Specially designed to cater to pregnancy-related expenses, maternity insurance plans help you cover a wide range of costs occurring before, during, and post your delivery. Today, delivery costs alone can range from tens of thousands to a couple of lakhs of rupees. Additionally, according to a survey by a global advisory, medical costs in India are likely to go up by 10.50% in 2019. In such a situation, buying pregnancy insurance is a wise financial move.
From learning about the benefits of a maternity insurance to considering the advantages of taking an added pregnancy complications insurance, here are 5 things you should check for before signing up.
Delivery-related insurance coverage
As a starting point, look for the amount you can claim as delivery expenses on your health insurance with maternity coverage or pregnancy insurance plan. The costs differ from one hospital to the next and will change depending on whether you choose a normal delivery or a C-section. Take into account room rent costs and verify if the pregnancy insurance plan you are considering will aid in footing bills in case your baby needs to be put on a ventilator for support.
Protection extended to the newborn
Some pregnancy insurance plans automatically extend a cover to your new born in case s/he is born with a critical illness. Congenital disorders such as heart diseases, spina bifida, phenylketonuria, and Edwards’ syndrome are covered by most plans. Similarly, jaundice, colic, anaemia, respiratory complications, and fevers are some of the common diseases affecting newborns, which again comes under the coverage of most comprehensive insurance plans. Assistance from your insurer will help you offset these costs substantially. Hence, scan through your insurer’s fine print and go in for a plan offering generous benefits to your child.
Pre- and post-birth medical cover
In practice, there are a whole range of other expenses that accumulate during the months when you are expecting and the months post-delivery. Some of the pre- and post-natal costs you may incur include doctor consultation fees, medicine bills, physiotherapy session expenses and vaccination bills. At times, maternity insurance plans offer coverage of around a month or two before and after hospitalisation. Look for this feature, as it will aid in meeting unpredictable expenses.
No-claim bonuses and added services
It is important to obtain a no-claim bonus from your insurer for every claim-free year. Since a child may not be on the cards every year, a benefit from a bonus of 10% or so annually will help you build a bigger coverage corpus for the time you get pregnant again. Additionally, scan for added services that set the insurance plan you are considering apart from others. This should include free ambulance services and cashless facilities at a wide range of networked hospitals.
Health insurer’s list of exclusions
It’s important to know that your maternity insurance plan will not be all inclusive. Scrutinise the exclusions list to know which medical issues will not make for a successful claim. Some common exclusion includes tonic and vitamin costs, follow-up check-ups and complications like ectopic pregnancy, and gestational diabetes.
To gain coverage against medical issues that normally other insurers fail to cover, opt for a special added insurance like Pregnancy Complications Cover brought to you by Bajaj Finserv. Here, you will get coverage up to Rs.50,000 for just Rs. 499 per annum and can avail this insurance to fund expenses like diagnostic tests, doctor’s charges, treatment charges, medication costs, and room and ICU rent as well.
Backed by this special cover, you can assure yourself of a stress-free pregnancy and a financially-stable future for yourself and your child.