InvestorQ : What is a maternity health insurance plan?
divya Sing made post

What is a maternity health insurance plan?

Swapnil Sarang answered.
3 years ago
Expanding a family is a natural progression of married life, but one has to be financially prepared to welcome a baby home. Pregnancy has become a stressful affair these days and during maternity, many consultations, follow-ups, and medical tests are required.
In order to help people cope up with their maternity expenses without breaking their investments or savings, many insurance companies offer maternity health insurance plan. What’s best is that such a plan can be purchased at an affordable price.
In fact, a maternity insurance rider can be attached to your indemnity or standard health insurance policy to provide insurance cover for pregnancy and childbirth expenses. Maternity benefits through this plan can help reduce the cost of hospitalization, delivery, tests, and medication.
Employer-offered group insurance policies also provide maternity insurance as an add-on with a sub-limit of up to Rs. 50,000.
Here is a sample list of expenses covered by a maternity insurance rider:
- Pre-hospitalization expenses of up to 30 days before the date of admission
- Post-hospitalization expenses of up to Rs. 5,000 for two months (60 days) from the discharge date
- Ambulance fee for emergency transportation, room rent, delivery expense, nursing expense, and consultation fee
- Treatment costs for childbirth complications
- Medical cover for infants diagnosed with a critical illness or congenital disorder
Do note that maternity health insurance has to be bought before conceiving as there is a waiting period of 3-4 years before the benefits are activated. Just like a standard health insurance has a few exclusions, maternity health insurance too has its exclusions. Some examples of inclusions are:
- Doctor's fee for regular health check-ups
- Diagnostic tests and consultation fee during the pregnancy period
- Vitamins and tonics unless mentioned in the plan is not covered
Advantages of maternity insurance plans:
- A comprehensive maternity health insurance plan helps keep your savings in place as the insurance company settles the bill directly with the hospital.
- Some maternity health insurance plans also cover vaccination expenses for the new-born baby for the first year.
- Maternity health insurance plan also covers post-hospitalization expenses and other complications caused due to the delivery.
- Some plan also covers the new-born baby for the first 90 days if the baby is diagnosed with any congenital disorder or other critical illness.