Maternity expenses can be high, with the costs covering everything from prenatal visits to the hospital delivery charges and post-natal care but choosing the right maternity cover can help overcome these issues, explains Bhaskar Nerurkar
Choosing the right maternity cover can be a significant decision, especially if you are planning to start a family. It is a phase of life where you should be free from other stresses, especially financial one to concentrate and enjoy a very important stage of life.
With a maternity insurance plan, you can have peace of mind knowing that a large part of these expenses will be covered, allowing you to focus on the well-being of both mother and baby.
Here's a guide to help you choose the right maternity cover.
1. Understand the Coverage Offered
Maternity insurance policies typically cover expenses such as prenatal care, delivery (normal or C-section), and postnatal care. Additionally, they may include coverage for complications during pregnancy, newborn care, and vaccination.
Before selecting a plan, review the inclusions to ensure it meets your needs. For instance, some policies extend benefits like ambulance charges and pre- and post-hospitalisation costs, which can be a great value addition.
2. Check Waiting Periods
Most maternity insurance plans come with a waiting period ranging from 9 months to 48 months (4 years). This means you cannot claim maternity benefits immediately after purchasing the policy.
If you are planning for a family soon, choose a plan with a shorter waiting period and plan for your family planning accordingly.
Please note: Pre-existing pregnancies are not covered under any maternity cover policies.
3. Evaluate the Sum Insured
The cost of maternity care can vary significantly based on your location, choice of hospital, and type of delivery. Ensure the sum insured is adequate to cover these expenses.
For example, in metro cities, delivery costs can be higher than in smaller towns. An insufficient sum insured could result in out-of-pocket expenses. Also check for conditions specific sublimit, if applicable for the policy.
4. Understand Room Rent Limits
Many policies come with a cap on room rent coverage during hospitalisation. If you prefer private rooms or premium facilities, ensure the policy aligns with these requirements.
Exceeding the room rent limit could lead to proportional deductions in the claim, impacting your overall coverage.
5. Look for Add-On Benefits
Some insurance plans provide additional benefits like coverage for fertility treatments, prenatal, or lifestyle counseling during pregnancy. While these might not be essential for everyone, they can be a deciding factor for couples looking for comprehensive care.
6. Compare Premiums and Affordability
Maternity cover often comes at a higher premium due to the likelihood of claims. While it's tempting to opt for a cheaper policy, ensure it doesn't compromise on essential benefits.
Use online comparison tools or ask your insurance advisor to evaluate different policies and choose one that offers the best balance between coverages and costs
7. Check Network Hospitals
Maternity policies often provide cashless facilities in network hospitals. Check if your preferred hospitals and doctors are included in the insurer's network. A wide network of hospitals ensures you can access quality care without worrying about upfront payments.
8. Review Newborn Coverage
Some policies extend coverage to the newborn for a limited period, covering conditions like congenital anomalies or critical illnesses. Verify if the policy includes such provisions and whether vaccinations for the baby are covered. This can help ease your financial burden during the early stages of parenthood.
9. Assess Exclusions
Like any other insurance policy, maternity covers have exclusions. These may include pre-existing conditions, expenses for diagnostic tests, or treatments for lifestyle diseases during pregnancy.
Understanding these exclusions will help avoid unpleasant surprises during the claim process.
Conclusion
Choosing the right maternity cover requires careful assessment of your current and future needs. Start early, research thoroughly, and consult with an insurance advisor if required.
A well-chosen maternity insurance plan secures your financial health and ensures peace of mind, allowing you to focus on the joyous journey of welcoming your little one.
Take the first step today -- compare policies, read the fine print, and invest in a plan that best suits your growing family's needs.
After all, the right preparation today can pave the way for a healthier tomorrow!
Bhaskar Nerurkar is Head, Health Administration Team, Bajaj Allianz General Insurance
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