Motherhood is the most significant transition a woman undergoes. Even though a lot in your life is changing at this time, becoming a mother is a truly magical journey. Pregnancy-related complications become more common as you age. Responsibilities of motherhood and managing expenses begin the day you get pregnant and continue indefinitely. You may have financial difficulties if you are not prepared for these costs. Obtaining maternity insurance is crucial to avoid this situation.
What is Maternity Insurance?
Maternity insurance covers the costs of normal and cesarean deliveries up to the policy limit. This insurance policy is typically included as a rider or add-on benefit to a standard health insurance policy. The main goal of maternity health insurance coverage is to help them be financially secure and prepared for unexpected maternity emergencies.
The Benefits of Getting Maternity Cover
- Covers financial expenses
Having maternity insurance protects your finances and allows you to avoid depleting funds set aside for other purposes. Maternity insurance will provide adequate financial coverage for pregnancy-related treatment and delivery costs.
- Pre and post-hospitalization expense
Prenatal, postpartum, and delivery-related healthcare costs are also covered by the maternity health insurance policy. This includes pre and post-hospitalization bills, room charges, doctor’s consultation fees, ambulance fees, and other expenses.
- Covers newborn baby
If the newborn is diagnosed with a critical illness, the policy coverage is extended to him or her. This policy covers newborns for up to 90 days after birth, including vaccinations.
- Private hospital expenses
Private hospitals provide better healthcare facilities, so treatments are usually more expensive. The cesarean section is more expensive and can cost more than INR 1 lakh. In the event of a complication, you may have to pay thousands more. In such cases, having health insurance with maternity coverage can be extremely beneficial.
- Cashless claims
Maternity health insurance plans also allow for cashless treatment at network hospitals across the country. If you are admitted to a network hospital, you can receive quality care without having to worry about the cost. All you need to do is notify your insurance company ahead of time, and they will handle the rest. This will also save you the trouble of submitting a reimbursement claim.
- Tax savings
You can also get tax breaks on your health insurance premiums if you pay them through Section 80D of the Income Tax Act of 1961. As a result, the premium should not be prohibitively expensive.
Numerous insurance companies provide maternity coverage. Because maternity coverage is included in most health insurance policies in India, a responsible policyholder should be aware of all the terms and conditions, including coverage limits and sub-limits for normal and C-section deliveries. Treatments resulting from or related to infertility, sterilization, birth control, and so on are some of the most common exclusions from maternity benefits. Other exclusions from maternity insurance in India include infertility treatments, stem cell harvesting and storage, and surrogacy costs.