Maternity insurance or pregnancy insurance is a unique plan that takes care of delivery-related costs. It alleviates the financial cost of pregnancy and childbirth.
Maternity Insurance provides all pregnancy-related medical bills, such as hospitalization, delivery (normal and C-sec), pre- and post-natal treatment, medical check-ups, medication, and expenses for the newborn baby. In short, it is the insurance for maternity. The coverage can differ based on the insurance scheme you have opted for.
It is advisable to purchase maternity insurance at an early date so that you can complete the waiting period when you plan to start a family. Choosing the highest-ranking maternity health insurance policy entails considering some important factors so that the plan suits your needs, budget, and family planning in the future.
Star Health provides coverage for your pre-and post-natal costs. Not every health insurer provides coverage for pre- and post-natal delivery costs.
Some of the common things included in maternity insurance are as follows:
1.Prenatal- Postnatal care: Doctor consultations, diagnostic procedures, Hospitalization, and medications.
2.Delivery: Hospital stays during delivery (Hospitalization, delivery charges, and in some cases, complications during pregnancy and childbirth).
3.Newborn care: Hospitalization, vaccinations, and in some cases, daycare procedures.
4.Standard Tests: Regular tests such as ultrasounds or blood tests.
5.Mental Health Counselling: Counselling for pregnancy, childbirth, or postpartum depression (in certain plans)
6.Home Visit and Support: Home visits by nurses or assistance for new parents following the child’s birth in some instances.
The minimum waiting period for maternity insurance
The waiting time in maternity insurance is the time when you are not allowed to make any claims for pregnancy and childbirth-related costs. As soon as the waiting period is over, you are eligible for pregnancy coverage under your policy.
Maternity insurance waiting period begins from day one of the policy. The waiting period varies between different insurance policies. The shortest waiting period for maternity insurance is 3 months.
Types of Waiting Periods:
1.Maternity Coverage Waiting Period – Maternity insurance policies provide maternity coverage after 3 months to 6 years waiting period for maternity expenses.
2.2. Initial Waiting Period – All medical insurance plans that offer maternity coverage usually come with an initial waiting period of 30 days. During this period, the insurance company will give no claims.
3.Pre-existing Diseases Waiting Period – Pregnancy insurance policies have 1 to 3 years of waiting period for pre-existing ailments, like PCOD/PCOS, cervical cancer, etc. If one is already diagnosed with any of these diseases, then you can’t claim the medical costs for this duration.
4.Diseases of Specific Nature– A few specific diseases and interventions, like laparoscopy for cysts in the ovary, are included under maternity health insurance policies following a waiting period of maximum 2 years.
Best maternity insurance plans
Maternity insurance plans come in several types, depending on coverage, benefits, and policy terms.
- Star Women Care Insurance Plan: Specifically geared for women in the age group of 18 to 75 years, this plan covers natural delivery as well as C-section delivery.
Delivery Charges: Includes both natural and caesarean deliveries, along with pre-natal and post-natal charges.
Newborn Baby Cover: Covers the hospitalization charges of the newborn, vaccinations for 12 months, and some tests.
Waiting Period: There is a waiting period of 12 months for maternity benefits.
2.Star Comprehensive Insurance Policy
Maternity Benefit: Includes delivery charges after a waiting period of 24 months.
Newborn Baby Cover: Cover for the newborn from birth.
3.Young Star Insurance Policy (Gold Plan)
Maternity Coverage: Reimburses the delivery cost after a waiting time of 3 years.
Newborn Baby Cover: Covers for the newborn child.
4.Super Surplus Insurance Policy (Gold Plan)
Maternity Coverage: Reimburses the delivery cost after waiting for 12 months.
Newborn Baby Cover: Covers the newborn child.
5.Star Health Assure Insurance Plan
Maternity Coverage: Reimburses the delivery cost after a waiting time of 24 months.
Newborn Baby Cover: Covers the newborn child.
Guidelines to select the highest maternity health insurance policy:
- Waiting Period
- Maternity Coverage limit
- Newborn baby coverage
- Claim Settlement Ratio
- Incurred Claim Ratio (ICR)
- Complaint Volume
- Additional benefits
Maternity insurance premium
The maternity insurance premium varies according to various factors, such as the insurance company, the sum insured, the waiting period, the coverage benefits, and the age and health of the policyholder.
Following are the factors Influencing Maternity Insurance Premiums:
- Age and Policyholder’s Health: Lower premiums are paid by younger policyholders as opposed to older ones since younger individuals are likely to have fewer health threats.
- Sum Insured: More sum insured plans tend to be more expensive. The greater the maternity coverage, the heavier the premium.
- Waiting Period: Short waiting period policies for maternity cover tend to be more expensive than their counterparts with longer waiting periods.
- Coverage Benefits: The more comprehensive the cover, the more expensive the premium.
- Type of Plan: Maternity plans sold separately will tend to be more expensive as they are specifically aimed at providing maternity and child delivery cover.
- Add-on riders to an existing health cover could be cheaper.
Also Read: Types of Health Insurance Plans: Which One Is Right for You?
