Should You Buy Health Insurance For Maternity Benefits?

by Vinaya HS on June 11, 2016

in Finance

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Health insurance plans are available in several variants. One such plan is maternity benefit where the plan covers the expenditure incurred during the delivery of the child.

What is Maternity Benefit?

If your health plan has an added maternity benefit to it, then expenses incurred during child birth will be covered under it. Both cesarean and normal deliveries are covered. However, in most plans the extent of the coverage is capped.

Mediclaim policy with maternity benefits is generally expensive compared to other health insurance schemes.

Conditions to be met to avail maternity benefit

  • Certain plans wants the mother covered for 2/3/4 years before she can avail for maternity benefit. This is generally known as the waiting period for maternity benefit.
  • Most of the insurance companies include maternity benefit plans only under family floater policies.
  • There are certain plans where the father and the mother both should be covered under the health plan before availing maternity benefit.
  • Most plans only cover 2 deliveries under the maternity benefit.
  • A maternity benefit has sublimit so inquire thoroughly with the insurance company before opting for one.

Who should not consider maternity benefit?

  • Elderly couples and senior citizens who do not want to have a baby in the future.
  • People living in cities where the medical expenses are not high.
  • If you’re single and do not plan to marry and have a child anywhere in the near future.

Who should consider maternity benefit?

  • If you’re self-employed or under your employer’s health plan and maternity benefit are not covered, then couples who are planning to have a child in the near future should opt for this.
  • In cities where the medical expenses are high.
  • Ensure that the waiting period is not too long and the difference between the premium of maternity and non-maternity is not too high.

Maternity Benefits include:

  • Planning Benefits
  • Scan Benefits
  • Pregnancy benefits
  • Alternative birth cover
  • Hospitality maternity cover
  • Postnatal benefits

Necessity of health insurance plan with maternity benefits

In today’s world, medical expenses are increasing day-by-day, during these times it’s necessary to have a family health plan. If you’re just married and plan to have a child 3-4 years down the line, then while opting for a health plan also include maternity benefits. It will save you on a lot of money on medical expenditures during the whole child birth procedure.

Before applying though, research thoroughly about all the maternity benefits available and then opt for one.

About HDFC Health:

HDFC Health is an initiative by HDFC Life, a life insurance company in India to help increase awareness, spread knowledge and enshroud myths surrounding the health insurance sector in India. As a wholly owned subsidiary of HDFC Life, HDFC Health offers health insurance policies in India that cover individual, family floater, critical illness and cancer care insurance plans.

Further reading:

  1. Health Insurance Riders
  2. Commonly Used Terms and Phrases in the Health Insurance Sector
  3. 5 Health Insurance Resolutions For 2016
  4. 6 Common Health Insurance Mistakes You Should Avoid
  5. All You Need to Know About Cancer Insurance in India

Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

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