Giving birth in a hospital can be an expensive affair. The bills can culminate into several thousands of dollars. After delivery, parents also have to take care of innumerable postpartum and infant health care expenses. These costs can culminate in a distressing financial situation, especially for young couples. Although, general health insurance policies cover health care costs, they might not cover maternity-related expenses in a way that has meaning or value. In such a context, maternity insurance comes to the rescue. What is it all about and why is it important? Let us find out!
What is Maternity Insurance?
Simply put, maternity insurance is a health insurance policy that covers hospital bills and care expenses pertaining to childbirth, pregnancy, postpartum, and infant care. It enables new parents to cover child-birth expenses via all-encompassing financial support during the pregnancy and during and after the delivery, usually three months after the baby is born.
Why is Maternity Insurance Important?
The quintessential health care insurance may or may not provide maternity cover. Even if it does, the ensuing limitations can be crippling. Therefore, it is advisable to get separate and distinct maternity insurance. It has important for young couples and families for an array of reasons
- Financial Assistance
Quite understandably, maternity health insurance provides invaluable financial support for parents by converging prepartum and postpartum expenses, such as hospitalization bills, delivery expenses, etc.
- Stress-free Parenthood
It is safe to say that the entire process of pregnancy – from planning the baby to conceiving to nurturing the unborn and delivering the child – can be daunting. But things are a little bit simpler since maternity insurance guarantees a stress-free transition into parenting by also covering the newborn’s medical costs.
- Long-term Advantages
The third reason that makes maternity insurance so important is its long-term merits. Many times, pregnancy insurance may also cover a second pregnancy, under one single policy.
What Is Included in a Maternity Insurance Coverage?
A maternity insurance usually covers the following –
- Hospitalisation and Medical Expenses
A maternity insurance policy usually covers hospitalization and delivery expenses for 30 days prior to the delivery and 60 days after the delivery.
Also read: Maternity Insurance: Coverage and Benefits
Thus, it tends to both prenatal and postnatal costs.
- Newborn Coverage
A pregnancy health insurance also covers the newborn baby for up to 90 days after their birth. This includes timely health check-ups, vaccination costs, and likewise.
Delivery of the baby can be complicated and unpredictable. A maternity insurance covers the expenses of pregnancy-related complications, in case they occur.
- Termination Expenses
Unfortunately, in some cases of pregnancy, there is a high risk of losing the mother’s life. In such a context, the doctors deem termination necessary and this cost is also covered by maternity insurance.
- Second Pregnancy
Last but not least, most maternity insurance policies also cover a second pregnancy and offer almost all the benefits as the first one.
What is Excluded from a Maternity Insurance Coverage?
A maternity insurance policy is renowned for its comprehensive coverage. But, certain expenses are excluded from the policy. These usually include –
- Pregnancy Check-ups
A maternity insurance policy does not cover expenses incurred in the first nine months of pregnancy, including diagnostics, consultations, and follow-ups.
- Congenital Diseases
Maternity insurance policies do not cover expenses pertaining to the infants’ congenital conditions, such as heart diseases, autism, Down syndrome, physical impairments, and more.
- Termination in the First 12 Weeks
Terminations that happen in the first 12 weeks along with non-medical terminations are not covered under maternity insurance policies.
- Unprescribed Medications and Equipment
Medicines not prescribed by the doctor, such as health supplements are not covered by maternity insurance. Similarly, equipment used for postpartum recovery or baby care is not reimbursed.
- Late Pregnancies
Pregnancies after the age of 45 are usually not covered by maternity insurance policies.
Who Should Consider Maternity Insurance?
If you are a newly-wed couple planning to start a family and raise kids, then maternity insurance is worth considering. The policies help you with finances at the time when you plan pregnancy. Moreover, it is essential to remember that most maternity insurance policies have a waiting period between 9 months to 3 years, during which you cannot make a claim. So, it is best to buy the insurance plan as soon as possible, so that you do not have to worry about the waiting duration.
Things to Remember Before Getting Maternity Insurance Cover
After a comprehensive overview of the various facets of maternity insurance cover, it is time to wrap up the article by gauging some factors that you must be mindful of before embracing the policy.
A maternity insurance policy provides coverage from a few hundred dollars to several thousand dollars. You should check the coverage terms in a preemptive fashion and opt for the policy that is compatible with your financial situation.
Time of Purchase
Secondly, a maternity insurance policy has a waiting period that might extend up to four years. During this time frame, you cannot make an insurance claim. So, it is crucial to plan in advance so that by the time you are ready to have a baby, you are also eligible to make the insurance claims.
Do not forget to examine if you can add maternity insurance as an add-on to your existing health insurance policy or whether you have to buy a completely new policy altogether.
Last but not least, a good and worthy maternity insurance has multiple advantages. Some of the benefits you must look out for include coverage of C-section expenses, pre-hospitalisation costs, coverage for hospital room charges, etc.
Wrapping It Up
So, there we have it, a comprehensive overview of what maternity insurance is and why it is important. Truth be told, pregnancy insurance is an indispensable requirement for couples who wish to become parents one day. The process of bringing a new member into the family and tending to their needs becomes much easier with a maternity insurance policy, as a lot of the financial burden is lightened.