Childbirth is a wonderful experience, but it is also something that comes with some medical risks. Preparing for it with the right financial product can help you mitigate the healthcare expenses, which can be immense. However, most people have several misconceptions about insurance policies that need to be clarified in order to avail off their benefits. In this article, we will look at everything you need to know about maternity insurance coverage with no waiting period.
The waiting period in a health insurance plan is one of the most important aspects to consider. A waiting period defines the period of time before one can avail of the benefits of coverage. While it would be ideal to have maternity insurance coverage with no waiting period, it is a legal requirement for all Indian health insurers. Maternity insurance coverage with no waiting period is not available also because it is considered a pre-existing disease.
You can claim the policy after the waiting period expires, which may take anywhere from 9 to 24 months, depending on the plan. During the waiting period, no claims can be made. So, if you’re planning a family, it is best to plan ahead and apply for pregnancy insurance in advance.
Since you do not have the option of maternity insurance coverage with no waiting period, you must understand why. A waiting period helps you save enough so that you can cover the expenses. These include complete coverage for hospitalization, prenatal and postnatal care, daycare services, as well as ambulance coverage. This is particularly useful as it helps you be prepared for any unexpected expenses and medical care.
A waiting period helps you get the full benefits of the policy. Medical care can also be accessed without worry about hospital bills at network hospitals that offer cashless hospitalization services. Care Health Insurance has more than 8000 hospitals that offer hassle-free healthcare.
Unfortunately, it is not possible to get maternity insurance coverage with no waiting period. There is usually a waiting period of nine months to two years for maternity insurance depending on the type of policy you take. There are different types of waiting periods:
- Initial waiting period – An initial waiting period refers to the time an individual has to wait after buying a policy to be eligible for reimbursement. Generally, any illness contracted within the first 30 days of coverage is not covered under the policy.
- Pre-existing condition waiting period – There is usually a clause that restricts coverage or excludes it for a certain period in cases of pre-existing conditions. The waiting period is typically 48 months in such cases.
- Ailment-specific waiting period – Some diseases are not covered by most insurance policies during the first 24 months from the purchase date. On the other hand, some ailments are covered almost immediately.
While it may not be possible to get maternity insurance coverage with no waiting period, you can always reduce the waiting period. Depending on the policy, the waiting period varies. If you pay a higher premium for your individual or family insurance, you can cut the waiting period.
However, it is better to invest in advance to avoid hassles and ensure financial stability. It is advisable to get the maximum coverage plan. Since maternity insurance coverage with no waiting period is not possible, it is best to plan and get the best for you and your family.
According to a report, about 30% of pregnancies fall in the high-risk category. This means that you may need to pay for medical care and need to plan your finances well. If you decide to have a baby, you will not be financially burdened by high medical costs if you have the right support system. The waiting period helps you get the coverage you need to face the costs and have financial stability.
Taking a policy ensures that you get quality maternity care with a variety of benefits such as cashless hospitalization, newborn insurance, and tax benefits. Secure your future and have a stress-free birth by investing in maternity insurance cover. Make sure you get one that gives you maximum coverage and provides a variety of benefits from a renowned insurance provider such as Care Insurance.