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Business News/ Money / Personal Finance/  Why should you consider maternity insurance before starting a family? Here are 5 key reasons
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Why should you consider maternity insurance before starting a family? Here are 5 key reasons

Maternity insurance is becoming essential for families, covering costs from pregnancy to postnatal care. This investment ensures financial security for families amidst rising healthcare costs.

Maternity insurance provides crucial financial support for families facing the escalating costs of childbirth.Premium
Maternity insurance provides crucial financial support for families facing the escalating costs of childbirth.

The increasing expenses associated with childbirth in India are fueling a greater interest in health insurance policies that include maternity coverage. It is essential to explore the real-life challenges of starting a family, emphasising the necessity for thorough preparation. Maternity insurance emerges as a cornerstone in this readiness, offering essential support for the well-being and financial stability of both mothers-to-be and their babies.

Insurers are also adapting to the evolving needs of women, which encompass education, career progression, and delaying childbirth. This shift is leading to the introduction of multiple maternity plans with broader coverage. Many leading insurers have decreased the waiting period for maternity coverage from 2-3 years to 9-12 months, enabling quicker access to financial assistance during pregnancy.

Also Read: Not child's play: Why maternity insurance is booming and how to choose the right plan — all your queries answered

While insurers are providing several options, consumers should also understand the value of buying maternity cover before starting a family.

Reduce the financial burden of parenthood: The decision to start a family is undoubtedly one of life's most significant milestones, it is also accompanied by substantial financial considerations. From prenatal care to childbirth and post-delivery support, the costs can quickly accumulate. Without proper insurance coverage, these expenses can place a significant strain on a family's finances, potentially leading to long-term repercussions.

Reducing the waiting period burden: Maternity health insurance plans typically include a waiting period that policyholders must complete before they can utilise the full benefits of the plan. In India, this waiting period can vary from 9 months to 4 years. For individuals planning to start a family within the next 2 to 3 years, it is advisable to secure a maternity health insurance plan well in advance to ensure all benefits are fully accessible when needed. 

Additionally, there's an option for individuals to purchase a policy with an unnamed spouse. Following marriage, the spouse's name can be added, with the waiting period counted from the policy purchase date.

Also Read: Health insurance: Maternity plans cover expenses related to IVF, child adoption as well

Provides comprehensive coverage for comprehensive care: Such coverage not only includes all necessary medical expenses but extends beyond pregnancy and childbirth to encompass postnatal costs. As health insurance evolves to better meet consumer needs, many plans now offer added flexibility, such as the ability to transfer the completed waiting period to spouse. This feature facilitates smoother family planning.

Provide coverage to new paths to motherhood: Various paths lead to motherhood, each unique to the individual. Understanding this diversity, many insurance plans now include coverage for assisted reproductive technologies such as In Vitro Fertilisation (IVF) and treatments for infertility. Additionally, for couples pursuing surrogacy, these plans extend coverage not only to the intended parents but also to the surrogate and her delivery expenses. Those opting for adoption receive financial support for the legal proceedings involved. 

Furthermore, should a pregnancy need to be terminated due to medical reasons, these plans also provide coverage for associated costs. However, it is crucial to plan these decisions well in advance to avoid making hasty and potentially unsuitable choices at the last minute.

Also Read: Are maternity-related expenses covered under health insurance?

A sensible investment in the future: In an era of escalating healthcare costs, maternity insurance emerges as a sensible and important investment in the future. By reducing the financial implications of childbirth, it protects families from potential financial distress, empowering them to provide for their new-borns' needs without compromising their financial stability or future prospects.

By embracing the principles of comprehensive healthcare and social solidarity, we cover the way for a brighter, healthier tomorrow where every mother can embark on the journey of parenthood with financial security and optimism.

Chetan Vasudeva, Senior Vice President of Business Development at Elephant.in

 

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Published: 23 May 2024, 09:54 AM IST
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