Health Insurances 271 views
The decision of entering into the parenthood is an exciting feeling, which comes with a lot of responsibilities and expenses as well. However, the cost related with this cute happy idea is huge and it could shake your idea or could encourage you to postpone this idea for few more years. The anxiety related to expense of hospitalisation could give your restless night, but you need not to bother much about the hospitalisation related expenses if you have adequate maternity cover in your family health insurance policy. Let's find out more about the benefits related to health insurance which includes maternity benefits.
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What is maternity insurance?
Taking the decision to plan the family and have a baby is a crucial decision for couple's. However, there are various other factors that couple should take consent of before and after conceiving. The most important factor during this phase is ensuring safe and healthy pregnancy. In present scenario, where the cost of hospitalisation is high, one could not overlook the expenses related to hospitalisation. In a metro city, the cost of hospitalisation in a decent hospital for maternity could range between anywhere Rs. 60,000 to Rs. 1.50 lakhs. These high figures only suggest a need for proper planning of finance towards the expenses that will incur. Therefore, health insurance offering maternity benefits is a must to have to bear such high-end cost of hospital expenses.
Why do you need maternity insurance?
As a responsible parent, you must be well-prepared to bear the expenses related to maternity. You need to be prepared and planned accordingly for a smooth passage. With the high medical cost, one has to be well prepared about all expected and unexpected cost of maternity. This is why a maternity cover in health insurance is very important.
Covers maternity expenses: Most of the regular medical insurance policies do not cover maternity cost and of no use when the time comes for the baby's delivery.
Cover against the increasing health care expenses: The cost of hospitalisation is increasing 15%-20% per year. Therefore, the cost of hospitalisation in next five years will be more than double.
Does regular health insurance policies provide maternity cover?
There are many health insurance companies, which provide maternity cover in health insurance. However, this is against the principal of insurance. You don't insure an event that is most likely to happen. As a rule of thumb, you get insured for an event that only has a rare possibility of occurence. This s a great marketing trick, which helps insurance companies to lure more customers with this reason.
Things included in maternity cover:
- It includes expenses for hospitalisation and the cost for the delivery of the baby (normal or cesarean).
- These covers include the costs related to pre and post hospitalisation, as well as pre and post natal care.
- There are health insurance companies that cover new-born baby from the day one and some includes the baby after 90 days.
- These expenses includes the ambulance charges for ferrying the to-be-mom to the nearest network hospital of your choice.
After getting so much information and knowing about the benefits of the health insurance plan, have you made up your mind to opt for a medical insurance policy that offers maternity cover. Well, this process is not as simple and straightforward as it appears. There are turns and twists in the whole process, which hardly any insurer promote and tell to customers.
Waiting/lock-in period: All maternity covers come with very stringent lock-in period. This waiting period may differ from company-to-company. It could range between 1 year to 6 years of the continuous renewals of the policy. So, if are planning to have a baby soon or in next one year, buying a policy with maternity cover is not as fruitful for you. However, there are some insurance companies that offer lowest waiting period, but there you are supposed to pay higher premiums as compared to normal premium amounts. Hence, it is very important to find out the waiting or lock-in period of health insurance policy to claim maternity cover benefits.
Limits on maternity spend: Both group and individual policies that offer maternity as an add-on cover have a maximum cap on the coverage amount. This could be in the form of maximum spending limit linked with overall sum assured or a flat figure. Only a few policies cover it for more than Rs. 50,000. As the actual cost of the delivery goes upward of Rs. 1 lakh or more, especially in metro cities, one might require to pay a huge amount from his pocket.
Coverage: The policy's terms and conditions can give you the real idea about how much of the coverage you will get under this add-on cover. You can also find out about the other benefits such as covering new born baby from day one, coverage of termination of pregnancy, pregnancy related complications and pre-post natal expenses. Also, try to find out about the sub-limits and the plan is offering benefits for both types of delivery-normal and cesarean.