The birth of a baby is an extremely special moment for the entire family, especially for the parents; however, along with the child comes a list of added expenses as well. Not just this, there are a lot of additional costs related to pregnancy and labor, which most couples often ignore or realize late and then end up paying for it, literally! Health insurance has its benefits and greatly helps to manage the burden of any medical expenses, including maternity expenses. Now you will find many insurers, like Care health insurance company, that are offering maternity covers.
Planning for a child does not start when the baby is about to be born but is something that must be considered years in advance. It is typically done with the buying of maternity insurance plans years in advance as they do not come into play until after two to six years of investing in the plan. These insurance plans for maternity are individual health insurance covering the mother and the baby at times, depending upon the plan for which one has opted.
An insurance plan does not often come without paying a premium ,and there are things that one must know before deciding whether it is worth buying or not.
1. Expenses Covered
It is important to know the expenses that are covered under a maternity insurance plan. Some of the costs that a good plan should definitely cover are:
Hospitalization Expenses
This includes both pre and post-hospitalization expenses. This, in short, means any expense thirty days prior to delivery and sixty days post the delivery of the baby. This cost typically includes the cost of surgeon, nurse, hospital room, consultation charges, ambulance cost and the fees of a medical practitioner.
Prenatal and Postnatal Expenses
This includes expenditure related to normal delivery as well as a caesarian delivery. It also covers medical care expenses after the delivery of the child.
Cover for the Newborn Baby
The facilities of the maternity insurance is extended to the child, usually for a period of up to ninety days. The coverage is provided for various medical expenses, including vaccinations..
2. Waiting Period of the Plan
What the waiting period of the plan is and the various sub-limits is something that should be researched upon and taken up as per the future plans and requirements.
Waiting period
The waiting time from the time the maternity insurance is bought till the benefits can actually be availed usually range from around two to six years, depending on the insurer. Also, depending upon what the parents have planned as to when they want to have the child, a plan should be selected.
Sub-Limit
This is usually the cap that is put by the insurance companies on various expenses or the percentage of expenses that will be covered by the insurer. A plan where the amount that insured has to bear is a minimum or sub-limit does not exist at all should be chosen.
- The amount of premium that has to be paid is usually dependent on the number of benefits that a family is looking at availing. The higher the benefits, the higher will be the premium amount. The various benefits on offer should be carefully considered, and only those that are a necessary plan should be taken so as not to increase the amount of premium. It is important to keep in mind that the amount should be such that it can be sustained over a long time.
- There will be a lot of areas that will be excluded in the plan, such as medical expenses related to IVF treatment or some surgeries with a cap on the number of policy benefits that can be availed..
All in all, an insurance plan that covers maternity is a necessity in case you are planning to have a child.
