5 Mistakes to Avoid While Buying a Maternity Insurance Policy

Opting for suitable maternity insurance can be confusing because there are numerous choices, and it is not always clear what each policy covers. That is why it is common for mistakes to occur when picking a policy that covers pregnancy and childbirth costs. Whether you're planning to start a family or expecting a baby, knowing these errors can prevent financial issues later. Understanding these pitfalls upfront helps you select a maternity insurance policy that fits your needs and gives you peace of mind during this important time.

Ignoring the Waiting Period 

One of the most crucial features to consider in a maternity insurance plan is the waiting period, and overlooking this can catch you off-guard.

What It Involves:

This is the time you must wait after buying the policy before you can claim any benefits. It's a standard feature in most maternity plans.

Typical Duration:

Depending on the insurer, waiting periods can range from 9 months to as much as 36 months.

Smart Planning:

Choose a plan with a waiting period that fits well with your family planning timeline. This ensures that it's ready for you when you need the coverage.

Impact of Timing:

If you're already pregnant, look for plans with shorter or no waiting periods, although these might be rare.

Renewal Considerations:

Check if the waiting period resets with each policy renewal, affecting when you can start claiming benefits.

Policy Start Date:

Align the policy start date closely with your planning to maximise the benefits when required.

Overlooking Policy Exclusions

Every insurance policy has exclusions, and maternity health insurance policies are no exception. Knowing what's not covered is as important as knowing what is.

Typical Exclusions:

These might include costs related to pre-existing fertility issues, elective C-sections, or certain prenatal tests and screenings.

Read the Fine Print:

Always go through the exclusions section of your policy document carefully to avoid any surprises during your claims process.

Coverage for Twins or Multiple Births:

Some policies might have different terms for multiple births, which could be crucial to know beforehand.

Not Comparing Coverage Options 

While picking the first maternity insurance plan you find can be tempting, it might not provide the best value or coverage.

Shop Around:

There are various maternity insurance plans available, each with its own set of features and benefits.

Check Benefits Thoroughly:

Compare what different plans offer in terms of prenatal, delivery, and postnatal care and how they handle emergency situations.

Look for Cashless Options:

Cashless medical insurance hospitalisation is a great feature that allows you to bypass upfront payments during hospital stays, so check if your preferred hospitals are covered.

Family Coverage:

Consider whether the plan automatically extends coverage to the newborn or if additional steps are required to include the baby under the chosen medical insurance plan for family.

Underestimating Coverage Amount 

It's essential to choose a coverage amount that will prevent you from paying out of pocket during this critical time.

Assess the Costs:

Understand the typical costs of childbirth, including potential charges for complications or unexpected interventions.

Plan for Inflation:

Medical costs tend to rise, so what seems adequate now might fall short a few years later.

Comprehensive Evaluation:

Ensure that the sum assured covers all foreseeable expenses beyond the delivery, including prenatal visits and postnatal care.

Factor in Postnatal Care:

Postnatal visits and treatments can also be costly, and ensuring they are covered can save significant expenses later.

Disregarding Network Hospitals 

The hospital you choose for delivery plays a pivotal role in your maternity experience, and your maternity insurance cover's network hospitals are key to your coverage.

Network Reach:

Ensure the insurance network includes geographically convenient hospitals with excellent maternity care.

Hospital Quality:

The quality of maternity services and the competency of the obstetrics department are crucial.

Check Hospital Lists:

Regularly verify if your preferred hospitals are still part of the insurer's network, as these lists can change.

Emergency Services:

Check if emergency procedures and neonatal care are adequately covered in-network hospitals, ensuring comprehensive support during unexpected situations.

FAQs on Maternity Insurance

What's the best time to buy maternity insurance?

Ideally, get maternity insurance before you plan to conceive to cover the waiting period when you need the benefits.

Can regular health insurance cover maternity costs?

Some health plans include maternity benefits, but they might be limited. Check your policy to see if additional maternity cover is necessary.

What are the key factors to consider when choosing maternity insurance?

Look at the extent of coverage, including prenatal and postnatal care, waiting periods, and the ease of claim processes.

Is it better to opt for a maternity rider or a separate policy?

This depends on your existing health coverage. A rider might be sufficient for some, but a separate policy could offer more extensive benefits.

Do maternity policies cover both mother and baby post-birth?

Yes, most policies cover postnatal care for the baby and the mother, ensuring a safe and healthy start for your newborn. Buying maternity insurance doesn't just provide financial aid; it brings peace of mind during one of the most important times of your life. By avoiding these common mistakes, you can ensure you and your baby get the best possible care without unnecessary financial stress.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Claims are subject to terms and conditions set forth under the health insurance policy.