Maternity Benefit Health Insurance: Know About The Best Ones

Maternity Benefit Health Insurance: Know About The Best Ones

B
Bajaj Finserv Health
September 20th, 2022
8 mins read

Synopsis

Being a new parent and welcoming a new life into the world brings joy and happiness. But, becoming a parent also means taking on the responsibility of caring for a new life. While this is a thrilling time in your life, uncertainties may arise, and it is always better to be prepared. 

We recognize that rising hospitalization costs can be straining the couple's finances. As a result, Maternity cover Insurance removes the need for you to be concerned about rising Maternity medical costs.

Key Takeaways

  • Maternity insurance provides financial support in a time where the cost of healthcare keeps rising
  • Maternity insurance provides the funds for you to focus on your child and not on paying medical bills
  • Maternity insurance covers pre- and post-natal expenses, ambulance fees and delivery costs

Maternity Insurance Plans

Maternity Health Insurance Plans are very helpful in meeting the rising costs of prenatal care, doctor's visits, delivery, and post-natal care. A Maternity Benefit Health Insurance policy protects both the mother and the baby pre and post-labor and if complications arise during the delivery and early days of the child's life.

Maternity cover insurance provides comprehensive coverage for pregnancy-related medical expenses, such as the cost of delivery, hospitalization, pre-and post-natal care, medical tests, medicines, and newborn-baby expenses. A maternity health insurance policy allows women to plan ahead of time for the financial requirements of having a baby, as pregnancy is an expensive experience.

Why health insurance with maternity cover?

According to WHO's report on newborn death and illness, "nearly 41% of all deaths in under-fives occur among newborns, babies in their first 28 days of life, or babies in the neonatal period." [1]

The average cost of normal or C-section delivery rises and can reach two lakhs or more in most Indian cities.

Purchase health insurance with maternity cover for your spouse or family. Maternity coverage provided as part of your health insurance can cover expenses incurred due to normal or cesarean delivery and if the baby has been hospitalized due to any medical complications.

Whether you want to buy a Mediclaim for pregnancy or health insurance with maternity cover, it gives expecting parents the medical insurance and support they need to have healthy and happy pregnancies. As we all know, having a child brings up the financial needs of a family. These costs may impact the finances and well-being of new parents. As a result, purchasing a medical insurance policy that covers maternity-related expenses well in advance of pregnancy is critical.

Additional Read: Hospital Daily Cash Insurance: 3 Important Facts to Know Maternity Benefit Health Insurance

Maternity Insurance Coverage

Maternity Insurance coverage is intended to provide comprehensive coverage for all your medical expenses during pregnancy. When both husband and wife are covered, the plan offers many unique childbirth-related coverage benefits. The coverage begins on the date the premium is paid. Some insurance companies have pregnancy cover and no waiting period Policies as well. Generally, after a 24-month waiting period, expectant parents are eligible for the following benefits:

Please keep in mind that a 24-month waiting period applies again after filing a delivery claim.

Inclusions/Coverage

  • Hospitalization costs (with a cap)
  • Pre-hospitalization costs: 30 days; post-hospitalization costs: 60 days (room charges, nursing expenses, anesthetist charges)
  • Delivery costs
  • Vaccination of the child (in some cases)
  • Ambulance fees
  • Pre- and post-natal costs (depends upon the type of delivery - cesarean and normal)
  • Baby cover (if the newborn is diagnosed with congenital disorders)
  • Natural disasters (several insurance providers cover emergencies for up to Rs.50,000)

Premium

A health insurance policy with maternity benefits is expensive because it is considered a high-risk product due to the nearly 100% claim ratio compared to other insurance policies. The premium, which is typically higher for maternity cover insurance than for basic policies, is determined by the following factors:

  • Industry Type
  • Risk Factors
  • Age distribution
  • Employees' number (group policies)
  • Location of the company (group policies)

Maternity Health Insurance Exclusions

  • Non-allopathic treatment costs
  • Consultation fees
  • Routine check-ups
  • Medicine expenses
  • Congenital diseases
  • Pregnancy termination (under 12 weeks)
  • Pre-existing conditions or injuries diagnosed within 48 months of the policy's inception
  • Expenses incurred as a result of self-inflicted injuries, drug or alcohol use
  • AIDS-related medical expenses
  • Dental treatment costs
  • Expenses for in-vitro fertilization and infertility
Additional Reads: Top 6 Health Insurance Tips to Get Affordable Health Insurance Plans! 

Maternity Insurance Claims Procedure

While the claim process varies from one insurance provider to the next, in most cases, policyholders must follow the procedures listed below.

