Maternity coverage is an essential health benefits covered by health insurance plans. Maternity insurance is offered by insurance firms to group insurance policies as a component and this is given to corporate houses. In fact, none of the general insurance firms offer complete coverage for pregnant women. This is because the maternity insurance coverage shields unanticipated risk cover alone and they do not consider maternity under this category. However, there is no consistency or parameters among the insurance benefits for pregnant women and it is not specified anywhere in its omissions or inclusions. Fortunately, there are maternity insurance policies offered by very few firms, but they do not cover the maternity expenses within the first nine months of purchasing the scheme.
Maternity insurance is an insurance product covering the expenses related to maternity. Owing to increased awareness and competition, now many insurers are bringing this coverage under the maternity health insurance plan. This concept is slowly catching up in India.
Maternity coverage is given as a rider on the principle health insurance package. Some insurance companies refrain charging extra premium but cap the expenses claimed under maternity coverage. In majority cases, maternity insurance is covered as company group policy.
Companies offering Insurance Plans
Maternity insurance is important and is given to incorporate expenditures incurred during the stages of pregnancy. This is the time from the delivery to post-natal care given in the Indian hospitals. Some of the companies offering pregnant women insurance policies are Apollo DKV, Cholamandalam General Insurance, United India Insurance and ICICI Lombard.
- Apollo DKV offers maternity benefits and this includes expenses of the daycare coverage, expenses that are incurred during hospitalization, etc. There are portability advantages, wherein the advantages may be merged
- United India Insurance provides maternity insurance under its group policy. This insurance offers maternity expenditure coverage on imbursement of an additional premium. It also covers expenditures paid during hospitalization. This insurance coverage gives the patients admitted in nursing homes an amount of` 50,000 or the sum assured, whichever is less.
- ICICI Lombard provides health advantage apart from health insurance in association with OPD (outpatient department) covering the pre-natal examinations and medical costs.
Inclusions for Pregnant Women under Insurance Policy
Group insurance policies provided by insurance firms are specifically for working women, where it envelops maternity advantages and insurance. The inclusions for Pregnant Women under Insurance Policy are:
- Pre and Post natal period expenditures incurred
- Before and after costs of hospitalization for some number of days that is pre-determined
- All pregnancy related hospitalization costs
- Pregnancy related complication and surgeries costs
Exclusions for Insurance for Pregnant Women
Many insurance policies do not give the monthly medical checkups charges during or after pregnancy. However, the insurance policies also do not include the costs towards medications incurred during pregnancy. Pregnant women under insurance policy also do not constitute:
- The medical expenses for the pregnancy taking place in the initial nine months, immediately after purchasing the maternity insurance policy.
- This is entertained only under the group policies for corporate firms where it has minimum individuals working in an organization.
- Unexpected events causing pregnancy termination in the initial few weeks.
Factors influencing Insurance Policy Premium for Pregnant Women
The premiums under group insurance policies offered by Insurance firms are influenced by various aspects:
- The prime aspect is that the premium allocated for pregnant women under insurance policy is based on the profile of the company that is insured. In this the related risk factors are considered. However, now, firms working in the pharmaceuticals, information technology and manufacturing consider group insurance scheme that includes maternity benefits.
- The maternity insurance premium that has an influence is depending on the employee’s age group, designation, etc. In fact, earlier health insurance assertion is also considered by the firm.
- The last factor is the utilization of maternity insurance, its frequency that affects premium and other health policies by the firm’s employees.
Maternity insurance drawbacks may be that the amount insured is insufficient to cover the maternity expenses. Next, a longer waiting period that planning in advance is not easy.
Overall, maternity insurance is definitely a good option that ensures you peace of mind and happiness when the expenses exceed your expectations and is fortunately covered by the maternity insurance.
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