Before they’re even born, we want the best for them. No wonder choosing the right maternity insurance can get so confusing. Whether you’re looking to opt for a maternity benefit in your current individual health insurance or are getting an individual health insurance for the first time, following are some things to keep in mind:
a. Opt for it in advance: Always opt for the maternity benefit well in advance. Benefits like Maternity and Critical Illnesses usually have a waiting period before you can utilize it.
Therefore, whether you’re going to get married soon or, are planning to start a family in the next one to two years, this would be the ideal time to opt for the maternity benefit in your current health insurance or new health insurance plan.
b. Check Sum Insured: Sum Insured is the amount you’ll get to compensate expenses during delivery and hospitalization. The average cost of delivering a baby in urban India today ranges from about Rs 45,000 to Rs 75,000 and a C-section could cost you up to Rs 80,000 to Rs 1 lakh.
Therefore, it’s important that you check how much the maternity benefit in your health insurance will cover and accordingly make a choice based on your financial feasibility.
c. Benefits: It’s called Maternity benefit for a reason! Every health insurance has different benefits it offers to its policyholders. Therefore, compare maternity benefits in different health insurance plans and go for a plan you think suits your needs the best.
Do they cover C-section? Do they offer covers for fertility-related issues? For how long is the child covered post-pregnancy? Does it cover hospital room rent? Do they offer cashless settlements? etc. are some questions you could keep in mind.
d. Cashless Settlement: A cashless settlement is a benefit some health insurance companies offer to their policyholders. This means that during a claim, i.e in this case during delivery, you don’t need to pay or reimburse any amount but instead, can make a cashless claim if the concerned hospital is covered by the insurer.
During a chaotic and stressful time like pregnancy and the uncertain labor, such benefits can really help you a long way. Therefore, choosing a maternity cover or insurance that offers cashless settlement could be one deciding factor while choosing the best maternity insurance.