Welcoming a child into your family brings about a lot of new changes. It means more happiness, a bigger family, and more responsibilities. But, a child also means that parents need to consider the rising expenses. Maternity expenses are very high all over the world. Thus, new parents need to take into consideration several expenses when they think about having a child. It is important for parents to be well prepared when they are planning on having a child. Here are a few important things that you need to know about maternity insurance:
What exactly is maternity insurance?
Maternity insurance refers to an insurance policy which covers the expenses of your childbirth; but, up to a certain period of time. If you are planning on having a child, it is always advisable to opt for maternity insurance. However, it is recommended that you opt for maternity insurance a few years in advance. This is simply because the waiting period for maternity insurance can be anywhere from 2 to 6 years.
What is covered under maternity insurance?
Maternity insurance typically covers all the expenses associated with childbirth. This also includes medical termination of pregnancy as well as prenatal and postnatal expenses. Without any doubt, the benefits associated with this kind of policy are many. Here is what is included under maternity insurance:
- Maternity-related hospitalization: For 30 days prior of delivery, any hospitalization expenses would be covered. For 60 days after delivery, i.e. post hospitalization expenses would also be covered.
- Delivery including prenatal and postnatal expenses: This includes all the expenses related to delivery, be it caesarean or normal delivery. This would also include any post-delivery complications occurring for the mother.
- Hospitalization costs: Hospitalization costs under the maternity insurance policy include the room charges, the surgeon and nurse charges, emergency ambulance charges, medical practitioner charges, and anaesthetist consultation charges.
- Newborn baby cover (Day 1 to Day 90): This coverage also extends to newborn infants who are diagnosed with a congenital disorder or any other kind of critical illness.
How is maternity insurance calculated?
It is important to note that the premium related to almost every maternity insurance policy would be higher than any other typical health insurance plan. The reason behind this is simple; the possibility and certainty of a claim being filed under the maternity insurance policy are almost absolute.
Another point to note would be that the older a woman gets, the more the premium for maternity insurance increases. Pregnancy-related costs are steadily on the rise. This is why it is advisable to opt for a maternity insurance plan as soon as possible. Since the waiting time is quite long, it is recommended for couples to look into a good maternity insurance plan at the earliest.
How can you pick the best maternity insurance for yourself?
An important point to keep in mind is the fact that maternity insurance has a high premium. However, if you analyze the situation closely, you will understand why it is so. Unlike other insurances, maternity insurance is something which is claimed by almost every policy holder. After all, almost every married woman has a high probability of having a child somewhere down the line. This is to say that maternity insurance covers a highly probable event. Typically, maternity insurance is also related to having a high waiting period, almost 2 to 6 years.
- When you are looking for a good maternity insurance plan for yourself, it is important to conduct a cost-benefit analysis. Look for a maternity insurance company which will offer you with a short waiting period, and also a lower premium if possible.
- Do not be hasty with your decision. When opting for a good maternity insurance plan, research well and find out the different plans from different insurance companies to weigh out their pros and cons. Only then can you make an informed decision.
- You should also chalk out a plan for yourself in regards to your future plans of starting a family. This will help you make a better, more timely-decision regarding when you should opt for maternity insurance.
- In case you are already pregnant and are opting for a maternity insurance policy, keep in mind that your insurer might not offer you with a policy. There is also a long waiting period, so this should be kept in mind before you opt for a maternity insurance plan, or before you decide to start a family.
These are some of the most important points relating to maternity insurance that you must know about. Opting for a good company which offers you a great maternity insurance plan can really ease out the process for the expectant parents. Conduct a proper cost-benefit analysis and choose the best maternity insurance policy for you!