With medical expenses skyrocketing, it is better to plan your finances and arrange a backup fund that would look after your health expenses, especially maternity expenses. If you’ve just married, you may want to consider buying maternity health insurance at the earliest owing to the long waiting period attached to it. As there are different insurance providers in the market, you may get maternity health insurance as a standalone policy or as an add-on under some other health policies by paying an additional premium.
Irrespective of the way you choose to buy one, be sure to review maternity insurance inclusions, exclusions, terms & conditions offered by different insurers before finalizing one. Some people make the mistake of only basing their decision on the premium calculated by a health insurance premium calculator and ignore other important insurance buying aspects. If the different types of health insurance confuse you, you’re at the right place. If you’re currently looking to get the best maternity insurance, be sure to keep the following things in mind:
1. More the Age, More the Premium
Just like one’s driving record affects insurance rates, a woman’s age influences the premium rates. If you apply for maternity health insurance at a later age, the premium amount will be way higher, and you may also become ineligible to avail of some benefits.
The best way to stay away from such problems is to get good maternity insurance as early as possible. If you were planning to get standard health insurance from a reputable insurer provider, ask the insurance agent to include maternity insurance as an add-on for an extra premium. If you don’t want to mix two insurance, you can purchase it separately as a standalone policy.
2. Long Waiting Period
The insurance market is full of different types of health insurance with varying terms and conditions. One such varying term is called the “waiting period.” If your policy’s waiting period isn’t over or matured, you cannot avail of the benefits promised in your insurance. In maternity health insurance, there is usually a waiting period of a minimum of two years.
It means you can avail of the maternity insurance benefits only after two years of the policy being operational. This period varies from one insurer to another, so read the documents carefully before buying maternity insurance. If you’ve just married or are planning to conceive a child after two years, the best time to purchase maternity insurance is now.
3. Look for Maximum Coverage
Just like some sophisticated software impacts the insurance market, the coverage significantly impacts a person’s insurance buying decision. If the insurance isn’t providing you the necessary coverage, it isn’t worth buying the insurance. People looking for good maternity insurance should look for the following inclusions in coverage:
- Hospitalization expenses
- Pre & postnatal expenses
- Ambulance expenses
- Newborn baby cover
- Pre & post hospitalization expenses
Each point mentioned above has specific inclusions, so always read the clause diligently to know what things are being offered under these sections and to what limit and period. Knowledge of these things will help you make the right decision.
4. Check the Sub-Limits
If you’re taking maternity cover under a standard health insurance policy, be mindful of the sub-limits applicable under the health plan before purchasing it. It is because such covers usually have a limit on the coverage amount for maternity-related expenses.
You will get compensation towards maternity expenses up to a specific limit and not the whole insurance or coverage sum.
5. Pay Attention to the Exclusions
Just like providers of car insurance after a DUI violation can screw your premium, ignoring the exclusions while purchasing maternity insurance can end the whole purpose of buying one. While buying insurance, never make decisions based on assumptions.
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Standard maternity insurance usually doesn’t include medical expenses towards ectopic pregnancy, voluntary medical termination within the first twelve weeks of conception, congenital disease, and more. It is best to look for both inclusions and exclusions with utmost care before taking any final decision.
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If you pay attention to all the five points discussed above, your chances of getting the best maternity insurance will be highly likely.
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