Maternity insurance is one of the categories of health insurance policy that provides covers all pregnancy-related expenses, including normal and C-section delivery costs. Some insurance companies deliver pregnancy cover that entails pre and post-natal expenses and newborn baby expenses. Additionally, some corporates provide maternity insurance benefits besides the basic health insurance policy or as a rider to their women employees.
All maternity insurance plans in India come to incorporate a waiting period, varying from a minimum of 9 months to a maximum of 6 years. During this period, the insured women cannot file any claim concerning pregnancy-related expenses. Consequently, it is suggested to opt for maternity insurance coverage at least a few years before they plan to start a family. Furthermore, the maternity insurance waiting period differs from one plan to another and therefore, they must review it before investing in a maternity cover.
Cashless Claim - The delivery must take place in a network hospital to get a cashless claim. You must inform the insurer about the claim at the time of admission to a network hospital. After the claim’s approval, the policyholder only needs to pay an insignificant amount under deductibles.
Reimbursement Claim - A reimbursement claim demands the policyholder to manage the entire bill amount and then contact the insurer for reimbursement of expenses. In this, the policyholder is not confined to acquiring treatment in one of the network hospitals.
Tax Benefits Associated with Maternity Cover - As maternity insurance coverage is an add-on obtainable with the health insurance plan so it is already eligible to relish tax benefits. Policyholders will not enjoy separate tax exemptions for purchasing maternity health insurance policies.
Having a well-designed maternity health insurance policy allows you to take care of the expenses sustained during pre and post-hospitalization and delivery along with miscellaneous charges such as hospital room rent, doctor’s consultation fees, etc.
A maternity insurance plan is not just restricted to covering the mother but also provides for the treatment expenses of the newborn if he or she is diagnosed with a congenital health condition.
Maternity insurance plans from prominent insurance companies include cashless payment of treatment if you get admitted to one of the network hospitals. This frees you from draining your savings during pregnancy and childbirth.
If you do not file any claims in a given policy year, you are entitled to receive discounts on the premium for the following year. This will help you save some money that otherwise you had to spend in making premium payments.
The cost of delivery and childbirth is quite high in a few regions of India. It can take a toll on your savings account hence it makes a sensible choice to invest in a maternity insurance policy as soon as you begin to grow your family.
The cost of a cesarean is quite higher when compared to the cost of a normal delivery. These expenses can be managed without getting worried much under the insurance policy with maternity coverage.
Under Section 80D of the Income Tax Act, of 1961, maternity insurance plans strive to proffer comprehensive tax-saving benefits. These tax exemptions apply to the premium paid on the policy, thus making you save money.
After reducing financial liability to a significant extent with maternity cover, parents-to-be can solely pay attention to enjoying this significant milestone in their lives. They don’t have stress upon expenses.
Peace of mind is crucial for soon-to-be parents. They are going to welcome life into their lives so they need to be stress-free. A well-designed Maternity Insurance Plan helps them to enjoy their journey of parenthood.
Most insurers provide limited maternity coverage, differing from Rs 15,000 to Rs 50,000, with a few proposing coverages as high as Rs. 1 lakh. Consequently, you must select the coverage that best suits your requirements.
Normally, maternity insurance plans come with long waiting periods. As a result, it would turn into an ideal choice if you choose to buy a maternity insurance plan from an insurer that offers a minimum waiting period.
You must opt for a maternity policy that comes with comprehensive coverage against both pre- and post-hospitalization expenses, such as in-patient hospitalization expenses and vaccination coverage.