For every couple the happiness of having a child is very huge but it comes with its own expenses. This starts with the maternity expenditures when delivery of baby is happened. Now a days it costs a lot of having a child, birthing and related services. This mainly includes surgery charges and hospitalization. Hence, it is very significant that you plan for this event. A maternity insurance cover is somewhat that you should consider.
Maternity Insurance is a type of insurance that helps you in covering the expenditures associated to the delivery of a child. This is not provided by the insurance companies as a separate plan. Insurance in general is a shielding cover which is meant for the events that may occur and not for planned events. That’s why the maternity insurance is provided as an add cover to your Health plan.
What Maternity Insurance Cover?
- Expenses of the hospitalization: Normally, most Maternity Insurance covers both pre and post hospitalization expenses. The expenses of pre hospitalization are covered up to a month before lady admitted to the hospital. Whereas, the Post-hospitalization expenditures are covered for 2 months after a lady is discharged from the hospital. Although in the hospital, the insurance mainly covers nursing charges, doctor consultation charges, room charges and other associated expenses.
- Expenses of Delivery: The expenses of delivery are covered under the maturity insurance irrespective of whether it is a normal or caesarean delivery. Moreover, policies also cover the complications of post delivery.
- New Born Cover: The majority of maternity polices cover the new born in event of ingrained diseases or if the baby contracts any serious illnesses.
Need of Maternity Cover:
Many employers offer a cover for maternity along with the health plan provided by them, but this is not enough. On an average the maturity cover provided by the employer may just about 20-30 thousand forcing you to expend a major amount from your pocket. Hence, if you do not have sufficient savings, you may want to consider this cover.
Preferably, you should choose for this cover as quickly as you get married or even before you get married, if you know this is a possible event. One more reason to take for this cover early is mainly the terms and conditions that approach with it. Most maternity covers have a waiting phase of 9 months to 4 years. So, you should note that you cannot choose for this cover if your spouse is expecting already. While the premiums for the health plans with the maternity covers are on the higher side, make sure that you get all the needed benefits. This should incorporate coverage of pregnancy extinction, pregnancy complications, new born cover as well as post natal expenditures. In addition to this, if you choose the maternity cover then you should make sure that you have minimum 80 percent of the expenditures in the form of savings. This is to make certain that you are not stressed in case there is claim refusal for certain expenses.