Maternity coverage in your health insurance is not something you can afford to miss.
Covering the physical, emotional and financial well-being of our loved ones is crucial for all of us. And when we are at a stage in life where we look forward to bringing a child into the world or welcoming a second, maternity covers become essential to our health insurance coverage.
Because why would you want to stress over financial worries for your newborn or the pregnant lady when you should celebrate this joyous beginning?
Due to medical inflation, which is rising at 18-20% annually, preparing for the birth of a child can be distressing at times. The average cost for normal deliveries ranges from Rs. 40,000 to Rs. 1.1L, and between Rs. 70,000 to Rs. 2 Lakhs for cesarean births or C-sections, depending on the hospital and the city. Even though modern-day company-sponsored health insurance plans sometimes come with maternity covers, the amount is often insufficient to cover your finances entirely.
We want to ensure that this new beginning is a delightful phase for you and keep the anxiety at bay. Read this article to understand how a maternity cover over your health insurance plans can make your journey smoother and more comfortable.
What is the significance of maternity covers?
Maternity covers over your health insurance coverage are curated to protect expecting couples from costs incurred during delivery or any other charges involved in post-pregnancy procedures. These maternity covers can be additional riders over an existing health insurance policy and can be included within OPD-related costs as well.
Do I need a maternity rider over my company-sponsored health insurance coverage?
Yes. Because even if your company-sponsored health insurance coverage might include maternity insurance, there is a usually defined upper limit, which insurance term refers to as a sub-limit. In most cases, there are extra costs that need to be incurred by the insured. Most maternity coverage also includes pre and post-natal care.
How does a maternity rider benefit me?
With the maternity rider, your financial planning is secure for your newborn, and the couple can have a stress-free pregnancy phase. The emotional wellness of the to-be-parents is as crucial as physical well-being.
How soon should I get a maternity rider when I am planning for a family?
Maternity riders are extremely beneficial if bought early on, especially in a C-section delivery is required or preferred or if complications arise that result in an extended post-delivery hospital stay.
The benefits of a maternity rider can be secured only after the minimum waiting period, which is subjective to the insurance purchased. Hence it is best to include the maternity rider at the earliest to avoid a huge spike in overall medical expenses during and post pregnancy. The expenses include room rent, medicines, other procedures, etc.
What does a maternity cover include?
The maternity rider add-on to the health insurance provides complete coverage for the mother and child. Maternity covers also widen the range of available hospital networks, widening the option of cashless claim settlements. These comprehensive covers include pre and post-hospitalisation charges, ambulance costs, and all costs encountered on the baby from delivery to 90 days.
It also guards against medically terminated pregnancies in unfortunate and legally permissible circumstances. It also allocates a lumpsum financial benefit if the newborn is diagnosed with ailments like cerebral palsy.
What is the waiting period for maternity covers?
Most maternity plans will ask you to include your spouse in the same plan meaning it's unavailable for an individual. Apart from that, they'll also ask you to serve a waiting period (usually 2 years) before you can avail of this benefit.
How much tax can I save with maternity riders?
Under section 80D of the Income Tax Act, 1961, this add-on helps save tax of Rs. 25,000 in one financial year.
With the rising need for maternity covers during this medical inflation, a maternity cover on your existing company-sponsored health insurance or personal health insurance is highly recommended if you're planning to start a family.
Get in touch with us today, and we’ll help you find the best-in-class maternity rider options for you. We’ve got you covered, literally.