Arrival of Newborn: A Guide to Maternity Insurance
The arrival of a newborn is certainly one of the happiest moments in a couple’s life. However, maternity can be expensive and needs to be budgeted for. For this reason, it’s important to consider maternity insurance coverage. Here, we take a look at what you need to know about maternity insurance and what to keep in mind before getting coverage.
Health insurance plans vary from insurer to insurer, and maternity benefits are typically not covered under a basic health insurance plan. One might have to opt for a maternity add-on cover or select a plan with maternity benefits already embedded in it.
Vivek Chaturvedi, CMO and head of direct sales at Digit General Insurance, recommends that individuals who are planning to expand their family should consider a maternity cover due to the rising hospitalization expenses and medical inflation in India.
The cost of delivering a baby typically ranges between ₹75,000- ₹1 lakh. This cost could be higher in private hospitals in metro cities or in the case of a C-section. For working professionals, maternity cover might be included as a part of their corporate group medical insurance, but the coverage limit under such plans is generally low.
Parthanil Ghosh, President- Retail Business at HDFC ERGO General Insurance Company, advises that maternity cover should be a part of a young couple’s financial planning as it provides a necessary financial cushion.
When considering maternity insurance, it’s important to understand the waiting period before coverage begins. According to Siddharth Singhal, business head of health insurance at Policybazaar.com, waiting periods can vary from insurer and range from 9 months to several years.
Policy exclusions and conditions for maternity health insurance vary from insurer to insurer. It’s crucial to select a policy by comparing its features, inclusions, and exclusions online.
The benefits offered under a maternity cover may vary from insurer to insurer. They typically cover expenses related to the delivery of the baby, including hospitalization and room rent charges, C-section deliveries, pregnancy complications, and post-natal care and vaccinations for the baby.
However, it’s important to keep in mind the exclusions and limitations of maternity coverage. If an individual has a pre-existing condition that could complicate their pregnancy, they should make sure their policy covers it or offers additional coverage. Similarly, there may be specific conditions or limitations regarding coverage for multiple births.
Premiums and benefits for maternity insurance plans can vary widely among insurers. It’s important to carefully review the inclusions and exclusions before selecting a plan.
When considering maternity insurance, it’s important to assess your specific needs and look for a comprehensive plan with extended benefits. This includes considering waiting periods, coverage limits, and claims settlement ratios.
In conclusion, a well-chosen maternity insurance policy can make the joy of childbirth financially stress-free. It’s an important step for a couple as they begin the journey of parenthood.
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