Vital Things To Consider Before Availing Maternity Insurance June 8, 2018 By: sidharthkapoor 0 Facebook 1 Twitter 0 Google+0 LinkedIn0 Reddit 0 Pinterest0 WhatsApp Viber 1Shares Mrs and Mr Agarwal were an excited lot these days as they were all set to welcome a new member of the family. Yes, Mrs Agarwal was pregnant and expecting her first child in a period of 7-8 months from now. Although there was a sense of zeal in the family, what concerned Mr Agarwal was the ensuing cost of the upcoming member. Yes, most of us don’t see a child born in a family that way as it’s considered a great event of one’s life – no doubt about that – but having a child is an expensive affair! There are many costs involved, all starting when you get pregnant right from gynecologist visits to multiple tests, extra nutrition, purchases for the new member and all – leads to a hefty amount. Thus, if you don’t have a solid financial background, you have all the reasons to be concerned as it will burn a hole in your pocket and impact your income and savings. That’s when maternity insurance can work in your favour to cover all costs. It will offer you financial coverage to pay for all such discussed expenses. Some policy such as health insurance with maternity coverage can also be good which you can avail early. However, before you jump on a policy online, let’s provide you some factors that you need to consider before applying for maternity insurance: 1. Does your Existing Health Plan has a Maternity Coverage? Most of the employer or group, health insurance plan, will mostly cover a maternity benefit which you need to confirm with your employer. It is vital to know as it’s not separately available and is a part of an ongoing health insurance plan. Most of the individual plan does not cover it. Thus, ask your insurer about it and if it does not provide you maternity coverage, switch to a policy that does. 2. Conditions Covered in your Maternity Insurance Cover Since the phase of pregnancy right from getting pregnant to delivery involves multiple tests, doctor visits, and more, maternity costs are higher. Thus, you need to look what your maternity insurance policy covers all conditions. Some plans may include hospital stays, and other pre and post-natal expenses, but may not offer medicine and other costs. Thus, picking a plan that covers your needs inside out is mandatory to walk into the beautiful phase of motherhood without concerning about the money. 3. Waiting Period of your Maternity Insurance You can’t start using or claiming expenses from a maternity insurance policy straightaway as there is a waiting period. In most of the cases, a waiting period before you can claim as higher as 2 years or 4 years is there. It means that a policyholder needs to wait for a period of 2-4 years before starting to ask for a claim. Thus, be sure of how you are going to plan a pregnancy and then accordingly avail a health insurance with maternity coverage. If you are already pregnant, it will be treated as a pre-existing condition and won’t be covered. Thus, look for these clauses when relying on an insurance plan to save your costs. The Bottom Line Don’t let your dream of walking into the motherhood phase get ruined by concerns of money management. Instead, plan everything in advance, and then embark on being a proud mommy and feel the bliss. You can now compare different maternity insurance plans online and pick one suiting your needs, affordability and other factors. Happy motherhood in advance! Tag: maternity coverage Previous post Know the finer aspects of VPN Services while investing in one Next post How to Have A Rewarding Career in Private Equity?