Having kids is a lot like crossing a steep bridge, especially for first-time parents. While you can’t wait to welcome your baby into the world, you’re also terrified that anything may go wrong. Insurance firms obviously understand the struggles that parents nowadays face, and you can be assured that there are policies available to meet that need in the market. Prenatal insurance policies cater exclusively to the needs of pregnant mothers.
You’ve probably heard about maternity and prenatal insurance policies, but do they actually provide adequate protection for you and your unborn child? Let’s go deeper and find out more.
What exactly is maternity or prenatal care insurance?
A Prenatal insurance is a type of term insurance that protects you financially in case of miscarriage or other issues during your pregnancy. If your child is born with a congenital illness, you will receive coverage for it as well.
Some policies may additionally cover hospitalization costs, depending on your needs. For instance, a hospitalization allowance may also be provided.
As a result, maternity insurance policies are supplementary to basic medical insurance.
What Does it Cover?
Complications during pregnancy
Covers medical expenses and/or provides a lump sum payment if complications arise during pregnancy. Many potential pregnancy complications may be covered, depending on the insurance provider. However, they usually include these eight:
Newborn
If your newborn is diagnosed with one of these 18 congenital conditions below, you may be eligible for medical reimbursement or a lump sum payment.
Some insurance companies, however, can provide an option of switching the policy over to a life insurance policy at birth, which can be cashed out at a later time.
What Does it Not Cover?
Recurring pregnancy expenses
There will be no reimbursement for typical pregnancy expenses. That would only be the case if you had an international health insurance plan in place long before you conceived a child. However, premiums for such policies tend to be significantly higher.
When is it time to get prenatal insurance?
A pregnant woman has to meet the following requirements before she may enroll in a prenatal insurance plan:
- Between the legal and probable ages of childbearing (18-45 years old)
- Expectant mothers must be at least 16 weeks (depending on insurer)
Factors You Need to Consider
Risk
Prenatal insurance isn’t seen as a requirement because the typical pregnancy lasts just 9 months, most births go off without a hitch, and most individuals don’t believe their policies can be converted to an investment-linked life policy once the pregnancy ends.
Price
Depending on the insurer and the level of coverage selected, a typical one-time prenatal plan premium will cost between $300 and $700.
Payout
In the event of a pregnancy-related problem, congenital sickness, or stillbirth, you will either get a lump sum payment of roughly $5,000 (for basic policies) and/or reimbursement for your child’s medical expenses.
Take note that there will be no withdrawals or refunds if everything turns out good during your pregnancy. Additionally, you may have options:
- End the Plan (Just make it as a one-time premium that will serve as a protection).
- Keep the plan going by switching it over to a full life insurance policy or investment linked policy for your kid. The best premium prices and coverage are guaranteed because you purchased the plan before the baby was born.
Conclusion
Nothing is ever worth the extra expenditure if you don’t have $300 to $700 in your pocket and have already been dying to make ends meet.
Spending money for your security isn’t mandatory, but can really save you in the event of an emergency or unexpected events where you can’t afford accounting for all other charges. We’ll always get back to the famous insurance line– you can never predict the future.
Is there a low chance of having complications in my pregnancy? maybe.
Is it possible that I might experience one of these cases in the future? Yes.
However it may be, maternity insurance is the best way to give yourself some peace of mind amid any unexpected occurrences in your pregnancy. Having prenatal insurance ensures that if something were to happen, you wouldn’t have to worry about the exorbitant expense of medical care. To avoid any financial constraints along with any possible complications on your pregnancy, it’s prudent to get maternity insurance.