Maternity cover is increasingly gaining popularity amongst the young parents-to-be. As like they who are prepared to face situations like unexpected urgencies due to pregnancy and high costs it is appropriate for them. This cover includes hospitalization expenses of the expectant mother for both normal and caesarean delivery. However, they come with an added premium charge. The kinds of health insurances are:
Overview of maternity health insurance
It is offered as an add-on or additional rider along with the main health insurance policy. Many employers also offer maternity rider as part of their corporate group policy to their female employees.
Maternity health insurance coverage
IRDA has issued standard definitions for all maternity related expenses and they should be followed by every insurer for uniform coverage. The rider covers all major expenses. They also include delivery costs, medical tests costs and medicines and protection cover for new born. It is also very important to understand the essential features and benefits of this health insurance policy before making any decision.
High premium costs
That plans without a maternity cover charges high premium cost. It is based on covering an anticipated risk. As the pregnancy is planned and not a risk, so it relates to an almost certain event that the companies are likely to pay out for.
Most of the policies with maternity cover add-on have a waiting period from 36 months to 72 months. While some have reduced the waiting period to less than 1 year. It is always need to seek a maternity health insurance policy well in advance.
Policy inclusions and exclusions
The insurance covers offer all pre and post hospitalization costs for the policy holder. The coverage is for a time period of 30 days prior to delivery and 60 days post delivery.
Hospitalization costs: This cost for the cover includes expenses for room rent, doctors’ fee, consultation charges along with practitioner fees etc.
For any complications that arise during delivery this cover offers protective for expenses and other problems.
New Born baby cover: The coverage is offered from the day of the birth to next 90 days and it offers that the new born child be diagnosed with a congenital disorder or some critical illness.
They do not offer coverage for termination of pregnancy (less than 12 weeks). But it doesn’t cover the expenses for ectopic pregnancy, in-vitro fertilization and infertility treatments.
Essential tips for buying an effective maternity health insurance policy:
All the maternity health insurance policies have a maximum limit to be paid, ranging from Rs 50000 to Rs 1 lakh. Any over expenses are to be borne by the policyholder and her family.
Maximum age of insured for claiming maternity benefit cover is capped at 45 years.
Maternity benefits are available only for a limited number of deliveries.
It should be remembered to compare the extra cost of premiums and the waiting period before evaluating the cost effectiveness of maternity health insurance plans.