Parenthood is one of the most awaited phases in a couple’s life. The transition from being a family of two adults to welcoming a third member into your life can be exciting and nerve-wracking at the same time. You would do many things to prepare for your baby’s arrival. One such thing should be investing in maternity health insurance when you have time. Similar to standard health insurance, it offers financial support during one of the most important times of your life. It covers medical expenses incurred during pregnancy and childbirth so that you can cherish the moments stress-free.
What is maternity health insurance, and what does it cover?
Becoming a parent is an exciting time, but it can also be expensive. Nine months of pregnancy involves many doctor visits, screenings and tests, scans, and whatnot. Also, you must plan for your baby’s birth in advance so that you are not stressed during labor and delivery. Once your baby arrives, you still have multiple hospital visits for check-ups, vaccination, and postpartum assistance for some days. The cumulative medical services and assistance cost during this period can be very high. This is when maternity health insurance will take the financial burden off your shoulders.
Maternity health insurance typically covers various services, including prenatal and postpartum care, hospitalization, delivery, and sometimes even newborn care. Some policies offer more exhaustive coverage, including doctor visits, lab tests, ultrasound scans, and other pregnancy-related diagnostic procedures.
In short, most of your prenatal, delivery, and postpartum care is managed by maternity health insurance. The insurance policy also protects your finances in the face of unexpected medical expenses related to your pregnancy and childbirth. The insurance policy also covers your finances regarding unanticipated medical costs related to your pregnancy and childbirth. You must review the coverage offered by your insurer at the time of policy purchase. Note that the range may vary from insurer to insurer and plan to plan.
Who should buy maternity health insurance?
Consider investing in a maternity health insurance policy if you are newly married or are about to get married soon. Purchasing a policy when you start planning a family could prove late, as most maternity health insurance policies have a waiting period of 9 to 12 months. This waiting period depends on the insurer and the policy you choose. You can make a pregnancy-related claim only after completing the waiting period.
If you are already pregnant, you may still be able to purchase maternity health insurance. However, you may have to pay a high premium for limited coverage options.
Benefits of maternity health insurance
If you plan to have children, investing in maternity health insurance when you have time is best. You can easily sail through the waiting period in the initial years of your marriage, and by the time you are ready to start a family, you will be eligible for insurance benefits. Some benefits of maternity health insurance are:
- Financial protection: Maternity health insurance can help protect your finances by covering medical expenses related to pregnancy and childbirth.
- Access to quality healthcare: It gives you access to quality medical care and services, helping you ensure the best outcome for you and your baby.
- Peace of mind: Knowing that you and your baby are protected in case of unexpected medical expenses can provide peace of mind during a stressful time. The insurance will let you focus on what matters the most—the mother and the baby.
- Instant funds: Choose to deliver your baby in a network hospital; you will not have to worry about raising funds at delivery. Your insurance company will settle your accounts directly with the hospital per policy terms and conditions. By opting for cashless claim settlement, you can forget about paying hospital bills out of your pocket.
How to choose the right maternity health insurance policy
Choosing the right maternity health insurance policy can be a daunting task. You must carefully consider your options before paying for a plan. Look for exhaustive coverage from a credible insurer at a competitive price. You must remember some things when choosing a maternity health insurance policy.
- Coverage: Ensure the policy covers all the services you need, including prenatal care, delivery, and postpartum care.
- Premiums: Consider the monthly premium and additional costs such as deductibles and co-payment options.
- Waiting period: Check the waiting period before coverage begins. Also, review the policy’s inclusions and exclusions to know what you are signing up for.
- Insurance provider’s reputation: Always choose a reputed insurer with a high claim settlement ratio (CSR). The CSR indicates an insurance company’s credibility and the chances of settling your claim without hassles.
Conclusion
Maternity health insurance can make the most memorable time of your life even more special and stress-free. Start early so you have enough time to research, compare maternity policies, and buy the one that meets your needs and fits your budget. Getting the maternity policy in time will allow you to complete the waiting period without worry and enjoy the benefits when the right time comes.