New-Age Maternity Benefits In Health Insurance, What Every Parent-to-Be Should Know

The decision to expand one’s family is not just an emotional one; considering the medical inflation touching 14%, it’s as much of a financial decision as possible. While welcoming a child is a joyous affair, the high prevalence of health-related risks and complex living conditions – particularly in metropolitan cities- might add to the already high hospitalisation cost.

Pregnancy comes bearing costs associated with the scans, consultations, and childbirth. The rise in admission fees at private hospitals – especially for caesarean deliveries, private rooms, or treatments like IVF can potentially drain a family’s financial resources.

Health insurance plays an imperative role in safeguarding one’s family from unexpected medical expenses and offers financial stability along with peace of mind. Family planning is a moment of joy for the family and it should remain such, without the worry of financial strains or affording the best medical care out there. Health insurance helps you set free from all these concerns and focus on one of the biggest and happiest milestones of your life – becoming a parent.

Here’s how new-age maternity products cater to the new-age demands of today’s young families –

Coverage is available now for expecting couples too

A decade ago, maternity coverage was often seen as a limited benefit, only covering expenses incurred till the child’s birth. Traditional products offering maternity coverage would have a minimum waiting period of 1-2 years, rendering them ineffective for those already expecting or planning to conceive in the near term. So, these products highlighted a huge need gap – a more feasible and reasonable waiting period.

The demand for maternity coverage is highest among the age group of 25-35. Alarmingly, 65% of these women were already expecting or planning to extend their family.

The data highlights the need to bridge the gap seen in traditional products by offering timely maternity coverage.

New features in maternity insurance make sure that these gaps are taken care of. The waiting period today has come down to as low as 3 months, which promises a timely, safe and secure childbirth without having to plan far too much in advance. Not to mention, they solve the consumer’s biggest pain point – getting maternity coverage for the couples already expecting.

There are other plans that come with a 9 month waiting period which is again a more realistic approach to family planning.

With a significantly shorter waiting time, this feature directly addresses the difficulties that many expectant parents encounter while trying to find timely coverage for their expanding family. The product is designed to make sure maternity insurance becomes widely accessible to a broader audience.

Benefits of new-age maternity plans

• Earlier, for maternity coverage, the couple had to endure a waiting period of 2-4 years. The new age maternity plans offer waiting periods within the 3 to 9 months range, with the lowest one being 3 months.
• To ensure inclusivity and greater availability, some plans allow the spouse’s served waiting to be transferred to get maternity coverage from day 1.
• A comprehensive coverage that can be used for any kind of delivery-normal or caesarean and comes at an affordable price.
• The policies come with a flexibility of entry age, being available to women aged 18 years and above.
• The products offer the feature of covered maternity sum being carried forward over to the following year if policyholders do not file a claim.
• Coverage for treatments like IVF is also available under these plans. For those who wish to adopt a child, these plans cover the entire legal adoption process, ensuring financial protection.
• Coverage for pre and post-natal expenses incurred

In a nutshell, the modern-day maternity insurance landscape in India is as comprehensive as it can get. The coverage and benefits being offered aim to provide peace of mind and financial security, eventually helping parents to navigate through the challenges and joys of parenthood.

-The author is Head – Health Insurance, Policybazaar.com. Views expressed are personal.