According to a recent survey, a C-section delivery for a single child costs around Rs.75,000, and it can further shoot up depending on the complexity associated with it. To finance such expenses, rather than exhausting one’s own savings, it is advisable to invest in a maternity insurance plan or include a maternity cover in a health insurance policy.
Although it comes with benefits starting from financial coverage for pre and post-hospitalization costs to coverage against congenital conditions, individuals must keep some points in mind before availing them.
Pointers to consider while choosing a maternity cover
Following are some necessary aspects you need to take into consideration when you are availing of maternity insurance:
1. Coverage available
When you are opting for such a cover, it is essential for you to check all the facilities you will be getting from it. Some of the insurers cover additional benefits, such as coverage for expenses related to vaccination of the newborn baby, pre and post-natal expenses, etc. Check the sum insured and if it will be adequate to meet all the necessary expenses incurred during childbirth and decide accordingly.
2. Exclusions
One of the common mistakes individuals end up making while opting for a maternity insurance plan is not checking the things they will not be covered for. Generally, the exclusions available in the case of a health insurance policy with a maternity cover are infertility treatment, ectopic pregnancy treatment, pregnancy issues arising due to pre-existing illnesses, etc. Such exclusions are usually mentioned under the terms or clauses of such riders.
It is advisable to go through the complete list and check whether you will need any of these. Accordingly, you can compare multiple insurers and go for the one that covers all your requirements.
3. Waiting period
A waiting period can be referred to as the time duration within which policyholders will not be able to claim any of the benefits of an insurance policy. It is extremely important to check this particular aspect as one can only be able to avail of all the benefits once that period ends.
Note that the waiting period varies from one insurer to another. While making a comparison, make sure to keep this pointer in mind so that you do not have to wait for years to get the financial coverage.
4. Sublimit
In some cases, health insurance plans with a maternity cover possess this sublimit feature. These are nothing but caps that the insurance providers place in these insurance plans in the form of a pre-set limit on a claim amount. Sublimit can also be a mere percentage of the specified amount the insurer has mentioned as the sum insured.
Generally, sublimit is applicable to some of the predetermined medical plans, ambulance, hospital room rent, etc. Note that in case such a sublimit is available on your chosen maternity insurance policy, despite having high coverage, you can only get 15-20% of the claim amount.
Apart from these, individuals must also check the policy premium amount, claim settlement ratio, etc. Given the current situation, they must also check if the policy covers the coronavirus infection before availing of such policies.
So, anyone who is planning to have a child in a few years must not delay in buying maternity insurance. Now, with the online procedure, one can easily buy a maternity insurance policy in just a few clicks! One must make sure to connect with their insurance provider to get clarity on the four things mentioned above so that it does not lead to conflicts afterward.
