Finding out that you will become a parent is an extremely exciting experience for a person. Birthing a child is such a precious yet life-altering incident in one’s life. It brings a lot of joy, happiness, and love to the house. But even responsibilities come along with these overwhelming emotions. There is a lot you can do after you have a child. But what about the birth of your child? But what about the preparations?
An expectant parent needs to plan about the finances beforehand. Financial planning is one of the most essential parts of life for children. Among other things, maternity insurance should be a part of your planning.
With the rising cost of medical treatments and facilities, one must receive good medical care during pregnancy and delivery. The increasing awareness about maternity and child health care has led to a growing demand for health insurance with maternity benefits.
In this article, we will explore the maternity coverage of the health insurance policy. You need to understand why it is crucial to get maternity insurance, its advantages, and its coverage.
Why You Need Maternity Insurance
- Maternity insurance is designed to cover the expenses associated with pregnancy and childbirth. While comprehensive health insurance covers general medical expenses with a wide scope, this insurance covers just the pregnancy and childbirth aspects of it.
- The maternity care cost is rising as the days go by, and with this trend, it will not come down. The expenses like pre-natal checkups, hospitalisation during delivery, and after-birthing or post-natal care are all costly. Maternity insurance takes care of these expenses by paying a significant amount for this financial burden.
- Financial planning is a huge part of parenthood, and it starts pre-delivery. It starts with you buying maternity insurance and creating a safety net and secure conditions for when the baby arrives. It ensures that your savings and investments are safe and not depleted.
Maternity Insurance Coverage
- The maternity insurance medical policy coverage ranges from pre-natal expenses to post-natal care costs. Pregnancy and childbirth: everything is covered under this policy.
- Hospitalisation Expenses, including room charges, medicines, surgical fees, and hospital utility charges, are covered under this plan.
- Pre and post-natal expenses like regular checkups, ultrasounds, blood tests, and other nursing care are also covered under this policy.
- Here is a list of things that are under the maternity coverage:
- Delivery Expenses
- Hospitalisation expenses
- Pre-natal expenses (checkups, sonography, and vaccinations)
- Post-natal expenses (checkups)
- Ceaserian surgical delivery
- Abortion expenses
- Surgeries related to pregnancy complications
- Newborn baby expenses (like vaccination)
Maternity Insurance: Benefits
- Financial Security
With maternity insurance, you can stay stress-free about the financial burden of pregnancy. The policy offers financial relief to the policyholder in exchange for the premium at the time of pregnancy and delivery. This financial security proves to be more critical than one deems it to be. It not only offers financial relief but also gives you peace of mind.
- Peace of Mind
While a woman is pregnant, it is crucial to have good thoughts and stress-free days. If the person is continuously stressed about the financial planning and hospital expenses when she is pregnant, it will affect her mental health. This is dangerous and must be avoided at any cost. When you buy maternity health insurance, you buy peace of mind.
- Tax Benefits
The premium that you pay to the insurance company is actually deductible from your total income. This will reduce your total taxable income, and you will have to pay less tax. You can check this under the section 80D of the Income Tax law. While others are more intangible benefits, this is a monetary and tangible benefit of this policy.
- Medically Necessary Termination
When we talk about pregnancy, we know and understand how complicated it can get. It is a very fragile and vulnerable state of the body. There can be situations that might require the woman to terminate the pregnancy medically. While this is not a benefit of any sort, the expenses of this termination are partly or proportionally (whatever is decided) paid by the insurance company. So, in case the need arises for you to opt for an abortion, you can do it, especially if it is a matter of life and death for you!
Conclusion
Maternity insurance is an essential inclusion in the insurance industry. It has been extremely helpful to the parents with the financial planning.
Always remember that everyone needs individual health insurance, and maternity is an inseparable part of health in women who choose motherhood. Maternity insurance has always contributed to stress-free pregnancy and childbirth experiences.
