Becoming a parent is an exciting and life-changing experience. The anticipation of a new arrival brings with it joy and nervousness. In addition to the emotional rollercoaster, it also brings financial responsibilities, such as prenatal and postnatal medical care, childbirth expenses, and infant care. This is where maternity health insurance comes in – to make sure you have the financial protection you need during this important stage of your life.
In this article, we will delve into the concept of maternity insurance with no waiting period. Know the eligibility criteria for maternity insurance, and ways to choose the best maternity cover.
What is maternity insurance?
Maternity insurance is a specialised type of health insurance policy that covers pregnancy-related expenses. It can cover a range of expenses including prenatal tests, doctor consultations, hospitalisation expenses, childbirth, and post-natal care. You can buy maternity insurance as a standalone policy or buy a health insurance policy with maternity cover. With the right coverage, expectant parents can have peace of mind knowing that they are covered financially at every stage of the pregnancy journey.
What is the waiting period for maternity insurance?
A waiting period is a period during which you cannot claim insurance benefits. Since maternity care requires long-term planning, several health insurance providers require you to serve a waiting period before you can claim benefits for maternity expenses. These waiting periods can vary from one policy to another, ranging from nine months to four years. So, before buying a maternity insurance policy, make sure you know the waiting period applied to your policy.
Maternity insurance plans with no waiting period
If you want to enjoy immediate coverage on your maternity health insurance policy, you need to opt for a maternity insurance plan without any waiting period. These plans come with immediate coverage for maternity expenses from the date of policy inception. No waiting period means you get coverage for consultation fees, hospitalisation expenses, and more from day one of the policy. You can also look for maternity insurance with the lowest waiting period to get coverage as soon as possible.
Types of waiting period in health insurance
When it comes to securing your health, having a comprehensive health insurance policy is crucial. One crucial aspect of most health insurance policies is the waiting period, which refers to the time period during which certain medical conditions are not covered. Here are types of waiting periods in health insurance:
- Initial waiting period: This refers to the period starting from the commencement of the policy, during which no benefits are payable by the insurer for hospitalisation, specific illnesses, or treatments.
- Waiting period for pre-existing diseases: Any condition, disease, or ailment diagnosed forty-eight months before buying a health insurance policy is considered as a pre-existing disease. For pre-existing medical conditions not covered from day one of the policy, the policyholder must wait for the prescribed waiting period before claiming any benefits.
- Maternity waiting period: This waiting period applies to maternity insurance plans, and it is typically twelve months. However, some insurance providers may offer maternity insurance plans with no waiting period.
- Waiting period for certain illnesses: Certain medical conditions, such as hernia, sinusitis, and cataract surgeries, have a waiting period of around two to three years.
Can I have maternity health Insurance with a low waiting period?
Yes, you can have a maternity health insurance policy with a low waiting period. These policies may require you to serve a waiting period of nine months up to two years depending on the policy you opt for. A policy with a lower waiting period means that you can start availing of maternity benefits sooner.
Tips to buy a maternity health insurance policy with a low waiting period
Here’s a quick guide to help you buy maternity health insurance with a low waiting period.
Evaluate your preferences and budget: Decide on the coverage amount that you require and the premium you wish to pay.
Research: Look for insurance providers offering maternity insurance plans with low waiting periods online. Browse through different health insurance providers’ websites and check for the policy coverages, and terms and conditions.
Compare: Compare the different policies available with different providers. Look at the coverage and benefits offered by each policy and compare the premiums. You can buy separate maternity health insurance at an affordable premium or buy health insurance with maternity cover that fits your budget.
Buy online: Once you have selected the policy of your choice, you can purchase it online. Ensure you read and understand the policy terms and conditions before making the final purchase.
When to add maternity benefit cover to health insurance?
Ideally, you should add maternity benefit coverage to your health insurance plan before you plan to conceive. Most health insurance policies have a waiting period of 9 months to 4 years for maternity benefits. So, it is important to buy the policy well in advance to ensure that you have adequate coverage when you need it.