Cashless pre-authorization entails the following:

  1. Fill out the pre-authorization form available at the TPA desk or download it from the insurance company's website.
  2. Upon receipt of the pre-authorization form, the insurance company's claim management team sends a letter of approval
  3. You can then file your reimbursement claim

The following steps are involved in the reimbursement claim process:

  1. Fill out and submit the claim form.
  2. Submit the documents required by the insurance company.
  3. Upon receipt of the form above, the insurance company's claim management team sends a letter of approval.

The Benefits of Purchasing a Maternity Insurance

Every parent is entitled to the best health insurance with maternity cover. Dealing with the high maternity care costs without medical insurance may be difficult for both parents. As a result, the best way to organize your finances is to purchase maternity benefit health insurance, ensuring healthier and more enjoyable parenthood. The following are the benefits of availing of Maternity Insurance:

Financial Support

Maternity insurance covers prenatal and postnatal expenses for normal or cesarean delivery. You do not need to be concerned about any medical treatment you may require. Furthermore, maternity policies cover pre- and post-natal expenses.

New Born Coverage

Provides coverage for the newborn from the first day of life. Expenses incurred in a hospital or nursing home for treating a newborn for any disease, illness, or congenital disorder, as well as accidental injuries, up to the specified limits. This includes expenses for medical emergencies as well as vaccinations.

Covers Delivery Costs

Purchasing maternity cover insurance provides financial security during pregnancy. Expenses incurred during delivery, including cesarean section, are covered up to a maximum of two times during the insured's lifetime while the policy is in effect. It covers pre- and post-natal expenses, ambulance fees, and delivery costs, regardless of whether the delivery is normal or cesarean.

Additional Read: Top 6 Medical Services Covered in a Health Insurance Plan 

When Is the Best Time to get Maternity Insurance?

Maternity is a life-changing experience for women in more ways than one. Childbirth-related expenses have become extremely expensive as medical inflation, and overall spending has risen. A lack of proper planning may result in burning a hole in your pocket, which may outweigh the joy of having a child. Experts advise that you plan ahead of time because maternity health insurance policies typically have a long waiting period, which can be difficult for most consumers.

Given that most insurance companies do not provide maternity cover insurance to women who are already pregnant, considering it a pre-existing condition, women who want to get maternity insurance should apply before they conceive. It is important to note that most maternity health insurance policies have a 3- to a 4-year waiting period. Maternity health insurance is an essential component of a planned pregnancy.

Things to note before purchasing a Maternity Insurance Policy

Here are some things to think about when selecting a maternity insurance policy:

  • Select the best maternity insurance policy that covers you for all medical bills, not just hospitalization costs.
  • Every household should save money. As a result, look for premium discounts that you can take advantage of.
  • Look through the list of Cashless Network Hospitals to make sure you have easy access to a cashless facility in the event of a medical emergency.
  • Reading the policy documents will help you understand the policy's inclusions, exclusions, sub-limits, and waiting period.
  • You can obtain maternity coverage at a low cost by carefully comparing and selecting the best policy with the most coverage and features.

Why should you choose Bajaj Finserv Health Insurance?

Prenatal And Postnatal Care

Not all health insurance companies cover pre- and post-natal delivery costs. However, Bajaj Finserv Health Insurance pregnancy cover no waiting period covers your pre- and post-natal expenses.

Cashless Service

Expectant mothers can use cashless services at over 11,000 network hospitals across the country.

Quick And Easy Claim Settlement

Policyholders of Bajaj Finserv Health Insurance can receive prompt claim settlement across all of its 11000+ network hospitals, which is an important benefit during childbirth because it allows you to spend time healing and caring for your loved ones. According to the policy terms and conditions, you can settle your claims quickly and easily at Bajaj Finserv Health with no TPA (Third-Party Administrator) involvement.

Additional Read: Health Insurance FAQs: A Guide on 35+ Commonly Used Terms 

Giving birth to a child is the most valuable experience a couple can have as they sail through a sea of new emotions and experiences. While the joy of carrying a baby cannot be replaced by anything in the world, the financial aspects incurred during the pre and post-natal period can hinder this magical journey.

The average cost of delivering a baby range between Rs. 45,000 and Rs. 75,000, and the cost of cesarean deliveries has risen to Rs. 2 lakhs in most Indian metro cities. [2] As a result, maternity insurance is an excellent way to ensure that there are no bumps in the nine-month magical journey.

Bajaj Finserv Health Insurance individual and family maternity cover insurance with Delivery and Newborn expenses covered. Maternity coverage provided as part of your health insurance can cover costs incurred as a result of normal or cesarean delivery and if the baby has been hospitalized due to any medical complications.

Maternity cover insurance is one of the most underappreciated types of insurance that most people overlook. Still, it can help to-be-parents manage a large portion of their finances throughout the journey.

Bajaj Finserv Health insurance with maternity cover gives expecting parents the medical insurance and support they need to have healthy and happy pregnancies. For more information visit Apply for Loans, EMI Finance, Credit Card and Insurance – Bajaj Finserv.

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