We usually do not consider buying a maternity insurance plan. A lot of people feel that pregnancy is nothing to be insured against. However, if you see it from a financial point of view, you would understand how expensive it is to have a child.
Whether it is the expense of visiting the doctor, paying for medication, or having to buy items related to childcare, it all ends up costing a fortune. Besides, a lot of employers these days do not provide maternity insurance for an extended period. It is the reasons, why you should opt for health insurance with maternity coverage.
In case, you have already made up your mind about buying maternity insurance; then there are a few factors that you must keep in mind while making your decision. These points will allow you to take full advantage of your maternity insurance.
- Existing plan compatibility
Maternity insurance is not provided as an individual policy. Hence, the first thing that you need to ensure choosing a health insurance plan which has maternity coverage. This coverage is also provided in group health insurance policies which are offered by employers.
However, you should always remember to double check with your company to be sure. On the other hand, health insurance providers usually do not have maternity coverage. Hence, you have to search for a specific maternity health insurance policy instead.
- Covered conditions
Like every other policy, maternity insurance has different sets of coverage as well. You can either buy a system which covers bare minimum expenses or opt for something that will allow you to benefit in the longer run. For example, specific maternity insurance plans would only cover costs incurred while visiting the gynaecologist.
It is why it’s essential for you to understand what exactly is covered in your maternity insurance. By doing so, you will be able to take advantage of a maternity insurance policy even after you have the child.
- Sub-limits for coverage
Since maternity insurances are not available as a separate policy, their sub-limits or payouts are based on the guidelines of the insurance company. In other words, it means that even if your health insurance policy covers you for up to Rs.5 lakh, there is a chance that your maternity insurance payout might be only Rs.50,000.
For this reason, it is critical to find out about the sub-limit of coverage before you decide to buy maternity insurance. It will allow you to understand the kind of payout claims that you can make under the policy.
- Claim waiting period
Waiting months on end to receive the insurance claim amount is a hassle for a lot of people. As a result, it is recommended to go for maternity insurance policies that have a low waiting period. Also, in the case of group health insurance provided by employers, the waiting period is none.
However, when you buy the same policy from an outside agency, there are chances of this period being significantly large. To make the entire process simple, you should always question your insurance agency about the claim waiting period.
- Premium amount
Even if maternity insurance companies give you attractive features, you need to understand that the premium would go out of your pocket. Thus, ask your insurance provider about the exact premium amount that you would have to pay. You can also question them about hidden charges if any.
The Bottom Line
Whether you’re in the midst of starting your family or are planning to do it shortly, health insurance with maternity cover is a must. It will allow you to enjoy financial aid all the while going through one of the wonderful experiences of your life.