When you’re about to embark on the magical journey of motherhood, the last thing you should be worried about is the financial cost it could bring along. Maternity insurance plans, commonly called maternity cover, have become a godsend for families welcoming new additions in India. These plans cover expenses incurred during pregnancy, including pre and postnatal care, childbirth, and sometimes even newborn baby care.
However, just as you would for any other important purchase, there are certain factors that you should consider while choosing a maternity plan in India. This article breaks down six important aspects that you should not ignore.
1. Waiting Period:
One of the key aspects to consider while buying a maternity insurance plan is the waiting period. In most cases, insurance companies have a waiting period of 2 to 4 years before you can make a maternity claim. Therefore, if you’re planning to start a family, it would be prudent to purchase a maternity cover well in advance.
2. Coverage:
The coverage of the plan is another critical factor to consider. You need to thoroughly understand what the policy covers. Generally, maternity insurance should cover hospitalization expenses, pre and postnatal expenses, delivery expenses (both normal and caesarean), and ambulance charges. Some plans even cover newborn baby expenses for the first 30 days or more. Be clear about your needs and choose a plan that best suits them.
3. Exclusions:
While it’s important to know what is covered, it’s equally crucial to know what isn’t. Most policies have certain exclusions such as specific complications in pregnancy or births beyond the second child. You should fully understand these exclusions so that you’re not caught off guard later.
4. Premium:
The cost of the premium is another factor you can’t afford to ignore. While it’s tempting to opt for a plan with the lowest premium, it might not provide comprehensive coverage. Compare different policies, evaluate their cost against the coverage provided, and choose the plan that offers the best value for your money.
5. Network Hospitals:
Many insurance providers have tie-ups with specific hospitals, which fall under their network. If you avail services from these network hospitals, you can benefit from the cashless treatment facility. Therefore, it’s crucial to check whether the hospitals in your vicinity or your preferred hospitals are in the insurer’s network.
6. Claim Settlement Ratio:
Lastly, but importantly, you should also consider the insurer’s claim settlement ratio, which indicates the number of claims the insurer has settled compared to the number received. A higher claim settlement ratio signifies that the insurer is more likely to settle claims, making it a more reliable choice.
In conclusion, while maternity plans can significantly ease the financial burden associated with welcoming a new life into your family, it’s essential to consider these aspects before choosing one. Remember, the objective is not merely to find an affordable plan but to ensure comprehensive coverage that offers peace of mind during one of life’s most joyful, yet challenging periods.
Frequently Asked Questions (FAQs)
A maternity insurance plan, or maternity cover, is a specific type of health insurance policy that covers costs associated with pregnancy and childbirth. This can include pre and postnatal care, delivery expenses, and sometimes even newborn baby care.
Since most maternity insurance plans have a waiting period (generally 2 to 4 years), it is advisable to buy a plan well before you plan to start a family.
While coverage may vary between insurers, a maternity insurance plan typically covers hospitalization expenses, pre and postnatal expenses, delivery expenses (both normal and caesarean), and ambulance charges. Some plans may also cover newborn baby expenses for the first 30 days or more.
Common exclusions may include specific complications during pregnancy, costs associated with fertility treatments or elective cesarean sections, and costs related to births beyond the second child. Always read your policy document carefully to understand these exclusions.
The cost of maternity insurance plans in India can vary widely based on factors like the age and health of the mother, the level of coverage, the insurer, and the location. It’s advisable to compare different plans to understand their premiums and what they offer in terms of coverage.
Network hospitals are those that have tie-ups with the insurance provider. Availing services from these hospitals can allow you to benefit from a cashless treatment facility, meaning the insurer directly settles the bill with the hospital. This is why it is important to ensure your preferred or nearby hospitals are within the insurer’s network.
A claim settlement ratio is the number of claims the insurer has settled compared to the number it received. A higher ratio indicates the insurer is more likely to settle claims, making it a more reliable choice. This ratio can offer a glimpse into the company’s credibility and the likelihood of your claim being honored.