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When starting a family, securing your financial future is perhaps the single most crucial commitment you need to make. Every expecting mother deserves special care, and having a good maternity insurance plan is the first step. A vital factor to consider in every health insurance policy is the waiting period. A waiting period in health insurance is defined as the time that must pass before one can avail of the full benefits of the coverage.
With parenthood come many responsibilities, including financial planning, which is crucial at this stage. To access the best medical care, one should opt for adequate maternity cover, considering the high cost of maternity care in India. Opting for a health policy will ensure a safe pregnancy by covering a range of expenses such as delivery costs, pre and post-hospitalization medical costs, ambulance charges, and the new-born cover.
Unfortunately, there are no policies that offer health insurance with maternity coverage that has no waiting period. Usually, the waiting period ranges from nine months to six years when it comes to maternity insurance. Hence, it is crucial to strike a balance between your budget and the maximum period for which you can wait before it becomes necessary to claim the insured amount for pregnancy-related expenses..
TNow that we know it is impossible to get maternity insurance in India that has no waiting period. Hence, it means that planning much ahead for pregnancy is not only hugely beneficial but also necessary when signing up for a maternity policy.
There are mainly four major types of waiting periods:
While looking for maternity insurance, already pregnant Indian women in India may find it difficult to get coverage with no waiting period as many insurers do not offer this option. The reason is that an insurer considers pregnancy as a pre-existing condition and beyond coverage. So, it means that maternity insurance plans do come with a waiting period..
Pregnancy is a crucial phase in a woman’s life, and prior planning is the best way to safe motherhood. Since finding pregnancy health insurance with no waiting period policy may not be possible, it is necessary to plan much ahead as there is a waiting period clause.
Yes, the waiting period can be cut short by paying a higher premium. Another way to reduce or completely eliminate the waiting period is by switching from a group health insurance to individual health insurance post your exit from a company, and you will not be required to serve a waiting period. There is also a clause called the pre-existing condition waiver. It is typically offered in travel insurance, where the medical expenses on your pre-existing conditions are waived by the insurance company during your travel.
Since one cannot opt for maternity insurance for already pregnant Indian women, it is essential to plan for the investment early in life. It is a crucial step everyone should take for their family’s well-being. The policy will enable the insured to get quality maternity care with benefits like cashless hospitalization, new-born baby cover, and tax benefits.