Pregnancy is one of the most beautiful and memorable experiences in a woman’s life. But those regular check-ups amidst rising healthcare expenses have made maternity health insurance essential for all women. But do you know that maternity insurance comes with a waiting period? If not, read on to know everything about the maternity health insurance waiting period.
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In a maternity health insurance plan, the waiting period refers to the time period on completion of which insurance coverage is offered to the insured. Any claim raised by the policyholder during the waiting period is rejected and no financial support is provided to cover the maternity expenses.
The waiting period of a maternity insurance policy begins on the policy start date but may vary from one insurance plan to another.
Maternity health insurance plans come with four types of waiting periods. They are:
When a woman buys a maternity health insurance policy, the applicable waiting period commences with the policy start date. The policy needs to be renewed every year without any gap. As soon as the waiting period is over, the maternity cover begins and the insured becomes eligible to raise a claim.
Thus, a maternity health insurance policy should be bought in advance and not right before or during pregnancy. It should be purchased by women who plan to start a family in the next few years. By doing so, the waiting period of a maternity insurance plan will be over by the time the insured woman gets pregnant.
At present, all maternity health insurance plans come with a waiting period. In fact, regular health insurance plans with maternity cover also do not come with a zero waiting period. Therefore, couples and women who plan to start a family in the coming years should buy a maternity insurance policy in advance.
Yes. A lot of maternity insurance plans provide the option of reducing the waiting period. These options or riders, such as PED waiting period reduction, are offered to reduce the waiting period applicable under a health insurance policy with maternity cover. However, these riders are available only on the payment of an additional premium amount. However, every maternity plan may or may not offer this option.
For example, suppose the pre-existing diseases waiting period under a maternity insurance plan is 4 years. If you buy a PED waiting period reduction rider, the waiting period can reduce from 4 years to just 2 years.
Maternity health insurance is undoubtedly one of the best investments that married couples can make to cover their maternity expenses in the future. However, all maternity insurance plans come with a waiting period and thus, you should check the waiting period carefully before buying a plan. You can also explore the option of reducing your waiting period by buying a waiting period reduction rider.
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