By Amit Chhabra
The birth of a child is considered the happiest news for expectant parents as this new chapter begins with more excitement, joy and responsibility in their lives. However, due to the rate of medical inflation, which increases by 18 to 20% per year, preparing for this phase can be difficult for families. The average cost of normal deliveries ranges from Rs. 30,000 to Rs. 80,000 and between Rs. 70,000 and Rs. 2 lacs for Cesarean (Caesarean) deliveries, depending on the hospital and the city. Although many are covered by their company insurance plan, the amount is often insufficient to fully protect them.
So, if you are planning or planning to start a family soon and want to ensure that the milestone is a delight rather than an anxiety-provoking experience, then now is the best time to opt for maternity benefits in insurance. sickness. Therefore, we have details on maternity coverage and some recommended plans to make this trip an enjoyable experience.
● Importance of Maternity Cover
The maternity benefits of your health insurance coverage are designed primarily for future couples to protect them from expenses incurred during childbirth or post-pregnancy procedures. This can be purchased as an additional endorsement with an existing policy and is also offered as part of the OPD costs. It is also provided as part of the company’s group policy which includes maternity insurance. However, in the case of the latter, there is usually a defined upper limit, called a sub-limit. Any expense in excess of this must be borne by the insured. Overall, the blanket is designed for a maximum of two children.
● Need maternity health insurance coverage now
It is essential to opt for maternity cover, especially if you are a couple who wish to start a family in a few years or plan to have a second child. With this rider, your financial planning for your newborn remains intact and you do not experience unnecessary stress during the crucial phase of pregnancy. However, you can only guarantee the benefits of the rider after the minimum waiting period, depending on the insurance purchased. It is therefore best to include it in your policy as soon as possible, otherwise it may increase the overall medical costs involving room rent, medication, etc. Available at low cost if purchased early, this supplement proves to be beneficial, especially if a cesarean delivery is required or complications arise that result in a prolonged hospital stay after delivery.
One plan to consider is the Maternity Care ‘Joy Today’ health insurance plan, which has a waiting period of just nine months and offers coverage of up to Rs. 50,000. This is eligible for women aged from 18 to 45 years old and covers newborn expenses up to 90 days. It has an annual sum assured of Rs. 3–5 lacs. This policy remains valid for three years after purchase. If you are unsure about your family planning, the company also has a Care ‘Joy Tomorrow’ maternity health insurance plan with a 24-month waiting period. This supplement is exempt from a waiting period clause for a permanent worker who has an employee health insurance policy, and he can make a claim immediately. Nevertheless, the most critical factor is to opt for it before conceiving, otherwise insurance companies may deny it or treat it as a pre-existing pregnancy.
● Why opt for maternity health insurance?
The maternity insurance supplement provides essential coverage given the increase in medical expenses. This comprehensive supplementary coverage protects against pre and post-hospitalization costs, ambulance costs and costs incurred on the baby from delivery to 90 days. It also pays a lump sum benefit if the newborn is diagnosed with conditions like cerebral palsy. In addition, it protects against medically terminated pregnancies in unfortunate and legally permitted circumstances. As most insurance companies have a wide range of networks, the option of cashless claims settlement becomes even more possible. Alternatively, if admitted to an out-of-network hospital, a document must be submitted, followed by the reimbursement process, to settle the claim. Under Section 80D of the Income Tax Act 1961, this addition saves tax of Rs. 25,000 in one fiscal year.
In addition to these benefits, in recent years a few plans for women aged 18 to 45 have been developed by insurers that have a shorter elimination period. For example, Star Women Care Insurance Policy’s Woman Care Plan with an impressive waiting period of 12 months covers up to Rs. 50,000 for up to two deliveries. The sum insured is Rs. 15 lacs and above, the premium being a nominal Rs. 15,033 and the newborn is covered from day one, including vaccination costs.
In conclusion, the mother should ideally be at the zenith of her well-being to deliver a healthy and happy baby. Thus, this coverage acts as a shield by covering a crucial aspect of parenthood, namely financial and medical assistance before and after childbirth and helps to live a worry-free pregnancy. So, select a policy by comparing its features, inclusions and exclusions online. Accordingly, prioritize the waiting period and read the terms and conditions to get the maximum benefits. Enjoy your parenthood journey by opting for this coverage.
By Amit Chhabra, Manager – Health & Travel Insurance, Policybazaar.com
(DISCLAIMER: The views expressed are solely those of the author and ETHealthworld does not necessarily endorse them. ETHealthworld.com shall not be liable for any damage caused to any person/organization directly or indirectly)