Pregnancy is happy news for the family but the imminent medical expenses that are brought by pregnancy needs to be planned properly. Various expenses occur during the entire course of pregnancy. These include maternity health care, hospital expenses, childbirth, pre, and postnatal care. Therefore it is necessary for couples to plan for maternity insurance to cover unexpected expenses.
What is a maternity health insurance plan?
Maternity plan is an additional rider or add-on plan to the existing health insurance policy of the family. Different insurers provide different features. Employers also offer maternity insurance to their employees. A proper evaluation of maternity insurance is required to understand the inclusion and exclusions of provisions.
The inclusions in the maternity benefit are
(Note – These benefits might vary based on the coverage included in the medical insurance plan)
- Hospitalization for the issues related to maternity during pre and post pregnancy stages – This covers the cost of hospitalization from 30 days before delivery to 60 days after delivery. There is a cap for the coverage.
- Costs related to delivery procedures – This covers both normal delivery and cesarean delivery. Post delivery complications are also covered in this.
- Neonatal coverage – This covers the day from childbirth to 90 days. It also covers any congenital illness
Exclusions from the maternity plan are
The following expenses are not covered under the maternity plan.
- A doctor does a routine checkup during diagnostic tests and pregnancy
- Medicinal expenses such as tablets tonics mentioned specifically in the plan
- If the pregnancy gets terminated within 12 weeks of conceiving
- Pregnancy due to in vitro fertilization
- If the age of the insured is above 45 years of age
- Additional expenses more than that of the covered expenses
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Pros and cons of maternity plan
The average age of workers who are getting pregnant has increased from 26 to 33. Such late-stage pregnancy has a high risk of complications.
With awareness of the maternity plan, working women are making use of this to secure expenses. Maternity insurance is an additional rider included with the general health insurance. One can also get a health insurance policy online. This benefit plan comes as a big support to working women and reduces the burden on their families.
If there is an employer plan, then maternity insurance benefits are usually covered in that plan. After the claims from the company, extra expenses can be covered with an individual insurance plan.
The disadvantage of the maternity plan is that it increases the premium of the insurance. The premium will be increased by Rs. 4000 in case the insurance is of 3 Lakh.
It is a good thing to understand your financial position and then select the maternity insurance plan. You need to be aware of the features and clauses present in the plan. You need to plan ahead and build a corpus towards the maternity expenses since this will ease up the situation for you. Since general health insurance may not cover it, having additional cover will ensure safety. As a couple, if you can plan early, you can have the benefit of a lower premium. By the time you have your baby; you will have the right amount for security.