words Alexa Wang
It is essential to secure your financial future when starting a family. Since expecting mothers need special care, buying the right maternity insurance cover is the first step in that direction. The waiting period is one of the critical factors to consider when buying an insurance policy. The waiting period in health insurance is when you must wait from the start of the policy before you are entitled to enjoy the full benefit of the insurance policy coverage.
Most insurance companies do not offer maternity cover health insurance for expecting mothers. This article is beneficial for you to understand the significance of maternity insurance with less waiting period.
How Waiting Period in Maternity Insurance Works?
The waiting period for maternity insurance usually ranges from 9 months to 24 months. In other words, you can claim the policy benefits only after the completion of the waiting period. Any claim you raise during the waiting period will not be deemed admissible. Therefore, buying maternity cover health insurance in advance can be in your best interest.
Why Is Waiting Period Helpful?
A maternity insurance cover without a waiting period is not an option. So let us understand the significance of the waiting period in pregnancy insurance coverage.
You can easily wait if you plan to enter parenthood within a year. With a maternity cover health insurance policy, you will not have to worry about the expenses incurred due to pregnancy. Also, newly wedded couples who focus on their careers can get the policy and plan parenthood once they make up their minds.
Is There a Maternity Insurance Coverage with No Waiting Period?
Parenthood brings many responsibilities, including financial planning, which is essential at this stage. To get the best medical care, you should opt for maternity cover. It will ensure a safe pregnancy and cover many expenses, including delivery costs, ambulance costs, pre-and post-hospitalization charges, newborn cover, etc.
Unfortunately, most insurers offer maternity coverage with waiting periods in India. And the average waiting period ranges from nine months to two years. Hence, it would be best to balance your budget and the maximum waiting period before claiming the policy for pregnancy-related expenses. Planning early for pregnancy can be very beneficial, so you do not have to face any financial stress in the future.
Types Of Waiting Period
Health insurance for pregnancy without a waiting period is not an option. Here are the four major types of waiting periods that you should be aware of:
- Maternity Waiting Period- A maternity insurance policy covers delivery costs and other medical expenses. But the waiting period varies based on the policy. Thus, checking the waiting period before buying the policy is advisable.
- Initial Waiting Period- The number of days you must wait after the start of the policy to become eligible to claim the policy benefits.
- Pre-existing Condition Waiting Period- In the case of pre-existing illnesses, the policyholder may get limited coverage. Usually, the waiting period is up to 48 months in case of a pre-existing condition.
- Ailment-Specific Waiting Period- Insurance policies usually list specified diseases that will not be covered during the first 24 months from the start of the policy. At the same time, some ailments are covered immediately. Hence it is vital to go through the policy carefully.
Can Waiting Period Be Reduced?
Pregnancy is a mother’s important phase, and planning early in life is the best way to begin healthy motherhood. It might not be possible to get maternity cover health insurance with a lesser waiting period in India.
However, the waiting period for pre-existing diseases can be cut short by choosing add-on covers and paying a higher premium. However, it is still best to buy the policy early to avoid any hassles during parenthood regarding maternity insurance.
Opting for a maternity insurance policy comes with two-fold benefits. It will provide good medical care for mother and child and enable you to avail of tax benefits on the premium you pay as per the Maternity Benefit Act, 1961.
Since buying maternity insurance with a lesser waiting period is not an option, early planning is best for embracing parenthood. Also, with so many options available in the market, choosing one out of many can be confusing. It would be best to consider buying ‘JOY’, a maternity insurance plan by Care Health Insurance that can give you the right start on the journey of parenthood.