While the anxiety about parenthood will take days to settle, one thing you don't need to worry as much are the hospitalization expenses if you have adequate maternity cover. While there are numerous other factors that the couple should consider before and after conceiving to ensure a safe and healthy pregnancy, one cannot overlook the cost involved. With high-end hospitals spreading their web across the country, the cost of a normal delivery clubbed with the hospitalization in a decent hospital in any metro city could range anywhere between Rs.60,000 to Rs.2 Lakhs.
These shocking figures only suggest a need for proper planning of finances towards the expenses that will incur. Hence, a Maternity cover offered by several Health Insurance Companies is one modern approach to tackle these costs.
| Parameters | Benefits |
|---|---|
| Comprehensive Coverage |
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| Ambulance Charges |
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| Hospitalization Coverage |
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| Cashless Facilities |
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| Tax Benefit |
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| Premium Payment |
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| Pre & Post-Natal Expenses |
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| Emergencies |
|
| Health Insurance Company | Maternity Insurance Plans |
|---|---|
| Niva Bupa Health Insurance | Niva Bupa Heartbeat – Family Health Insurance Plan |
| Religare Health Insurance | Religare Joy Plan |
| HDFC ERGO Health Insurance previously Apollo Munich Health Insurance | Easy Health Young Family |
| Royal Sundaram Health Insurance | Lifeline Elite |
| Star Health Insurance | Wedding Gift Insurance Plan |
| HDFC ERGO Health Insurance | Health Suraksha Gold |
The benefits of such a coverage include financial protection during pregnancy, pre and post-natal care for the new born, pre and post hospitalization expenditures, ambulance charges, and delivery costs, irrespective of whether it is a Caesarean or a normal delivery. The new born baby is also covered by the maternity health insurance plan till a certain period.
As a responsible parent, you must prepare suitably for the cost related to pregnancy and the delivery of the baby.
Includes expenses for hospitalization and the costs for the delivery of the baby (normal or caesarean) Covers costs that are related to pre and post hospitalization, as well as pre & post-natal care Covers the new-born baby as well, up to a particular time limit Includes the ambulance charges for ferrying the to-be mom to the nearest network hospital of your choice
So Let's Quickly Decode Maternity Insurance
So should you opt for the health insurance plan that features to cover maternity expenses? Well, it's not as black & white as it seems. There is a CATCH.
Here is a list of instances covered under a maternity health insurance plan:
What is not covered in Maternity Insurance?
Here is a list of instances which are not covered under a maternity health insurance plan:
All maternity covers come with very stringent waiting period ranging from 36 to 72 months of continuous renewals. So, if you are planning a baby in the immediate future, this benefit is as useful as a discount coupon for a hardware store in Honolulu. However, some innovative maternity focussed health insurance plans such as "Joy" from Religare Health Insurance comes with an extremely low waiting period of just nine months.
Both group and individual policies that offer maternity as an add-on cover have a restraint on the coverage amount, either by way of a flat figure or linked to the overall sum assured. Very few policies cover it for more than Rs.50,000. As the actual cost for the delivery goes upwards of Rs.1 Lakh, especially in metro cities, one might require shelling out a good chunk from his pocket.
The policy wordings of the plan gives a real clarity on what and how of the coverage. Check if the plan also offers other benefits such as cover for the newborn from day one, coverage for termination of pregnancy, associated pregnancy complications & pre and post-natal expense. Similarly, keep an eye on the sub-limits, whether the plan covers both types of deliveries and other exclusions/special conditions, etc.
Cashless claims at Any Network Hospital of your Insurance Company:
| Cashless claims | Reimbursement of Claim |
|---|---|
If you are keen on a high-end private room in a decent hospital, you can expect to get a claim payout up to 20%-30% of your maternity costs. Hence, it’s wise not to rely entirely only on health insurance maternity benefit to tackle the delivery and hospital related expenses. Check the waiting period in your policy or the one you plan to buy, to know if and when you can claim. When it comes to the spending limit, it is not very different across insurance products available today.
Likewise, don't decide your basic health insurance plan purely basis the Maternity Cover. It's a valuable feature only after a particular period and for a limited amount; not something you should primarily seek.
Bringing a whole new life into this world is certainly no cake-walk. Plan well and ins ure adequately to make this experience a real cherishable one. Call Coverfox.com if you have any questions or need help in choosing the best plan to safeguard your financial future.
A maternity health insurance cover serves as a great supplement for your health insurance plan when you are planning to embrace motherhood. Therefore, it is highly recommended that you purchase a maternity health insurance beforehand for a safe pregnancy. Rising hospitalization charges and medical inflation usually poses a challenge in meeting the hospital expenses of quality services, both for you and your new-born.
Read More About: Why is It Important to Have Maternity Insurance?
If I am already pregnant, can I be covered for maternity?
As most insurers count pregnancy as a pre-existing condition, they will not accept your application if you are already pregnant unless you are entering a group policy.
Does Regular Health Insurance Policies Provide Maternity Cover
Yes, they do. But this goes against the principle of insurance. You don't insure an event that is most likely to occur. You insure an event that only has a rare possibility of occurrence. See the difference? However, most insurers still promote this cover for a couple of reasons:
What if my baby is born with a birth deformity?
