Bringing a child into the world is wonderful and terrifying at the same time. It is undoubtedly one of the most joyful experiences one can have in life however, there are several things that need to be taken care of. This is a milestone moment in life that requires extensive financial planning. The cost associated with bringing a child into the world is extensive and rising exponentially due to medical inflation. Hence, it has become even more crucial today to get health insurance with maternity cover for couples who are planning to expand their family in the near future.
Why Do We Need Maternity Cover?
Apart from the rising medical costs that make it crucial to get financial assistance, there are several benefits of health insurance with maternity cover that make it a wise purchase. Maternity cover is beneficial for both mother and child. A suitable policy will cover all the crucial expenses related to pregnancy. It can give you much-needed peace of mind when you are going through such a transitional phase.
Here are some benefits of health insurance with maternity cover that you should know about:
1. Financial Support
Health insurance with maternity cover acts as a financial safety net, covering costs associated with childbirth. Additionally, some insurance plans cover both pre-and post-hospitalization charges as well as medical expenses such as surgeon’s fees, doctor’s consultation fees, lodging costs, and nursing.
2. Comprehensive Coverage
As a pregnant woman, you have access to a variety of prenatal testing and medical treatments, and you may need to be admitted to the hospital. In addition, extensive coverage is required in the event of a caesarian section for childbirth, as well as numerous post-natal testing and recovery. Having health insurance with maternity cover ensures that you are properly covered and that you will not have to deplete your resources during this time.
An excellent health policy with maternity insurance coverage includes maternity coverage, newborn coverage, ambulance fees, domiciliary hospitalization expenses, and complimentary health exams, among other things. This will cover both pre-natal and post-natal expenses, as well as any health concerns that may have arisen following the delivery.
3. Prepares the couple for complications
In the event of a difficulty, such as premature birth, a newborn must be placed in an incubator for a period of time. The cost of such treatment can be substantial. These are unforeseeable events that can become more stressful as a result of the costs. You could find some financial relief with a solid maternity insurance cover, as it would cover the majority of the costs.
4. Cashless Hospitalization
Most insurance providers offer cashless claim facilities to policyholders for convenience. This feature means that the medical bills would be resolved between the insurance provider and the network hospital without the insured person having to deal with anything. Cashless hospitalization may be an excellent option because childbirth may be an expensive prospect at times, with a lot of medical costs stacking up.
5. Choice of Sum Insured
The sum insured for maternity insurance cover can be chosen by policyholders according to their requirements and financial profile.
6. Additional Benefits
A general insurance policy may not provide coverage for issues related to childbirth. As a result, maternity-specific insurance policies are a viable option. Insurers now provide maternity insurance plans with several riders, each of which affects the premiums payable.
7. Tax Benefits
Section 80D of the Income Tax Act of 1961 allows for tax benefits on maternity health insurance coverage.
Finally, it is advisable to look for health insurance plans that provide maximum coverage with a reasonable premium.
When you are purchasing health insurance, it is important to compare different policies. If you buy health insurance from multiple health insurance providers, you will be able to find a suitable health insurance policy that includes maternity benefits at a reasonable price.