Childbirth is a beautiful experience, and it is a joy for parents to welcome new life into this world. However, the process comes with its set of financial hurdles in the form of hospitalizations, birth complications, among other things. A maternity insurance is the best way to ensure that expectant mothers and their new-born children get the care they deserve.
Before you choose the maternity insurance policy you want to take, there are a few things you need to keep in mind. If you are thinking about getting a maternity insurance policy, then this article is for you. We will look at why you need an insurance policy, some tips you should know about, and what maternity insurance covers.
What is Maternity Insurance?
Maternity insurance helps to ensure that the expecting mothers and their families enjoy the smooth journey of motherhood. It is advisable to get a pregnancy scan first to check your pregnancy. The progressive rise of medical expenses and soaring hospitalization costs could cause financial hardship for expecting couples if they have not taken out a policy.
As a parent, you want a maternity health plan that would help you cover the costs of childbirth and pregnancy. With rising medical inflation and skyrocketing hospitalization charges, you know you are faced with lots of financial hurdles in your journey as a parent.
Why Is Maternity Insurance Important and When Should You Buy One?
Women must have access to good healthcare facilities before and during delivery. However, rising healthcare inflation presents a challenge. That’s why health insurance with maternity coverage is essential.
There is often a waiting period for health insurance with maternity cover, so ideally you should opt for it a few years before you wish to start your family. The maternity insurance policy by Care Insurance has a waiting period ranging from 9 months to 24 months, depending on the type of policy you choose.
Things to Keep in Mind Before Buying A Maternity Insurance
Before you decide which maternity insurance you want to take, there are a few things you should keep in mind. Let’s take a look.
- Select a maternity insurance plan that protects you not only against hospitalization costs but also against other important medical expenses.
- Check out the cashless network hospitals so you’ll be able to access them easily in case of an emergency.
- There are a few benefits you need to look for in maternity plans, including coverage for new-born babies, day-care procedures, and new-age treatments.
- Get information about how to file a maternity insurance claim, so that you will not face any delays or hassles.
- Look out for ways to save money. For instance, you may be able to save money by buying a multi-year policy.
- It is important to understand the policy inclusions, sub-limits, and waiting period in the policy documents.
What Does Maternity Insurance Cover?
Health-related complications during delivery are a cause of concern in expectant mothers. So, it is important to know the extents of the maternity insurance coverage to avoid any disappointments in a time of need.
Maternity insurance covers expenses both before and after birth. Some policies also provide insurance for new-born babies until 90 days after birth. Furthermore, you can also get a tax benefit on the premiums paid for the maternity insurance. They help you reduce your tax liability and plan for medical expenses- so it’s a win-win!
Some maternity insurance policies also give you easy settlement options by providing cashless service. All you have to do is present your card at partner hospitals and your expenses are taken care of. Even if you opt for a non-partner hospital, you can provide the right documents and get your claim processed.
Plan Your Family’s Future
Hospitalizations and medical expenses during childbirth can be a major hurdle for parents. To ensure a healthy pregnancy, you should make sure that the financial aspect is taken care of so that you can take care of your family.
Maternity insurance helps you prepare for medical expenses, take care of hospital bills, and prepare for complications. You should get a head start and look at policies that suit your needs.