The Buyt Desk
Parenthood is an emotional moment for new parents to be but it also means a new responsibility. From securing a child’s health to money, everything needs to be taken care of. And apart from all these, the possibility of taking a career break is also there. Therefore, an expecting parent must plan their finance beforehand because with well-planned finance, taking care of other responsibilities of parenthood becomes easier.
Planning finances properly will not surround you with worries of EMI, home expenses, medical expenses, etc. And through insurance, you can do it efficiently.
Plan Your Maternity Expenses With An Insurance Plan
You can’t predict how your delivery is going to be. Therefore, be prepared for the highest expense. Cesarian delivery cost in top hospitals is increasing substantially. It can go up to Rs 1 Lakh, but if any complication comes, you should be prepared for that too. Most employers give health insurance benefits to employees, which also covers maternity. Still, having personal health insurance will provide you with a wider window. These days a few insurance companies have encapsulated maternity in the individual health insurance policy. You can take advantage of that.
Additionally, many hospitals have different rates for insured and non-insured patients. The gap in cost is big between insured and non-insured patients. Insurers negotiate with hospitals on these packages based on the volume of business they give. And therefore, often insurer package remains low-cost than the package offered to uninsured patients.
Furthermore, public sector insurers offer a better package rate. A few years ago, they joined to form an association named General Insurance Public Sector Association. The body collectively bargained with hospitals to get huge discounts. So, you would find a difference in package charges between the private insurer and public insurer. The public insurance package charges could be up to 35 to 40 per cent lower than the private insurance package.
If both of you are working and have two insurances from your respective employers, prefer using public sector insurance to get cashless treatment benefits and billing done according to the GIPSA package rate. You can file the residual expenses as a reimbursement claim with the second insurer.
Cover For New Born
Complication after birth in babies is again a condition you must keep in mind, and choose an insurance plan that covers the baby from the day first. Most standard personal insurance plans do not provide this facility. And if the condition persists, it is classified as a pre-existing ailment. The plan further excludes the gain for the next few years.
However, there are some plans present, in which on the payment of an extra premium, you can get this facility, a group health insurance plan is one of them. Check this detail in the insurance plan you are choosing before finalizing.
Vaccination Expenses
Vaccination is another cost that comes right after a month of the baby’s arrival. It is an unsurprising expense, but most insurers do not cover this, even those that cover maternity. Insurance plans that cover this limit it up to one year. They also set a cap on this between Rs 5000 to Rs 15,000. It is not easy to find insurance that covers vaccination. However, by paying an extra premium in the group insurance plan, this facility could be availed.
Maternity comes with multiple direct and indirect expenses, which expecting parents can lessen with proper insurance planning. The first option is to get it covered by employer facilitated group health insurance plan, and the second option is by selecting a suitable individual health insurance plan. While selecting personal health insurance, you must check all the aspects instead of focusing only on the lowest waiting period and higher limits.
