Becoming a parent is one of the most incredible experiences in one’s life. Despite the fact that a lot in your life is changing at this time, becoming a parent can be wonderous. However, as you get older, the chances of pregnancy-related difficulties increase. Aside from that, motherhood-related expenses and duties begin the moment you become pregnant and continue indefinitely. If you are unprepared for these costs, you may find yourself in financial trouble. It is critical to obtain financial support through maternity insurance cover to avoid this circumstance.
Maternity insurance cover is required because the costs of various medications throughout pregnancy, delivery, neonatal care, and other expenses may be significant, and you should be well prepared. Due to the high expense of healthcare in India, a couple planning to have a baby should consider purchasing a health plan with maternity insurance cover.
A general health insurance policy will not protect you during your pregnancy. As a result, adding maternity insurance cover in a general health plan is critical to avoid financial burden at a crucial point in life. Here are some other reasons that make maternity insurance cover a wise purchase:
- Financial Backup
Maternity insurance serves as a financial safety net, covering the costs related to the delivery of the child. Furthermore, some insurance plans cover both pre- and post-hospitalization charges and medical expenses such as surgeon’s fees, doctor’s consultation fees, hotel charges, and nursing.
- Comprehensive Coverage
An excellent health policy with maternity insurance coverage includes maternity coverage, newborn coverage, ambulance fees, domiciliary hospitalization expenses, and complimentary health exams, among other things. This will cover both pre-natal and post-natal expenses, as well as any health concerns that may have arisen following the delivery.
- Prepares the couple for complications
In the event of a difficulty, such as premature birth, a new-born must be placed in an incubator for a period of time. The cost of such treatment can be substantial. These are unforeseeable events that can become more stressful as a result of the costs. You could find some financial relief with a solid maternity insurance cover, as it would cover the majority of the costs.
- Cashless Hospitalization
Most insurance providers offer cashless claim facility to policyholders for convenience. This feature means that the medical bills would be resolved between the insurance provider and the network hospital without the insured person having to deal with anything. Cashless hospitalisation may be an excellent option because childbirth may be an expensive prospect at times, with a lot of medical costs stacking up.
- Choice of Sum Insured
The sum insured for maternity insurance cover can be chosen by policyholders according to their requirements and financial profile.
- Affordable Premium Rates
Another important consideration when getting maternity insurance cover is the premium that must be paid. You must pay an insurance premium in order to receive the benefits, and you should be cautious about the amount you must spend. The premium must be reasonable and proportional to the benefits offered by the plan.
- Additional Coverage
Check to see if the maternity insurance cover offers any additional advantages, such as reimbursement for expenses paid during a pregnancy termination due to medical difficulties. You should also be aware of any sub-limits that can come as a surprise to you in a time of need. Make sure to look for any further exclusions that are in the policy document.
- Tax Benefits
Maternity health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act of 1961. Waiting period — Maternity-related expenses are normally covered by maternity health insurance policies after a waiting period of 9 months to six policy years.
JOY by Care Insurance is a specially designed health insurance with maternity coverage in India for expecting mothers and their newborns. With several important features, this pregnancy insurance covers all delivery-related costs, whether it’s a regular delivery or a caesarean. It typically alleviates the couple’s financial concerns about delivery-related fees and encourages them to start their family at the appropriate moment. It comes with a waiting time, so it’s best to plan ahead and be ready to welcome your baby into the world without stress.