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The waiting period for maternity cover is that duration for which the insurance provider does not offer coverage to the policyholder for pregnancy-related expenses. The waiting period may vary depending on the insurance provider and the plan selected.
The journey of parenthood is undoubtedly one of the most awe-inspiring experiences and joyous phases in one’s life. Maternity healthcare can be expensive, and without adequate financial support, it can be a significant financial burden.
This is when maternity insurance can come to the rescue. However, you may not get coverage from the day you buy maternity insurance. You may have to qualify a waiting period to enjoy coverage under your plan. This makes it essential to learn about maternity insurance waiting periods.
This article will focus on the maternity insurance policy and the associated waiting period concept.
Table of Content
What is a Maternity Insurance Policy?
Maternity insurance is a type of health insurance that covers pregnancy and related expenses up to the sum insured. The insurer may agree to cover medical expenses incurred during pregnancy, hospitalisation expenses and baby delivery, consultation charges, pre and post-natal care expenses, etc.
Typically, this insurance works similar to a regular health insurance plan. The insured can file a reimbursement or cashless claim at any network hospital. This insurance can be purchased as a rider# on an individual or family health insurance policy, offline or online, as per your preference.
Maternity Insurance Waiting Period
The waiting period in maternity insurance is a period only after which the coverage is offered to the insured. The insurance provider may reject any claim raised during the maternity insurance waiting period, and no financial support shall be provided to cover pregnancy or related expenses in this duration.
Health Insurance for Pregnancy with No Waiting Period
Considering the skyrocketing medical costs, health insurance that covers pregnancy has become essential for young couples. As mentioned earlier, maternity coverage usually comes with a waiting period, and unfortunately, there is no health insurance for pregnancy with no waiting period.
The tenure or length of the waiting period may vary between 9 months to 6 years. Hence, couples who wish to plan a family must buy maternity insurance in advance and stay informed about the waiting period. For example, an insurance provider may have a waiting period of 9 months, whereas another may have a waiting period of 3 years. You can choose a plan based on the time after which you will require the policy coverage.
Types of Waiting Periods in Maternity Health Insurance Plans
Maternity insurance policies may impose different waiting periods for different purposes. The insurance providers design these waiting periods to manage costs, discourage adverse selection and encourage long-term policy commitment.
Some of the types of waiting periods in maternity insurance are:
Maternity insurance waiting period: This is the most common type in a maternity plan, which mentions the overall waiting period. Typically, this period ranges from 9 months to 6 years, depending on the plan and insurance provider.
Initial waiting period: Almost all health insurance policies with maternity cover have an initial waiting period of 30 to 90 days. No claims are entertained during this period as it prevents women already pregnant or planning to conceive soon from taking advantage of this benefit.
Pre-existing condition waiting period: Maternity insurance policies have a waiting period of 2 to 4 years for pre-existing pregnancy-related diseases. The coverage will be subject to a waiting period if the policyholder is diagnosed with issues such as infertility problems or other pregnancy-related conditions. The waiting period under such circumstances is longer than the initial waiting period.
Waiting period for specific diseases: Certain maternity-related procedures or diseases may have a certain waiting period. These diseases or procedures are generally mentioned in the policy documents. Hence, knowing the policy terms and conditions and other specifics is always advisable before signing the dotted line.
Tips to Handle Maternity Insurance Waiting Period Effectively
Here are a few tips to make the most of your maternity insurance plan by handling the waiting period effectively.
Research and compare: Before selecting a maternity benefit plan, research the various plans offered by different providers. Compare these plans based on your requirements, policy inclusions and exclusions, waiting period, premium, etc.
Plan in advance: Embracing parenthood requires thorough planning. Given the waiting period involved, buying a maternity health insurance plan well in advance is recommended, so that the coverage is available when needed.
Try reducing the waiting period: Some maternity insurance plans may offer riders# such as pre-existing disease waiting period reduction. Such riders# offer a reduced waiting period for these conditions by payment of an additional premium.
Conclusion
Maternity insurance policy is a critical aspect of a planned pregnancy. Hence, the waiting period becomes a vital consideration during the buying process. Maternity insurance offers the insured quality maternity care with benefits like cashless claims, pre and post-natal care, tax benefits*, etc.
