Maternity Health Insurance and its Important Terms
The ‘Good News’ about the arrival of a newborn baby is an exciting and joyful moment for the married couples. The celebration comes along with the responsibility of parenthood, that starts with the planning for care during the pregnancy period and successful delivery of the baby.
The ‘Good News’ about the arrival of a newborn baby is an exciting and joyful moment for the married couples. The celebration comes along with the responsibility of parenthood, that starts with the planning for care during the pregnancy period and successful delivery of the baby. The cost of delivery could go as high as Rs. 50000 in case of complications. Hence it is wise decision to avail the health insurance plan that covers the maternity expenses fully. Below are the key points to consider regarding maternity health insurance.
The Waiting Period
You cannot get the benefit of maternity health insurance if the insured is already pregnant. The most health insurance policy applies the waiting period of Nine months to two years before you can claim maternity expenses. It is advisable to avail the maternity health insurance as soon as you get married, so you can utilize it when you actually need it.
The usual coverage under maternity health insurance includes the hospitalization expenses if the stay in hospital is more than 24 hours. The approved expenses are room charges, doctors’ consultation fees, medicines supplied during delivery and other maternity-related expenses. Pre and post-natal expenses like ultra-sound, consultation fees, medicines, regular investigation charges are also payable. The expenses incurred up to 90 days from the date of birth of the baby are also part of approved expenses in maternity health insurance. This feature helps to cover the healthcare of the newborn baby. Most policies cover regular delivery as well as the delivery involving C-section surgery.
Almost every health insurance companies apply the limit for the sum payable as a percentage of the total sum assured. For example, if the sub-limit for the maternity-related expense is mentioned as 10% for Rs. 5 lacs health insurance, the maximum amount payable for maternity expense is Rs.50000. Some companies put a cap of fixed amount irrespective of the sum assured in the main policy. If you are young couple planning for the family in the coming years, you should examine the sub-limit for the maternity cover carefully in your health insurance.
There are several exclusions related to maternity health insurance policy. The maximum eligible age is 45 years, that should be sufficient for most applicants. The ectopic pregnancy is not covered entirely. The expenses incurred during the first 12 months of pregnancy are not covered if the pregnancy is terminated prematurely by the woman through her wish. If the insured is already pregnant at the time of availing the health insurance policy, the expenses related to maternity are not eligible for the benefit. Any congenital disease is also excluded from the maternity health benefits.
How to Avail Maternity Health Insurance?
If your employer gives you group health insurance policy, you can check whether maternity benefit is the part of policy coverage or not. Most employers nowadays prefer to include this benefit for women employees. You can also check your regular health insurance policy, or if you have still not availed health insurance policy, you can buy the same with add-on rider for maternity benefits. The companies like Bajaj Finserv also offer standalone maternity health insurance to cover you exclusively for the maternity expenses. You can explore more details on the website of Bajaj Finserv.