Is there any Maternity Health Insurance without any Waiting Period?
While you are busy being part of the most beautiful process- the creation of life, we are here to take care of the complex part – the expenses.
Maternity Benefit covers the medical expenses related to pregnancy, childbirth, hospitalization, pre- and post-natal care and other related costs as specified in your policy. It comes either as an added benefit in your health insurance policy or can be purchased as an add-on/rider benefit.
However, all maternity benefit cover come with an initial waiting period during which no coverage is provided for Maternity related expenses. This waiting period usually ranges from 9 months to 6 years, only after the completion of which any claims can be raised.
Is there any Health Insurance with Maternity Benefit without any Waiting Period?
Considering the skyrocketing costs of medical facilities and the innumerable responsibilities that come with new parenthood, it is indispensable to purchase Maternity Benefit to ensure a safe and smooth childbirth experience.
Unfortunately, there is no Maternity Benefit Cover with Zero or No waiting period.
The length of this waiting period, however, might vary from 9 months to 6 years across insurance providers.
The only instance of a zero-waiting period in Maternity Benefit is the Group Insurance Policy provided by companies to their employees, wherein the waiting period is waived off in some cases, and the insured is covered for Maternity from the start. However, this is very subjective and depends on a case-to-case basis. Also, the Group Medical Plans come with their own set of limitations and hence its always wise to invest in an extra medical coverage.
There is also an option to partially cut down the waiting period by paying a higher premium. However, even in such a case, you cannot nullify the waiting period in Maternity Benefit.
Hence, it's always a wise decision to plan ahead and purchase a Maternity Benefit and child cover much prior to the time when you might need it.
Digit’s Maternity Benefit Cover comes with 24 months waiting period for individual health insurance and 9 months waiting period for Group Medical Coverage, which can be waived off depending on several factors.
When to Buy a Health Insurance with Maternity Benefit Cover
Now that we know about the inevitable inclusion of a waiting period in Maternity Benefit Cover, the importance of planning ahead becomes all the more evident. The basic premise behind deciding “When is the right time to buy Health Insurance with Maternity Benefit Cover”, is the fact that you should have enough time to complete the waiting period before you can use the maternity benefits.
Maternity Benefit Cover is, no doubt, a critical aspect of a planned pregnancy. It is, in fact, crucial if you want to save your pocket from being hit and enjoy the complete happiness of welcoming the new member in the family.
Why you Should Plan Ahead for Health Insurance with Maternity Benefit Cover
Here are the top reasons why you should plan ahead for Health Insurance with Maternity Benefit Cover:
Maternity Benefit Cover comes with a waiting period of 9 months to 6 years
A pregnant individual cannot purchase Maternity Benefit Cover. There is no benefit even if purchased in advance but within the waiting period tenure. Hence, it should be taken much prior, to cover the waiting period
The average cost to deliver a baby in most urban cities is at least Rs 50,000 to Rs 70,000. It becomes a costly affair without Maternity Benefit Cover, and why incur the expense when there is an option of coverage available? Just plan it timely.
Most couples in India are apprehensive about parenthood due to the financial responsibilities that come with it. Leave the apprehensions behind and just plan the Maternity and Child Benefit Cover in time to cover your expenses for the same.
Who Should Buy Health Insurance with Maternity Benefit Cover
In general, any individual or couple that wishes to embrace parenthood should consider buying maternity and child benefit coverage, the critical keyword here being “timely”. Depending on various factors, maternity benefit cover should be purchased by:
Couples who plan to go on their family way in a two years’ time (or sooner if your policy provides so).
Couples who have a child and plan to have another in a few years’ time.
Couples who plan to get married soon and embrace parenthood soon after. In such a case, at least one of the partners should consider buying maternity benefit cover pretty much in advance.
FAQs (Frequently Asked Questions About Waiting Period in Maternity Benefit Cover)
Can I buy maternity coverage when I am pregnant?
Unfortunately, maternity coverage is considered as a Pre-existing condition by health insurers and hence has a waiting period. So, your maternity coverage might not activate immediately if you take it during pregnancy. That’s why it’s always better you opt for it well in advance.
How to go about choosing the best Maternity Benefit cover?
Before they’re even born, we want the best for them. No wonder choosing the right maternity benefit cover can get so confusing. Whether you’re looking to opt for a maternity benefit in your current individual health insurance or are getting individual health insurance for the first time, the following are some things to keep in mind
- 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 them.
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. - Check Sum Insured: Sum Insured is the amount you’ll get to compensate for 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, you must check how much the maternity benefit in your health insurance will cover and accordingly make a choice based on your financial feasibility. - 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 choose a plan that suits your needs the best.
Do they cover C-sections? Do they offer coverage 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. - 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 uncertain labour, such benefits can help you a long way. Therefore, choosing a maternity cover or insurance that offers cashless settlement could be one deciding factor when choosing the best maternity benefit cover.
What are the mistakes to avoid while opting for a Maternity Benefit Cover?
- Opting for the cover too late i.e., two to three months before becoming pregnant or during the time of your pregnancy. In this case, you won’t be eligible to claim under this benefit.
- Not checking the sum insured. The primary use of this cover is to that you’re compensated for expenses that arise during your pregnancy. Therefore, it’s important to check how much is your sum insured in this case and check whether it’ll be sufficient or not.
- Claiming before the waiting period is over. It’s important to check for waiting periods before you claim for your respective covers. It’s only after the completion of the required maternity cover waiting period can you claim for maternity-related expenses.