Decoding Insurance

4 Ways To Cover Maternity Costs Through Health Insurance

4 Ways To Cover Maternity Costs Through Health Insurance

Planning for children marks a very significant phase for all young couples. It is a beautiful change that evokes a heightened sense of responsibility in individuals. The financial balance of the family undergoes a major shift during the advent of a newborn. That is why people start monitoring their finances well in advance before planning on having children. But sometimes, young couples struggle with adequate financial support for raising a child. To ease people in this phase of their lives, insurance extends its support in the form of maternity benefits.

Today, Maternity is among the most frequently claimed expenses under health insurance policies. It is a crucial time for to-be parents in terms of medical assistance. However, maternity remains a significantly under-insured medical condition. With the gradual passage of time, the cost of maternity packages in renowned hospitals has risen by leaps and bounds. Hospitals in Tier-1 cities commonly charge between 1 and 2 lakhs for a package, including cesarean delivery. Simultaneously, linked expenses that come with a child can potentially shake up the financial stance of a young couple.

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We've listed some ways in which expenses of planned maternity can be covered through insurance. Read on to explore various expenses linked to maternity that can be covered under different types of insurance policies.

Claim Your Official Group Health Insurance

While most big companies commonly provide maternity benefits for employees, many organizations and start-ups offering group health insurance plans don't offer this cover. Often, this is because of a lack of awareness. Any firm with more than 7 employees can buy a customised group health insurance plan which covers maternity expenses without any waiting period. Professional advisory companies have been found to offer this benefit for attracting and retaining talent. Generally, companies provide a maternity benefit of Rs 50,000 for normal or cesarean delivery. Nevertheless, this limit can be customized, depending on the company's requirements.

Make Use of Personal Insurance Plans

Previously, there was no room for maternity benefits in personal health plans. Even the very first plans that allowed maternity benefits came with a waiting period of 4 years. Later, insurers felt the need for a plan that would consider the plight of young couples who don't plan with advance notice. This resulted in the rise of several plans that offer up to 24 months of the waiting period. The encouragement received by these plans has motivated many present-day insurers to offer a waiting period of even nine months. However, it is essential to remember that most policies come with a different sub-limit for maternity within the total sum insured. So be sure to evaluate the limit available, which can vary from Rs 15,000 to Rs 200,000 based on the total sum assured.

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Find an Insurer with Negotiated Hospital Rates

It is essential to ensure that the maternity expenses can be managed within its sub-limit. Hospitals, nowadays, offer pre-set packages for maternity which include limited days of stay at the hospital, physician’s fees, and related medical expenses. The rates of such packages vary for non-insurance patients and insured patients. Many times the insurer package may cost less than the package offered to an uninsured person. So finding an insurer that has low-cost packages negotiated with hospitals can minimize expenses. Don't forget to check out public sector insurers as they generally have very good package rates with hospitals.

Use Add-ons to Cover Vaccination Expenses

Vaccination for newly born babies is a foreseeable expense. Despite this, it is not covered by all plans that offer maternity benefits. Even the ones that do usually restrict it to the first year of prescribed vaccinations. The numbered plans that provide for vaccination expenses have a capping of Rs 5,000 to Rs 15,000. Under normal circumstances, getting vaccination covered for a longer duration (max 12 years) can be a very costly affair for most of us. Moreover, Group health insurance plans typically don’t cover vaccination. But you can still avail of this benefit and save money by opting for an add-on.

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