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4 Mistakes to Avoid While Buying Maternity Insurance

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Published on November 10, 2021. EST READ TIME: 3 minutes

Motherhood is a very exciting transition in a woman's life but is also brings with it numerous of responsibilities. From conceiving a baby to childbirth and till they become independent, parents have to bear a huge amount of financial responsibilities. And, on top of that there are many health-related expenses as well. So, it is always advisable to buy a maternity insurance plan apart from a mediclaim policy.

A maternity insurance covers healthcare expenses for expecting mothers and their babies. Ideally, a good maternity insurance should cover all the pre-natal and post-natal expenses, along with a post-delivery care package, up to a certain period. If you are planning to conceive, purchasinga good maternity insurance is ideal for getting financial relief.

However, there are a few mistakes which you need to be mindful about while buying maternity insurance.

Delaying the purchase of maternity insurance until pregnant

Most maternity insurance policies come with a waiting period of around 3-6 years, after which it comes into effect. Hence, if you wait until you are pregnant, the purpose of buying the insurance won’t be served.

Opting for lower premium plans

It is very appealing to buy maternity insurance with a lower premium. But just like mediclaim policy, a lower premium means lesser coverage. Any health-related situation, including childbirth, is unpredictable; hence it is always advised to select the insurance with significant coverage. Do your research carefully and then choose the best maternity insurance.

Buying maternity riders

Purchasing a maternity rider with your health insurance planmay seem convenient and less costly; however, most of these riders end up putting more financial pressure. Most of the health insurance fine prints do not clearly mention the inclusions and exclusions of the maternity rider clearly. This leads to conflicts in the later stages of pregnancy once the expenses begin to shoot up.

Not getting coverage for the baby

People often overlook the fact of absence of baby coverage, when buying a maternity insurance. A good health insurance provider will accommodate complete coverage for the mother and the infant, until a period. However, some plans may omit the baby's coverage.

Conclusion

Maternity is a vital phase that demands good care and regular check-up of the expecting mother. The expenses of childbirth, medication, and medical tests and other expenses put pressure on parents-to-be financially. Hence, they need to choose a maternity insurance that gives them the maximum coverage.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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