A pregnancy insurance plan or maternity plan falls under the health insurance category that covers the expenses related to childbirth and pregnancy, including pre- and post-natal care, delivery charges, and hospitalization expenses. The maternity plan aims to assist soon-to-be mothers and their loved ones throughout pregnancy, childbirth, and postpartum.
Let’s delve into the details of pregnancy insurance plans and see which are the best maternity plans available in the market.
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Why it’s important to have a pregnancy insurance plan?
A maternity plan covers the expenses associated with childbirth and gives coverage to the newborn baby for a specific period.
Here are a few other reasons why maternity plans are essential in India.
· Covers expenses related to childbirth: Pregnancy and childbirth come with high medical expenses, which include prenatal care, delivery costs, hospital stays, and post-natal care. As a pregnancy insurance plan covers these expenses, you can meet them without disturbing your investments. In brief, maternity plans ease the financial burden amidst rising medical costs.
· Gives the confidence to face unexpected complications: Pregnancy is not always straightforward. Complications can arise at any time when seeking specialized medical attention. Complications like premature birth and other medical conditions might require extended hospitalization or treatment. Besides, these unexpected situations bring a lot of stress. Usually, a good maternity plan covers these expenses, relieving expecting parents from financial stress and allowing them to focus on other crucial aspects of preparing for a new baby.
· Extensive coverage for the newborn: Many pregnancy insurance plans also cover expenses related to newborn care, including vaccinations, doctor visits, and any medical issues that may arise with the baby after birth.
· Flexibility to select doctors and hospitals: Pregnancy insurance plans often offer the flexibility to choose the hospitals and doctors you prefer for your prenatal and childbirth needs. This decision is crucial to guarantee excellent care.
· Preventive care and check-ups: After childbirth, the mother and the newborn need to receive post-natal care, including visits to the doctor, follow-up treatments, and other medical services. Pregnancy insurance plans often provide coverage for post-childbirth care.
· Peace of mind: A maternity plan can provide ample peace of mind. It allows you to focus on the well-being of the mother and baby rather than worrying about financial matters.
Things to consider while buying a pregnancy insurance plan
When purchasing a pregnancy insurance plan in India, you must consider several important factors.
Here’s a list of things to consider:
· Coverage: While buying a pregnancy insurance plan, try to go for a comprehensive plan providing coverage for maternity-related expenses, including prenatal care, hospitalization, delivery, and post-natal care.
· Waiting period: Pregnancy insurance plans from several insurers come with a waiting period. The waiting period for insurance plans varies from insurer to insurer. Hence, check the maternity plan’s waiting period before purchasing one.
· Sub-limits and caps: Sub-limits and caps in health insurance refer to the maximum limits set by the insurer on certain categories of medical expenses or specific types of treatments. These limits can impact the amount of coverage the policyholder receives for certain medical services or procedures. Therefore, it is important to understand the sub-limits and caps of the selected pregnancy insurance plan.
· Network hospitals: You must purchase the maternity plan from an insurer with many network hospitals in your area. Opting for a network hospital for delivery makes cashless hospitalization possible. Cashless hospitalization is a process through which you can avail of medical treatment at a network hospital without making an upfront payment. The insurer directly settles the medical bills with the hospital, subject to the terms and conditions of the insurance policy.
· Pre-existing conditions: Check the clauses associated with pre-existing conditions related to pregnancy. Some plans exclude them, while others may cover them only after a waiting period.
· Exclusions: Usually, insurance plans exclude certain medical conditions, treatments, or situations. So, check what is not covered under the plan.
· Claim settlement process: Read the claim settlement process of the insurer carefully. Select an insurer that follows a simple claim settlement process. A smooth and hassle-free claims process is crucial during the already stressful times of pregnancy.
· Expiry age: Verify the maximum age until which you can renew the policy. It is suitable to choose a plan that offers coverage during your reproductive years.
· The insurer’s reputation: Buying insurance plans from a reputed insurer is always the safe choice. Before buying an insurance plan for pregnancy, research the insurer’s reputation for customer service, claims processing, and responsiveness.
The list of inclusions of pregnancy insurance plans
Though the benefits included in pregnancy insurance plans vary from insurer to insurer, the following benefits are typically common across most plans:
· Room rent
· Labor room expenses and newborn cover
· In-patient hospitalization expenses
· Pre- and post-natal care expenses
· Vaccination of the newborn
· Pre- and post-hospitalization expenses
· C-section delivery
· Pregnancy complications
The list of exclusions of pregnancy insurance plans
Things usually not covered in pregnancy insurance plans include:
· IVF or infertility treatment
· Expenses associated with surrogacy
· Hospital cash benefit
· Stem cell harvesting
· Costs of non-allopathic treatments
· Illnesses contracted during the first 30 days of the policy term
Pregnancy insurance plans in India are designed to provide financial coverage for medical expenses related to pregnancy, childbirth, and post-natal care. These plans can be purchased as standalone policies or as add-ons to existing health insurance plans.
One of the most important benefits of maternity plans is that they cover complications that may arise during pregnancy or childbirth. Besides, they also cover the newborn baby for a specific period.
When buying a pregnancy insurance plan, it is crucial to consider your individual needs and budget. Some maternity plans may have lower premiums but may not provide comprehensive coverage, while others may have higher premiums but provide more extensive coverage.
Before purchasing a plan, check the plan’s waiting period. Also, carefully read the terms and conditions. It helps you understand the plan’s coverage and what is not included.
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- When should I consider getting pregnancy insurance?
It’s better to purchase a pregnancy insurance plan before you become pregnant, as there might be waiting periods before you can claim benefits.
Do pregnancy insurance plans cover pre-existing conditions?
Usually, most pregnancy insurance plans do not cover pre-existing conditions. Hence, it is important to read the terms and conditions of the plan before purchasing one.