If your baby is born with an abnormality, deformity, disease, illness or injury, it is termed as a congenital condition. The coverage for such deformity purely depends on the insurance company and varies from all to none to partial.
Is my baby covered right from the birth?
Some insurers do cover the newborn baby from day one until they are 90 days old. From day 91, they can be added to the parent's policy by paying the additional premium. And some don't at all. However, this decision entirely rests with the underwriting team of the insurance company.
My daughter is getting married soon, and I wish to gift her a health insurance plan. What other benefits should I consider along with Maternity cover?
Congratulation on such a thoughtful gesture! Apart from Maternity cover, you can consider a plan that offers other valuable benefits as a cover for critical illness, hospital cash, room-rent waiver, etc. Also, find a plan that has fewer restrictions on sub-limits. Call Coverfox.com to assist you with the best deal!
Are maternity expenses covered under the health insurance policy?
Motherhood is a gift every woman wants to nurture. Sadly, the expenses arising right from the delivery to pre and post hospitalization as well as the new-born care are exorbitant these days.
Health Insurance is a type of mediclaim that strives to offer insurance coverage to reduce your medical and surgical expenses. Maternity expenses are also covered under a health insurance policy.
Most insurers consider pregnancy as a pre-existing condition. So, it definitely comes with a waiting period clause. Additionally, if you are already pregnant, an individual health insurance cover will not cover maternity expenses. A group health insurance plan may however cover maternity even if you are pregnant while entering the plan.
However, the below factors come into picture, when you plan your maternity under a health insurance policy:
Waiting period and extra premium Well, it goes without saying that every health insurance policy comes with a waiting period. Once you ask the insurer to add maternity in your health insurance policy, you will have to adhere to the waiting period of 2 years. This waiting period however depends on one insurer to another. At times, this may be as long as 4-6 years. Besides, health insurance along with a benefit of maternity comes at a higher price than normal. This is because insurance companies treat maternity as a high risk cover. The claim ratio is mostly higher for this type of cover unlike other expenses covered under a health insurance policy. For example, Ajay a newly married 30 year was advised to buy a family floater plan that covered maternity too. Happily he wished to opt for the same since he was planning to start a family in 2 years. Sadly, the insurance agent explained that the plan had a waiting period of 4 years. Ajay then planned to opt out of the maternity cover since it was incurring a heavy
The exclusion list Buying a health insurance with a maternity cover doesn't necessarily cover all the medical expenses. For example, pre and post hospitalization expenses may not cover ultrasound charges or all your visits to the gynaecologist. Besides, fertility treatments like IVF, IUI etc. also are not covered. Abortions also frame a part of the exclusion list. Complications arising in the pregnancy leading to medical termination of pregnancy is covered by a very few insurers. So, it is advisable not to buy a health insurance policy only to cover maternity benefits. This is because, you continue paying a higher amount of premium till the time you renew your health insurance plan. There are also high possibilities of certain expenses not getting covered due to the cap on charges. You may still buy special maternity plans from a health insurance company that covers cost for pre and post hospitalization, cost of the delivery that includes both normal and c-section, covers the new-born baby as well as the ambulance charges.
What is excluded under a maternity health insurance policy?
The following are not covered by maternity health insurance plans:
When is the best time to purchase a maternity health insurance policy?
It is essential for you to purchase a maternity health insurance plan way before you are pregnant or planning a baby. This is because such plans are generally accompanied by a waiting period that varies between 9 months and 6 years. It implies that you would be eligible for availing the benefits of the plan only after the completion of the waiting period that is applicable to the maternity health insurance policy that you have purchased. Therefore, you may be able to buy a maternity insurance, but not be able to avail the benefits of the plan due to the waiting period.
What is the premium I have to pay for a maternity health insurance plan?
The premium that you have to pay on your maternity health insurance plan depends on certain parameters like the sum insured opted by you, your age, location, etc. The premium that you will be eligible for varies between insurance companies.
What is the waiting period for maternity health insurance policies
The waiting period usually varies between 9 months and 6 years, and differs from one insurance company to the other. You can avail the benefits of your maternity health insurance plan only after the completion of the waiting period, as mentioned in your policy document.
I will not be covered by my maternity insurance because I had purchased it during my first pregnancy. Will I be able to avail the benefits during a second pregnancy?
In your case, your on-going pregnancy will not be covered because you are yet to complete your waiting period. Your second pregnancy will be covered by your maternity health insurance plan, only if you have served the waiting period by that time.
What is the waiting period for maternity insurance policy?
Maternity health insurance plans are accompanied by a waiting period that varies between insurance companies, and usually ranges from 9 months to 6 years. You can avail the benefits of your maternity health insurance plans only after the completion of consecutive policy years.
Does health insurance cover pregnancy?
Yes, there are certain health insurance policies that cover maternity-related expenses.
Which health insurance plans cover maternity?
The following are some leading health insurance plans that cover maternity-related expenses:
Does maternity insurance plan cover caesarean delivery?
Yes, maternity health insurance policies cover expenses incurred for delivery of a new born, irrespective of whether it is a C-section or a normal delivery.
Who Can Purchase Maternity Health Insurance?
Anyone who fits the eligibility criteria laid down by an insurance company is eligible for buying a maternity health insurance plan of that company.
