Tips to Plan your Expenses with Maternity Insurance

MATERNITY INSURANCE



Plan your Expenses with Maternity Insurance For a Safe Motherhood

The joy of welcoming a baby as a new member of the family is unmatched. However, for the new parents or soon-to-be parents, there is a lot of responsibility on their shoulders - from making the house baby-proof to those little changes in the daily routine like sleep timings and dietary habits. These are, naturally, some experiences to cherish.

Moreover, being financially prepared for parenthood is a necessity, given the high costs of quality maternity care in India. Buying a family health insurance plan with maternity coverage is a must. This will ensure that you get the best medical care for safe motherhood.

Being financially ready for maternity is not limited to managing the expenses incurred during the hospitalization stage. In fact, it implies that you are ready to manage those expenses that arise before and after the delivery stage. Maternity health insurance allows you to be worry-free during these crucial stages of life.

When it is about raising a child, one needs to recalculate the household expenses and plan accordingly. Setting a budget for maternity is helpful to a great extent. We tell you how you can do that for yourself and ensure blissful parenthood.

Avail Employee Benefits

If you are covered under a Mediclaim by your employer, reach out to the concerned person to find out about the claim procedures for maternity expenses. Unlike other health insurance plans with maternity cover with the waiting period and limited payout, group mediclaim plans are affordable and cover your hospitalization expenses.

Also, find out about the maternity leave rules in your organization and avail the financial benefits that come with it. The Maternity Benefit Act, 1961, entitles a woman to full paid absence from work or ‘maternity leave’ for the purpose of looking after her new-born baby. It is applicable for all those working in a private or public enterprise.

As per the Maternity Benefit (Amendment) Act, 2017, a woman having less than two children is eligible for maternity leave of 26 weeks. It can be extended on the basis of a medical certificate.

Start Saving Early

Women have the benefits of paid maternity leave and pregnancy insurance covering huge maternity expenses. Yet, one should think beyond the pregnancy and childbirth phase. It may happen that she decides to quit her job and become a stay-at-home mom. That’s when the family becomes short of one income-source leading to financial constraints. Hence, it helps to plan in advance. Speak to your spouse and set up a separate baby budget plan. It will help you manage those ‘little but significant' expenses such as buying diapers and other baby care products.

Look for good investment plans like a Systematic Investment Plan (SIP). The feature of automatic transfers from your bank account reduces your efforts further. Start planning and saving early so that you have the financial cushion when you actually need it. Later on, these savings will be additional support for your child’s education and other expenses.

Buy a Maternity Insurance Policy

In India, getting quality maternity care at a private hospital comes at a cost. While the cost for a normal delivery at a Government healthcare center is Rs 2,000 onwards, the same is higher at a private hospital ranging anywhere between Rs 20,000 to Rs 1 Lakh.

On the other hand, if the delivery is through C-section, the expenses tend to be higher. Maternity insurance plans provide coverage for hospitalization charges for delivery and everything encompassing new-born baby cover, doctor’s fee, room charges, etc. Not only this, such plans cover pre-and-post hospitalization expenses involving an examination, tests, medication, follow-up visits, etc.

There are health insurance plans that cover pregnancy but with a waiting period. Make sure to check for such clauses when you purchase a health policy.

Care Health Insurance (Formerly Religare Health Insurance) offers two pregnancy health insurance products ‘Joy Today’ with a waiting period of 9 months and ‘Joy Tomorrow’ with a waiting period of 24 months.