We can budget everything but medical expenses are urgent and uncertain. Any medical expense dents monthly cash flows and budget. Be it planning for a baby or taking care of the existing family, the period of maternity is always full of excitement along with nervousness. Planning is vitally needed for such expenses. Thanks to the flexibility offered by health insurance companies, maternity-related expenses can be planned in advance. Let’s now drill down to what maternity cover is exactly.
What is a maternity cover in group health insurance? ?
Maternity alters the journey of women in many ways. Childbirth-related expenses are increasing with rising medical inflation and thus improper planning may land you in a financial spot. To cover the risk of unexpected maternity-related medical expenses, we have a system called maternity cover.
It is an insurance cover offered along with family health insurance or group health insurance. It is an add-on that is optional for the policyholder. Once you have this plan included in a health insurance policy, all maternity expenses get covered through the insurance company. Thus, the entire treatment cost relating to pregnancy is covered.
Additional situations such as fertility issues arising due to delivery are also covered in the plan. Further, costs for medical complications and vaccination required for the newborn are covered for a period up to 90 days from delivery. Thus, it helps to cover even the extended period of hospitalization.
In the case of group health insurance, it is an added prerequisite from the employer. In such cases, the employer has paid the premium and the benefits are available to the woman employee.
When should you seek maternity cover? ?
- You may wish to take maternity cover for yourself or your spouse. However, the time of taking maternity cover matters a lot.
- If your wife is already pregnant at the time of application for maternity cover, many insurance companies do not allow it. Because it is treated as a pre-existing condition. The concept of insurance is basically made to hedge against risk of uncertain things which will happen in future and not something which is existing.
- Thus, always apply for maternity cover before conceiving. Further, insurance companies cover such events with a long waiting period of up to four years. The long waiting period is enough for anyone to plan a child.
How do young couples benefit from maternity cover? ?
The most important aspect for a young couple is to stay financially secure during medical situations. So, maternity cover hedges your financial savings and provides you with a relaxing parenthood moment. In case you have a second child during the same waiting period of the maternity cover, the insurance company offers up to 200% of the sum assured. Thus, maternity cover has valuable long-term benefits.
Maternity cover also provides medical cover for periods up to 90 days from the date of delivery. This covers medical complications arising out of maternity. It further allows you to relax and enjoy parenthood.
Insurance is all about covering uncertainties. Thus, if one wants to terminate a pregnancy for whatsoever reason, then maternity cover also supports the lawful termination process and takes care of all related medical expenses.
What all are included in maternity benefits under the group mediclaim policy? ?
- Both normal and C-section deliveries are covered. However, one should note that the cost of C-section delivery is higher due to hospitalization and operation needs.
- Expenses such as visiting charges of the doctor, surgery expenses, room rent are covered.
- Maternity cover is said to cover up to 60 days before and up to 90 days after hospitalization. A wide range of actual bills are allowed to be claimed. Thus, it is called maternity and newborn baby cover.
- After delivery, all vaccination costs are covered.
What is the procedure for claiming maternity insurance? ?
? The first process is to intimate the insurance provider about the claim. Such intimation is usually to be given within 24 hours in case of emergency cases and within 48 hours in case of planned hospitalization cases.
? For a cashless process, you need to wait for the approval letter from the claim management team. The team provides you with a pre-authorization form using which you may claim for the expenses.
? For cash paid and the reimbursement process, you have to specify the expenses incurred in the claim form. Once the same is approved, you get the claim amount.
An insurance company makes sure that happy maternity moments are preserved. Maternity insurance helps you focus on the newborn and not on bills. Let the insurance company take care of the expenses while you focus on your new life with your little one.
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