Motherhood is a magical and unique transition in every women’s life. But it comes with a multitude of expenses and responsibilities. Healthcare expenses are inevitable from the initial stages of childbearing to growing the baby. Therefore, purchasing a maternity health insurance plan is necessary to save you from financial agitation. But, it is required to avoid crucial mistakes and unwanted burdens in the time of emergency need.
So let’s dive into the common mistake you should avoid while purchasing maternity health insurance so that your loved ones are insured with the best medical facility.
What is maternity health insurance?
It is a type of health insurance policy that covers all the expenses from pregnancy to childbirth. Maternity health insurance covers the expecting mothers and their babies up to the early childhood stage. Ideally, it should cover all the maternity expenses from the pre-natal to post-natal stage till the early stage of the baby’s childhood. If you are thinking of planning a baby, investing in good maternity health insurance will be one of the great decisions of your life.
Mistakes to avoid while purchasing maternity health insurance
While there are innumerable benefits to purchasing maternity health insurance but you have to be clear about these common mistakes people usually make while buying a maternity health insurance plan;
● Waiting for the pregnancy to buy maternity health insurance
Now you are wondering what the need to buy a maternity health insurance plan if you are not pregnant yet is! Many maternity health insurance plans have a 3-6 years waiting period. That means you have to serve that waiting period to avail of maternity coverage benefits. So, it’s not wise to wait till pregnancy to buy a maternity insurance plan. Purchase it beforehand so the waiting period will be over during pregnancy, and you can avoid being stuck in the vicious circle of financial concern.
● Not paying attention to the plan’s benefit
Check for the inclusion of a maternity plan while purchasing a health insurance policy. Because not all health insurance comes with the maternity insurance plan inclusion. So, if your health insurance does not include a maternity health insurance plan, you need to opt for a maternity health rider. But, it can burn a hole in your pocket. To avoid this unwanted chaos, you need to understand all the inclusions and exclusions of your health insurance policy beforehand.
● Not checking if the plan covers your baby
One of the biggest mistakes people usually make while purchasing a maternity health insurance policy is they avoid checking if the plan covers their newborn or not. The best insurers provide complete coverage for the mother and the infant till the early childhood of the baby, but some insurance companies omit the infant’s coverage. You need to check with your insurer regarding your infant’s coverage or read through the insurance document to ensure that you have full coverage for yourself and your baby.
● Buying a low-cost plan (KW2)
Don’t fall into the trap of lower premiums because choosing a lower-cost premium may end up in the low coverage you receive under the plan. Because a low-cost premium plan is directly proportional to the extent of coverage it provides. Choosing a plan according to your budget with decent coverage is recommended because the time of pregnancy is so unpredictable. You may end up with a special procedure or treatment during pregnancy or delivery. So, don’t let low coverage premiums ruin the most joyful period of your life.
And if you are worried about the overall expense you will have while paying the premiums, the health insurance premium calculator comes to the rescue at that point. It is a free tool to calculate the premiums of your health plans. You can also compare the different health insurance policies various insurance companies offer.
● Being unaware of the maternity plan’s sub-limit
A sub-limit is the most crucial and underrated fact in health insurance. It is a fixed coverage amount on a particular claim for a specific health issue. The fixed limit may be a percentage or amount of the sum insured — usually, the lower the sub-limit, the lower the premium charge you pay and vice versa. But you need to know that if you choose a plan with a low sub-limit, you will receive limited coverage. You have to pay from your pocket for most of your expenses at the time of emergency need. So, it’s better to choose a high or no sub-limit so that you do not need to worry about money at the time of delivery of your baby.
Childbirth is the most blissful moment of someone’s life, but it can heap up financial expenses at the same time. So, it’s wise to plan maternity health insurance in advance to avoid an extra burden on your pocket. By putting one small yet brilliant effort toward your family, you can feel every moment of welcoming your child without worrying about the fund and expenses.