As astonishing as it may come across, according to the most recent data from United Nations Population Fund (UNFPA), In 2017, an estimated 295,000 women died of causes related to pregnancy or childbirth from preventable causes related to pregnancy and childbirth. Most of these deaths and injuries are preventable.
Motherhood is one of life’s most rewarding experiences. One would like to enjoy the time leading up to and following delivery without worrying about anything else. Even though maternity and related expenses are a regular part of life, it is prudent to avoid any unexpected medical charges or any underlying medical expenses that are not upfront at the time of treatment.
Maternity insurance pays for most of your delivery costs up to a pre-defined limit. It will cover standard and caesarean deliveries; however, the advantages differ depending on the policy and the type of cover the customer has opted for. Akshay Dhand, Appointed Actuary, Canara HSBC OBC Life Insurance, explained maternity insurance.
Following are some of the benefits that most maternity plans provide
Cost of termination due to complications
* Pre- and post-natal expenses with the expenses of newly born baby coverage up to a specific limit, expenses like doctor consultation, room charges
* Pre-hospitalization expenses include expenses incurred up to 30 days before the date of admission.
Process for Claiming Maternity Insurance
One can opt for online and offline options depending on the insurance provider and convenience. The claim can be made cashless or through reimbursement, depending on the hospital. If the person decides to opt for the online process for maternity claims, one will first have to:
Inform the insurer after getting admitted to the hospital for delivery and provide them with the required details. Post this; one will have to download the claim form from the insurer and submit the required documents online and get the details verified by the representative sent by the insurer.
If one decides to opt for the offline process for the maternity claims, he/she will have to: The documents will be identical to those mentioned previously.
Once you have all the necessary documentation, go to your nearest insurance company’s branch and file a claim through the given process.
Policy documents and claim form is a must-have while claiming insurance. To make the claim process smooth, the customer should keep the required documents ready. Other documents that one needs to stay prepared are consultation bills, admission advice, discharge receipt, fitness certificate, original hospital bills and pharmacy bills. Different insurance companies might not ask for all the mentioned documents; depending upon the insurance company and type of policy, documents may need to be presented.
Exclusions to be aware of while purchasing Maternity Insurance
* Doctor consultation fee for regular checkups
* Diagnostic tests and doctor’s consultation during pregnancy
* Most doctors prescribe vitamin pills and tonics during pregnancy. These vitamin and tonic bills are excluded from maternity insurance
* Infertility treatment cost is excluded (There are some insurance policies in the market which cover IVF treatments, in case needed customer will have to opt for it at the start of the policy)
While maternity coverage is typically included in Mediclaim insurance, one should also consider fixed benefits and life-threatening disease coverage. When you have critical illness health insurance, you will receive a lump sum payment if you are diagnosed with cancer, heart disease or kidney failure. These products also cover several other illnesses to provide additional peace of mind.
Medical treatment is costly, especially in case of the private hospitalization. Hospital fees can swiftly derail your finances and deplete your savings in an unexpected medical emergency. It is critical to get Mediclaim and fixed benefit Critical Illness insurance for yourself and your family.
In India, maternity-related health issues affect a vast population and financial savings. As a result, maternity insurance can aid with any unexpected complications. The coverage also helps in protecting the newborn infant from medical costs.
It is vital to know that maternity insurance costs rise as you get older. Furthermore, the expenditures for pregnancy are increasing every day. It is recommended that you get a plan as soon as possible and ensure that you have read and understood the terms and conditions carefully so that you are fully aware of the benefits of the products you are purchasing.
