The birth of the child is without a doubt the greatest happy event in the couples’ lives since their marriage. Bringing a new life into this world, on the other hand, is not inexpensive. Because of our country’s increasing basic healthcare costs, it is projected that bringing a new life into this world may cost anywhere between 1.5 lakhs and 2.5 lakhs. This can have a significant impact on people’s hard-earned money.
Maternity-related expenditures and post-natal medical care have risen dramatically in the previous decade, prompting an increase in the number of couples purchasing maternity insurance. Those considering purchasing maternity insurance coverage should be aware of what it entails and how these policies operate.
What is Maternity Insurance Coverage?
Maternity insurance coverage will provide you with maternity health coverage that will cover the costs of birthing and pregnancy. It will not only give financial assistance throughout the pregnancy, but it will also assist with the delivery, but only for a limited time. Parents don’t have to worry about their money with the aid of this plan, and they can obtain the greatest healthcare available.
Maternity insurance coverage may or may not be included in your health insurance policy. Even if they do, it will be subject to its own set of constraints. If your health plan covers maternity expenditures, there are a few more considerations to make, such as if coverage is enough for other diseases, what the premium would be, and so on. This is why it’s a good idea to have many types of maternity insurance.
Right Time to get Maternity Insurance Coverage
Pregnancy is a joyful as well as a life-changing experience for many people. Maternity expenditures have grown prohibitively expensive as medical inflation and general spending have risen. A lack of appropriate planning may burn a hole in your wallet, overriding the joy of becoming a father. Experts advise that one should plan ahead of time because maternity insurance policies generally have a significant waiting period. Given that most insurance companies do not give maternity insurance to women who are already pregnant, treating it as a pre-existing condition, women who want maternity insurance should apply before they conceive.
Claim Process Maternity Insurance Coverage
- The procedure for filing a maternity insurance claim may differ from one insurance provider to the next. In most situations, however, the policyholder must follow the method outlined below:
- In the case of cashless hospitalisation, notify the insurance carrier of the claim between 48 hours to 72 hours of hospitalisation or within 48 hours of emergency hospitalisation.
- Fill out the pre-authorization form, which is accessible at the TPA desk or can be downloaded from the insurance company’s website.
- The insurer’s claim management team delivers a letter of approval within a certain time after receiving the pre-authorisation claim form.
- If your chosen hospital is not in the insurer’s network, you can make a reimbursement claim. As a good parent, you should plan ahead of time for the costs associated with pregnancy and childbirth. With the ever-increasing cost of medical care, it is necessary to plan ahead of time for all unforeseen and expected costs. This is why, before becoming a parent, you should think about getting maternity insurance.
Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard. This article is issued in the general public interest and meant for general information purposes only.