If you are planning to start a family, then a proficient maternity insurance plan is what you must have. Ranging from frequent pregnancy check-ups to newborn baby care, maternity insurance offers wide coverage. If you consider purchasing health insurance in India, you can choose from the top providers like Bajaj Allianz, Aditya Birla, Acko health insurance and many more. Below mentioned are all the details about making a wise choice regarding maternity insurance plans. Keep reading to know more about it!
What is maternity insurance all about?
Maternity insurance is a type of insurance that provides up to a certain amount of coverage for birth-related expenses. With an additional premium, you can purchase it as a stand-alone policy or as an add-on cover for your main health plan. Insurance for health care services includes maternity insurance plan coverage.
Why is pregnancy insurance so important?
Delivery costs in a good hospital may range from Rs. 50,000 to 1.5 lakh or even more, depending on the complications involved in the childbirth process, such as from a normal delivery to caesarean delivery. This is due to the rapidly rising cost of medical care and the growing complexity of childbirth. In these situations, health insurance in India for newborns proves to be a huge relief.
In such times, a maternity insurance plan can ease the financial burden by covering the often-costly associated medical expenses. Each benefit under the maternity plan has its own limit, subject to the basic sum assured. The pregnancy insurance policy and health insurance policy are two different types of policies with some major differences between them. The pregnancy insurance policy is for a pregnant woman, whereas health insurance can be for anyone.
What all is covered under a maternity insurance plan?
- Pre-hospitalization expenses for 30 days and post-hospitalization expenses for 60 days
- Normal and C- section delivery expenses.
- Hospitalization expenses related to nursing, room rent, OT charge, anaesthetist fees, and doctor’s fees.
- Expenses incurred as a result of a newborn child’s medical treatment.
- Day care treatment.
- Vaccination expense insurance for newborns.
- Expenses for an ambulance to transport the insured.
- In-network hospitals help in providing cashless treatment.
Please keep in mind that coverage is limited to the plan type and may not extend beyond that. It also differs from one insurer to the other health insurance in India.
What is not covered under a maternity insurance plan?
- Pre-existing diseases affecting pregnancy.
- Congenital Diseases.
- Treatment expenses related to infertility.
- Medicine costs are not covered by the treatment.
- Frequent doctor’s checkup costs, consultation fees, and so on.
How is the premium for a maternity insurance plan calculated?
Premiums for maternity insurance plans and pregnancy insurance plans are higher than for other healthcare plans (which do not include maternity benefits). This is due to the surety of the event about which insurance is purchased in maternity insurance plans. As a result, from the insurer’s viewpoint, a claim is unavoidable.
As a result, most insurers choose to keep the premiums for such plans high. Before purchasing such a plan, it is prudent to conduct a cost-benefit analysis. Maternity benefits are covered by group health insurance plans. Before purchasing a standalone policy, you should double-check the coverage offered by your provider’s health plan.
How to get the best maternity insurance policy?
- It is prudent to review the policy’s clauses such as Sub Limits, Co-payments, waiting periods, Room Rent Tariffs, Tenure, Renewability, and so on.
- Before making a final decision, read through the fine print.
- Clear up any queries you have about the plan.
- Compare online for the maternity plan features, benefits, coverage details, pre & post-natal expenses, etc. and find the suitable plan as per your requirement, budget and preferences.
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