Parenthood is an extraordinary phase of life, filled with precious moments that a family shares together. But it’s not to say that doesn’t come without its set of challenges, including the financial impact of having and raising a child. With medical inflation reaching almost 14 per cent, the decision to have a baby isn’t just an emotional one — it’s a financial one too.

Pregnancy brings a range of expenses beyond just delivery costs. You’ll need to budget for prenatal visits, care for potential medical or psychological conditions related to pregnancy and birth, and the post-partum period.

Steep costs

Private hospital fees can be steep, especially for C-sections, IVF treatments, and regular check-ups. A recent study found that C-sections in private hospitals rose from 43.1 per cent in 2016 to 49.7 per cent in 2021, with delivery costs averaging between ₹50,000 and ₹1 lakh in metro cities.

Given these costs, having health insurance is crucial to financially protect your family. It ensures that welcoming your child can remain a joyful celebration without worrying about covering high medical bills. New-age maternity insurance plans are designed to solve this problem, offering benefits that make quality healthcare more accessible and affordable.

Shorter waiting period

Traditional maternity insurance used to have waiting periods of two to four years, making it inaccessible for couples who were already expecting.

Our data show a strong demand for maternity coverage among women aged 25-35, with around 65 per cent of these women either already expecting or planning to start a family. With a longer waiting period, obtaining insurance for family planning was not as feasible or practical.

Recognising this need gap, insurers introduced new-age plans with waiting periods as short as three months so parents-to-be can access coverage when they need it the most.

For those already pregnant or planning to conceive soon, these shorter waiting periods are a game-changer.

Now that the plans have a three to nine month waiting period, it’s a lot more accessible than the traditional options. This means couples no longer need to plan too far in advance and can focus on preparing for their new arrival.

Flexible, affordable

New-age maternity insurance plans come with various benefits that make them flexible and affordable. Apart from offering shorter waiting periods, some policies even allow a served waiting period by one spouse to transfer to maternity coverage, enabling insurance to start from day one.

The plans are accessible to women aged 18 and above, with options that support various family journeys, such as IVF treatments and adoption, along with pre- and post-natal care, including vaccinations, pregnancy complications, and stem cell preservation. They also provide coverage for surrogacy-related expenses, hospitalisation, infant expenses, and other maternity-related costs. These benefits make maternity insurance a valuable option for parents-to-be, ensuring comprehensive support for both routine and unexpected expenses.

Massive relief

New-age family planning calls for new-age measures to keep up with the pace of inflation. Investing in maternity insurance as early as possible can be a massive relief for couples planning to start a family.

The three-month waiting period is especially something families should take note of. It allows them to take insurance during pregnancy — something that wasn’t possible before. A comprehensive maternity insurance plan lets you focus on the joy of parenthood without the stress of unexpected costs, giving you peace of mind for a smooth and happy transition to life with your little one.

(The author is head, health insurance, Policybazaar.com)

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