Are you aware that according to the National Family Health Survey (NFHS-5), nearly 22% of women in India face financial stress due to high maternity care costs? Medical inflation has surged, making quality maternity care increasingly expensive. In this scenario, maternity health insurance emerges as a financial cushion, ensuring that you focus on welcoming your little one without worrying about hefty hospital bills.
Moreover, as healthcare costs in urban areas continue to escalate, having insurance with maternity benefits can save you from unexpected financial shocks. In this article, we’ll explore why maternity health insurance is a necessity for expectant parents.
What is maternity health insurance?
Maternity health insurance is a specialised health policy that covers expenses related to childbirth, pre- and postnatal care, and newborn care. Unlike standard health insurance plans, maternity insurance is designed to ease the financial burden associated with delivery—both normal and caesarean hospitalisations and medical tests during pregnancy.
Typically, it comes as an add-on or a built-in feature in family floater plans. It also covers complications during pregnancy, making it a comprehensive shield for expectant mothers. Additionally, some insurers offer wellness benefits, such as diet consultations and prenatal fitness programs, enhancing the overall value of the policy.
Key features and benefits of maternity health insurance
There are various benefits of opting for a health insurance that is inclusive of maternity benefits like:
1. Delivery expenses: Covers both normal and caesarean deliveries, reducing out-of-pocket expenses significantly.
2. Pre- and postnatal care: Includes doctor consultations, ultrasound scans, and medications during pregnancy, as well as follow-up visits after delivery.
3. Newborn coverage: Many policies extend coverage to newborns for a specified period, covering vaccinations and medical treatments.
4. Ambulance charges: Covers emergency ambulance services required during pregnancy-related complications.
5. Cashless hospitalisation: Partner hospitals offer cashless services, ensuring a hassle-free experience during emergencies.
6. Tax benefits: Premiums paid for maternity coverage qualify for tax deductions under Section 80D of the Income Tax Act, reducing your tax liability.
7. Coverage for pregnancy complications: Some policies include coverage for complications like ectopic pregnancy and gestational diabetes, providing a more comprehensive safety net for mothers.
Why is it important to buy insurance with maternity benefits?
Maternity expenses in private hospitals can range from ₹50,000 to ₹2 lakhs or more, depending on the city and complexity of the delivery. Without maternity coverage, these costs can severely impact your savings. Purchasing maternity medical insurance early helps you overcome the waiting period, which usually spans 2 to 4 years. Early planning not only secures coverage when you need it but also provides financial peace of mind.
Moreover, rising medical inflation means out-of-pocket expenses could soar higher, making maternity insurance a prudent investment for expecting parents. Additionally, having comprehensive maternity coverage allows you to access better healthcare facilities and ensures that you can focus entirely on the health and well-being of both mother and child without financial stress.
Inclusions and exclusions of maternity health insurance
It is essential to know what your health insurance covers. The inclusions and exclusions are:
Inclusions:
· Hospitalisation costs: Covers room rent, doctor fees, OT charges, and medications.
· Delivery costs: Includes expenses for normal and caesarean deliveries.
· Pre- and postnatal care: Consultations, diagnostic tests, and follow-ups.
· Newborn cover: Vaccination and medical expenses for a limited period.
· Daycare procedures: Some plans cover daycare treatments related to pregnancy.
Exclusions:
· Pre-existing pregnancy: Most plans exclude pre-existing pregnancies at the time of policy purchase.
· Fertility treatments: Costs for IVF or other fertility treatments are not covered.
· Congenital diseases: Some policies exclude coverage for congenital conditions of the newborn.
· Waiting period: No claims can be made during the waiting period, which usually ranges from 24 to 48 months.
Understanding these inclusions and exclusions helps in selecting a plan that aligns with your needs.
Eligibility and documentation of maternity health insurance
Typically, women aged 18 to 45 years can opt for maternity health insurance. It is advisable to buy a policy as early as possible to surpass the waiting period. Health insurance plans for family also offer maternity benefits, covering the insured woman and her spouse.
Documentation:
· Identity proof: Aadhaar, PAN, or Passport.
· Age proof: Birth certificate, school certificate, or driving license.
· Medical history: Required if opting for comprehensive plans with no waiting period.
Choosing a plan with simplified documentation and eligibility criteria ensures a smooth onboarding process. Additionally, submitting accurate and complete documents minimises the chances of claim rejections, ensuring timely financial support when you need it the most.
Final thoughts
Investing in maternity medical insurance is not just about managing expenses but also about securing a smooth and stress-free journey to parenthood. By choosing the right policy early, you not only safeguard your finances but also focus on the more joyous aspects of pregnancy.
Explore Generali Central as it has maternity health insurance plans that come with extensive coverage and minimal waiting periods. Make the smart move now and secure a hassle-free pregnancy journey!
FAQs
Q1: Can I get maternity insurance if I am already pregnant?
A: No, most insurers do not cover pre-existing pregnancies. It is advisable to buy a policy well in advance to bypass the waiting period. Some insurers may, however, offer plans with shorter waiting periods for higher premiums.
Q2: Is maternity insurance available as a standalone plan?
A: Maternity insurance is usually offered as an add-on or as part of health insurance plans for family rather than as a standalone policy. Opting for a family floater plan with maternity benefits can also provide coverage for other members, making it a cost-effective option.
Q3: What is the waiting period for maternity insurance?
A: The waiting period typically ranges from 2 to 4 years. Choosing a plan early can help overcome this limitation. Some insurers offer plans with shorter waiting periods at higher premiums, providing flexibility based on your financial situation.
Q4: Are prenatal check-ups covered under maternity insurance?
A: Yes, most plans cover prenatal visits, ultrasound scans, and necessary medications as part of their pre-hospitalisation benefits. Additionally, some insurers also cover prenatal screening tests for potential complications, ensuring comprehensive care during pregnancy.
Q5: How much coverage should I opt for maternity insurance?
A: Given rising healthcare costs, a coverage of ₹3 to ₹5 lakhs is advisable to manage both delivery and postnatal expenses comfortably. Assessing your hospital preferences and potential medical needs can help you choose an appropriate sum insured.
