As a couple who is preparing to start their journey into parenthood, financial safety is one of the most important checks. A good insurance cover provides relief against any cost spikes that might come up in the process. Financial planning is part of Maternity plan in the process of planning for pregnancy.
Most of the working couples will have company provided Group Mediclaim policy or individual Mediclaim policy. It is better to check the important terms of these policies so as to update or change them if required.
1. Is there a waiting period?
Most group policies or individual policies will have a waiting period before maternity benefits kick in. There will be a waiting period of 2 to 4 years.
As far as we know in the market Religare Joy Policy has the lowest waiting period of 9 months for a new insurance taker. For Couples who are planning for parenthood immediately, it makes no sense to take a new policy for Maternity Plan alone. But we highly recommend that you still take a “Family Floater” Mediclaim policy as it would help cover the costs for the entire family. The early you start, the better.
2. What is the Coverage limit?
Maternity benefits are treated as an add-on, hence there will be a limit on the coverage. It is typically in the range of Rs.50,000.
That means you can’t claim more than 50,000 under Maternity benefit even if your Mediclaim coverage is more than that.
What does this mean for a couple planning for pregnancy? It means that you will still have to keep aside a lakh or more for maternity period expenses. Insurances ends up covering only 20-30% of costs in most pregnancies.
3. Is the newborn covered under Insurance?
The mother and father are covered under health insurance. But who covers the newborn? Family Floaters and other plans don’t cover newborn. Some Maternity benefits extend to the newborn from day 0 to Day 90. It can cover neonatal hospitalization expenses in case of an emergency.
There are other tips and tricks to maximize the usage of Mediclaim insurance. There are strategies to handle Group policy and personnel policy when both couples are working and have their own insurance.
Check out a simple Video Explainer by MyInsuranceClub.com on Mediclaim insurance.
About Wannabe Parents
At Wannabe Parents, we are laser-focused on helping wannabe parents put together a personal plan for pregnancy that covers the 5 Pillars of Pregnancy Planning. This is the first time such a program is offered in India. For the convenience of couples, it is offered online in the format of Live Workshops with sessions conducted by experts in their fields spanning across Doctors, Working Mothers, Financial Planners and much more. Do join us for the weekend free Webinars by registering here