👶 Should You Opt for Maternity Insurance?
Parenthood is no easy task. To make this journey a little less stressful and a lot more joyful, maternity insurance can come to your rescue. How? Read on.
We don't need to tell you Wedding season is here.
Your Instagram’s endless wedding parade would be enough!
With over 38 lakh weddings taking place this year, India's wedding economy is booming!
We have covered India's Rs. 4.74L in a detailed report, you can check it out here.
Now, weddings are just the beginning.
Conventionally, a lot of people start preparing for the next chapter - family planning.
Exciting?
Expensive.
Hospital stays, doctor visits, medicines, and the final delivery.
Hospitalisation and medicine costs in India are rising.
Pre-delivery costs can range from Rs. 30,000 per month to Rs. 80,500 per month.
And the delivery?
That depends on the location.
In metros, it can range from Rs. 1,50,000 to Rs. 6,00,000. Smaller cities’ delivery costs range between Rs. 85,000 and Rs. 1,35,000.
Enter: Maternity Insurance
Health insurance covers a range of medical expenses, including hospitalisation, surgeries, diagnostic tests, and prescription medications.
They may or may not cover maternity-related expenses, depending on the terms and conditions of your health insurance policy.
Now, what exactly is maternity insurance?
Maternity insurance is specifically designed to cover the medical and health-related expenses associated with pregnancy.
This includes both normal and cesarean deliveries. It can be a financial lifesaver, covering various expenses like doctor's consultation fees, medicines, ultrasounds, and regular checkups, generally covering expenses incurred 30 days before and 60 days after delivery.
Why consider maternity insurance so early, you ask?
The Early Bird Gets the Worm
Well, there's usually a waiting period.
You don't get maternity health insurance cover immediately upon buying the policy.
This waiting period can range from 9 months to a staggering 4 years, depending on the policy.
So, it's like planning a trip; the earlier you start, the smoother it goes.
But, is it even worth it?
Well, when it comes to cost, maternity insurance policies can vary.
They may mention a specific limit for maternity-related expenses, ranging from Rs. 30,000 to a Rs. 10 Lakhs.
Anything beyond this limit will have to come out of your pocket.
But hey, you should weigh the cost against the rising healthcare expenses in India.
Sometimes, what seems like a pinch today might be a smart move for tomorrow.
What's Not Covered?
No policy is a magic wand.
Maternity insurance also has its limits.
There might be expenses outside the purview of your policy.
For instance, some policies might not cover certain pre and post-natal expenses or limit the number of deliveries covered.
Always read the fine print so you know what you're signing up for.
Plus, the policies do not cover costs during the waiting period!
Say you buy a maternity insurance in December 2023, and there's a waiting period of 6 months. So, your policy will be active from June 2024.
Now, if you become an expecting parent in February 2023, you will have to bear the expenses out of your pocket during Feb - June 2024.
The Cherry on Top: Cover for Your Baby!
Some policies also extend coverage to your newborn.
This can range from day 1 until the next renewal or up to 90 days after birth.
This may also include expenses related to the vaccination of the newborn baby.
In some cases, the newborn baby is covered up to the policy sum insured, while others may have a specific limit for the baby's expenses.
Wrapping It Up
Maternity insurance is like a safety net, there to catch you when the financial aspects of childbirth seem overwhelming.
But it's not a one-size-fits-all. It's more like a tailored suit – you've got to find the one that fits your future plans perfectly.
Know someone who's getting married or planning a family?
Share this with them.
This may make their parenthood journey a little less stressful and a lot more joyful :)
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