Should you Opt for Maternity Insurance Policies? Key Factors to Consider!

A maternity health insurance plan is one way of attaining financial stability when dealing with rising medical costs. This is all the more true in the case of an unplanned pregnancy. It makes it difficult for a lot of people to handle the treatment costs. You may have to shell out money from your hard-earned savings without health insurance. And the struggle only gets difficult if you do not understand the basic nitty-gritty of maternity health insurance.

When Should You Invest in Maternity Insurance?

When you are expecting a baby, it is one of the most joyful occasions in your life. Though every visit to the doctor adds to the overall excitement, there are a few issues that may be playing in your minds. For instance, you might worry about the delivery budget, post-natal care, and other things that might cost you a bomb beside the hospital expenses. This is where maternity insurance comes into place.

A majority of health insurance policies do not include maternity expenses. This despite the fact that the patient will need more than 24 hours of hospitalization and surgery at times. And those policies hardly offer comprehensive and practical maternity benefits. For both normal and Caesarean, you cannot avail of maternity benefits as soon as you purchase the policy; you have to wait for 2 to 4 years. It all depends on the insurer and plan. Further, they are anything but cheap and have sub-limits.

The Benefits

Currently, the insurance industry that helps you focus on catering to your maternity-dependent insurance requirements. This type of insurance policy can cover a whole range of ailments, pre-existing or otherwise, and it also offers benefits for the mother and the newborn.

These policies cover both the pre-natal and post-natal expenditures. It includes expenses related to nursing expenses, room expenses, and the doctor’s fee too, among other things. Some of these policies may continue to cover beyond the first few months.

What Does It Cover?

The cost of being pregnant is steep, to put it mildly, and it starts very early in the pregnancy period. The umpteen doctor visits, the pregnancy-related expenses, can set you back by a lot of money, add to that the many medical examinations can put a hole in your pocket. It is always advisable to check what the policy covers before you single out the best maternity insurance policy.
In many instances, some people may opt for a cashless health insurance policy, and it may reduce the amount you can claim as maternity costs. This amount varies from one company to the other. Also, the cost differs, as per the delivery the patient has to undergo, whether it is normal, cesarean, etc. So, before you opt for a policy, understand the sub-limits before you zero in on the right one.

The Waiting Period

The waiting period is what helps you select the right insurance policy for you. This is one commitment that you need to stick by. The waiting period is sometimes as little as just nine months to as extensive as six years. Insurance companies may reject your claim if you happen to get pregnant before this stipulated period. This is the single most important deciding factor to select a said maternity insurance policy.

All You Need To Know About The Premium

Maternity plans mostly have a steep premium rate linked to it. It is mainly because this is a specific condition, and the insurance companies will have to cough up some amount of money at some point in your lives. Therefore, high premiums are the convention. However, if you have a clear idea of exactly what you have in mind, it may be easier to find a company that can cater to your requirements at a lower premium rate. So, over time this will enable you to save a lot of money.

Thinking about it, doing a proper market study, and comparing the various policies from different companies will help you find the maternity insurance policy you have been looking for all along.

So, should you opt for a maternity insurance policy or not, while it is entirely up to your discretion, in most cases, it helps you prepare yourself for any unforeseen health issues. You may want to save your money right now, but what if something happens and you end up spending more than the amount you thought you would save! It makes sense, right?!