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How should one plan for health insurance if you are planning to have kids?

How Should One Plan For Health Insurance If You Are Planning To Have Kids?

Planning for a newborn is always overloaded with emotions but with rising cost of pregnancy and rise in cost of raising a kid in today’s time make it also an important financial decision which need to be looked into from the strategic point of view considering your current financial status.We all understand the happiness associated when you hear the good news from your doctor,especially when you are expecting a baby.It is actually a new phase in your life but it is also quite financially challenging for people living in urban centres.The cost associated with medicare for both the mother and child is quite unavoidable at this stage and you end up incurring huge expenses.

But do you think the problem can be take care by any health insurance plan?

Going by the basic rules of insurance, a health insurance company should not be covering the situations relating to pregnancy because anyways this is not an unplanned risk but still there are specific plans which are available today which cover pregnancy related expense only when the policyholder opt for an add-on cover for the same.

What is a maternity health insurance?

At any point of time we can’t overlook the cost associated with pregnancy. Looking at the current cost dynamics it may be cost you in the range of Rs.60000 to Rs.2 lakhs. Your regular family health insurance plans generally provide a maternity benefit under an existing policy just as an add-on cover.So completely depending on family health plan can be disastrous for pregnancy related cost.There are few things that can be looked into which defines the basic feature of a plan

a) Your Maternity plans covers all expenses relating to hospitalization and cost related to delivery of the baby either through normal or caesarean mode.

b) Covers all pre and post hospitalization expenses and also cost related to pre and post natal care.

c) Generally cover the newborn but with certain sublimits.

d) In most of the cases the cost of ambulance which is used for ferrying the mother to the nearest network hospital is also covered

Other than the above benefits there are generally certain limitations with maternity health plans which should be well thought over in advance so that you get maximum claim settled.

a) Most regular health plans offering maternity benefit as an add-on always come with waiting periods of 24 to 36 months so if you are planning for a baby in the immediate future then the pregnancy will not be covered.

b) There is always a limit in pregnancy cost that would be covered by your policy.For the most of the plans though it depends on the sum assured of the plan but in a regular scenario not more than Rs.50000 would settled while you make a claim.So you only get just 20% to 30% of your expenses getting covered under the maternity plan.

So how should parents plan?

a) Do just buy health insurance plan because it offers maternity benefits because there is always a limit to what would get covered.Try to evaluate all features before you buy one.

b) Since in most of the case only 20% to 30% of the maternity cost is covered so you should always have financial backup to fund the rest of the expenses.

c) In any case , if your employer is always providing a group insurance plan, while making claims for pregnancy one should consider the same as the first option. Generally corporate group plans have less limitations compared to regular individual and family plans.In this way you also save your NCB discount on the individual plan which can used for other serious needs