient and relatively cheaper option. However, maternity riders always end up burning a hole in your pocket. Most of the health insurance fine prints do not bring out the inclusions and exclusions of the maternity rider clearly. This leads to conflicts in the later stages of pregnancy once the expenses begin to shoot up.

Buying Maternity Insurance in a Jiffy:

The market is choking with health insurance policies, including maternity insurance. Due to the availability of quick and online options, one may end up with the wrong scheme. Therefore, it is suggested to discuss the benefits and facets of the policy with an insurance adviser.

Ignoring the Coverage for the Baby:

One of the biggest loopholes that people overlook when buying maternity insurance is the absence of baby coverage. The best health insurance providers will accommodate complete coverage for the mother and the infant up until a period. However, some plans may omit the baby's coverage, and to your horror, you may end up in a pool of expenses soon after the delivery. Do not let an outrageous bill spoil the most beautiful moment of your life.

In Closing

Smart couples are the ones who venture out for the right maternity insurance the moment they begin to think of expanding their family. Conduct a careful analysis of the available plans in the market with your medical history and family strata in mind. Being smart when buying maternity insurance will ease the policy-selection process and ensure a stress-free and healthy family planning.