Health Insurance-Maternity Benefits
I planning to purchase an health Insurance covering me and my spouse and having following doubts
1.Is it advisable to buy policy covering Maternity Benefits (How useful is it?How much of the expense is usally taken care)
2.For us,is it advisable to buy a family floater or an individual plans seperatly for both of us?
Would depend on your age and your plans for family . My answer is given below :
1. There is a minimum waiting period of 2 year or more which means you can not claim maternity benefit till completion of 2 years . Only after 2
years , maternity benefit is allowed.
2. Maximum maternity claim is limited to Rs 75000, this include all expenses related to maternity . You will not be able to claim more than Rs 75000.
3. It is very useful because it covers expense upto Rs 75000 and also automatically new born in basic family sum assured .
4. Advise family floater of Rs 5 lakh and you can supplement with super top up of Rs 20 lakh.
Family floater works well for young families. For the same amount of cover taken as a family floater versus taking it individually, you save more than 25% on premium.
Maternity cover has a limited utility in health insurance. Most health insurance plans cover upto 2 maternity cases and they have a limit varying from 25,000/- to 1,00,000 on maternity & new born baby expenses. There is also a waiting period of 2 to 4 years for maternity benefits to kick in. Considering you pay a significantly higher premium for a maternity plan (and pay it for 3/4 years before you can avail any maternity benefit), I see very little utility here.
In case you work somewhere, you can also check if your company provided group health cover has maternity included. That may help.