Here’s Why You Need to Invest in Maternity Insurance

If you’re pregnant and don’t have maternity insurance, then the financial burden could be a significant one. So, if you want to avoid financial difficulties during your pregnancy, make sure to invest in some maternity insurance. That is because you will have to pay for the costs associated with birth, such as medical bills, childcare, and the maternity leave that you will get when you are ready to return to work.

Let’s understand how maternity insurance works in detail:

Maternity insurance covers you for three things-

  • It covers your maternity costs, including things like hospital bills, childcare, and your maternity leave.
  • It covers you for any pre-existing conditions that develop while you are pregnant, such as heart disease.
  • It will cover you for a pregnancy complication that is triggered by an illness. In most cases, maternity insurance only covers one pregnancy at a time. If you plan on getting pregnant again in the future, then you will have to purchase a new policy. Nevertheless, the premium is usually very cheap.

What is Maternity Cover?

Maternity cover is generally provided through your employer. This means that if you are working for a company, then you are covered. The cover is normally provided to you as part of your salary package. It’s usually part of your salary and is therefore taxable.

Some of the more common benefits include:

  • Cover for pregnancy and childbirth (including the birth of a baby), Cover for miscarriage, Cover for stillbirth.
  • Cover for pre-existing conditions (e.g., asthma, heart disease, diabetes, etc.), Cover for pregnancy complications that are triggered by an illness, Cover for the elective caesarean section.

Features of Maternity Insurance

Here are some features of maternity insurance you should know about:

  • Comprehensive coverage — A good maternity insurance plan will cover the costs of labour and delivery, along with other charges for prescription drugs, ambulance fees, hospital room rent, and doctor consultation fees.
  • Pre- and post-hospitalization expenses – These are the costs associated to pregnancy for a specified period of time before and after hospitalization. Depending on the specifications of the maternity insurance policy contract, you will get coverage for these expenses.
  • Tax Savings – Tax benefits are available on maternity insurance plans under Section 80D of the Income Tax Act of 1961.
  • Waiting period — Maternity-related expenses are normally covered by maternity health insurance policies after a waiting period. This period may vary depending on the particular policy and the insurance provider.
  • Cashless facility — All insurance providers have a list of network hospitals where they provide cashless facility to cover for the hospitalization expenses. When you are looking for a suitable maternity insurance plan, be sure to check out the insurer’s list of network hospitals.
  • Claim-free Bonus — In case the policyholder does not file any claims for the maternity insurance in a policy year, they may be eligible for the No-Claim Bonus  
  • Quick and easy online application – Maternity health insurance policies provide individuals with the ease of applying online with only a few clicks.

The best way to get the most out of maternity insurance is to compare the policies online based on their cost, benefits, and features. It is crucial to take out some time to do this because you do not want to end up disappointed with your insurance plan in a crucial time of need.

Additionally, make sure you plan this with ample time in your hands since maternity insurance plans mostly come with a waiting period. In case you leave the purchase of the policy to the last moment, you may not get the desired benefits on time or have to pay extra for it. So, make sure you read the policy document carefully and understand the terms and conditions of the policy that you are buying. Renowned insurance providers like Care Insurance can be a favourable choice since they offer valuable maternity insurance benefits at affordable prices to meet the diverse needs of policy buyers.

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