In case you’re planning or already have planned to start a family, the first most important thing that might pop in your head would be financial security for the future of your entire family and especially for your baby. Every mother who is expecting, deserves all the care and security, along with peace of mind. One way to make this possible is by purchasing health insurance with maternity cover. Another important aspect to look at before considering a health plan is the waiting period. This specific period is the time that must be served before you can avail complete benefits of the coverage.
Can you avail of a Maternity Insurance Plan without serving the Waiting Period?
To break it you, there is no single health plan that can offer you with maternity cover that has no waiting period. You must strike a balance between the maximum period for which you can wait and your budget before you need to necessarily claim the insured amount. When it comes to maternity cover, the waiting period can range from nine months to a few years. Planning is highly beneficial, as well as important when you sign up for a maternity policy.
Different types of the waiting period
You mainly have four types of waiting periods:
- Initial waiting period
The number of days you have to wait to claim the insured amount, once you’ve purchased the policy is termed as initial waiting period. Usually, the illnesses contracted within 30 to 90 days from when the insurance cover begins, won’t be insured. This is to prevent the buyer from misusing the policy.
- Specific to a particular ailment
Every health insurance provider has a list of specific diseases that won’t be covered for 1-2 years from the beginning of the policy. On the other hand, there might be conditions that receive coverage immediately once you’ve purchased the plan. Therefore, it becomes essential to read the policy document carefully, so you understand the waiting periods for different illnesses.
- Maternity coverage
Certain insurance companies provide you with the basic coverage for the delivery of your child, while some of them might also cover additional hospitalization costs. One common thing among both these types of insurance providers is the waiting period. This period varies for different policies. However, in any case, you should avail health insurance with maternity cover, if you’re planning a family.
- Pre-existing condition
If you have any pre-existing condition, the coverage provided to you might either be limited or completely excluded for a certain period.
Various types of health insurance policies such as individual plans, health insurance plans for family & others that provide the required coverage. Each one of these is customized as per the common requirements of an individual. Analyze your requirements and understand what type of health plan will best suit your needs, only then finalize on any plan to secure you & your loved ones.
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