In the recently concluded Union Budget of 2021, the Indian Government has allocated Rs.2.83 lakh crore for the healthcare and wellness sector. This figure is substantially higher than the previous year, indicating the Government’s efforts to combat the rise in healthcare expenses in this country.
Availing a health insurance policy is also one of the efficient ways to counter such rising prices. Such insurance plans may not, however, be enough for aspiring mothers, as they often do not include maternity coverage. Hence, having access to a separate maternity insurance plan can be considered convenient in such conditions.
Why are maternity insurance policies important?
The term during pregnancy can be wrought with a fair share of complications. Under such a complex situation, healthcare expenses can quickly deplete the savings of an individual. Hence, having an insurance policy to provide financial protection for this purpose is necessary.
In this regard, health insurance policies specifically designed for maternity-related complication comes in handy. Plans like these, focus on offering coverage from a host of different problems.
However, before purchasing one, individuals need to keep in mind some pointers to make an informed decision.
5 Points to consider before buying maternity medical insurance
- Extent of coverage
Health insurance comparison between standard policies and maternity ones will reveal the additional coverage that the latter policy offers. Typically, specific policies like a maternity plan offer pre and post hospitalisation coverage, pre- and post-natal expenses, coverage for Caesarean delivery expenses, etc.
Best maternity health insurance policies will also include expenses related to the care of new-born babies, such as vaccination, medicinal costs, etc. Alongside, amenities like ambulance expenses coverage, coverage for doctor’s fees, and diagnostics tests are some of the notable benefits of such insurance plans.
Along with the extent of coverage and its amount, it is imperative to know the points that are not included in a particular maternity insurance plan. It will allow policyholders to get a better idea of a particular product and choose accordingly.
Some common exclusions include the following –
- Complications due to pre-existing diseases.
- Treatment costs of ectopic pregnancy.
- Infertility treatments.
- Costs of certain medicines.
- Congenital disorders.
Along with exclusion, it is vital to know the sub-limits of a family medical insurance policy before buying it. Limitations like these, enforced by particular clauses, can lower the total coverage amount. Hence, it is vital to check this factor beforehand.
- Waiting period
The waiting period is a specific time-frame during which one cannot claim the benefits of a particular policy. Best medical insurance in India for family will offer a shorter waiting period and allow individuals to avail the benefits as soon as possible. Typically, this period can range from 9 months to 3 years, depending on the guidelines of a particular insurance provider.
- Claim settlement ratio
One of the most essential pointers to keep in mind while purchasing any health insurance policy is the insurance provider’s claim settlement ratio. This ratio indicates the percentage of claims a particular insurance provider has settled. Typically, the leading companies maintain a ratio of above 90%, assuring a better experience.
- Additional benefits
Along with these fundamentals, one needs to consider the additional benefits offered by a particular policy. For instance, the best family health insurance in India offered by aggregators like Bajaj Finserv, provides access to an extensive network of hospitals, where you can avail cashless treatment. Besides, the no-claim bonus is another lucrative benefit. Here, individuals can receive additional sum-insured if they do not file any claim within a year. This percentage of bonus is not uniform, it varies as per the terms of particular policies.
Maternity insurance policies focus on only one particular area, and one must not confuse it with a regular health insurance policy. Nevertheless, individuals should keep the above-mentioned factors in mind and read through the policy terms carefully to undertake a well-informed decision.