3 Types Of Health Insurance Every Mother Must Consider Investing In

A mother showers her kids with unconditional love, it is the least that we can do as children to give a 360° thought about their health and get them to invest in health insurance. As a mother or a mother-to-be, you must put your health first, only then can you take care of others.

Whether working or not, mothers must consider health insurance options that will offer them long-term benefits, prevent their account from draining during a health emergency and help them claim the deductions while filing their income tax returns.

We connected with Amit Chhabra, Head of Health and Travel Insurance, Policy Bazaar, to seek expert advice on suitable health insurance plans for mothers.

Comprehensive Health Insurance Plans

Under comprehensive health insurance policies, mothers can claim lucrative benefits for themselves and their families. Such plans resolve all your financial struggles and allow you to pay hefty hospital bills for surgeries, stay, tests and medication without worrying about the amount.

Chhabra shared insurers have come up with women-centric plans that offer benefits to a mother and her kids. Many plans offer a discount of 5% if a woman is investing and another 5% discount if she adds her girl to the plan.

If you ask which health insurance is best for mothers, our expert suggests comprehensive health insurance plans can also be customised to suit your needs. For example, they can cover OPD, including consultation, pharmacy and diagnostics, as well as offer maternity benefits. When you have everything covered and do not have to worry about health emergencies, you can enjoy your life to the fullest.

Maternity Insurance Plans

Do you know about health insurance with maternity coverage? Chhabra says while becoming a mother is a life-alternating moment, you would not like to deal with the expenses of hospitalisation, tests and medications. Therefore, an insurance plan with maternity coverage can be a beneficial pick.

Many plans that cover maternity, offer support throughout the pregnancy, childbirth, infertility treatment and miscarriage. They have specifics mentioned under prenatal and postnatal care.

Chhabra shared that the cost of standard or C-section deliveries ranges from ₹50,000 and ₹1 lakh, at least in metro areas. Overall expenses can leave any family feeling overwhelmed. There are plans now that cover expenses up to ₹2 lakhs. However, the waiting period can extend from nine months to four years.

Don't Miss: Investment Options Starting At ₹100 That Every Housewife Must Know About

Senior Citizen Health Insurance Plans

People often wonder if it is worth it to buy a health insurance plan for their parents. However, Chhabra believes it could be a great Mother’s Day 2023 gift for your mom. Not only are you providing her with a plan but also ensuring her that she will get the best care.

Old age is when many people struggle with ailments, some experience frequent hospitalisation and others might be on long-term medication. All this can be financially draining for the insurer as well as for their family.

Chhabra shared that a senior citizen health insurance policy often provides comprehensive coverage, including protection against rising medical costs. There are plans offering coverage for hypertension and diabetes from day one. They also encompass the cost of consultation and medication lying between ₹5,000-₹8,000 per month.

Don't Miss: Here Are 5 Tips To Deal With Financial Anxiety

Tax Benefits Of Health Insurance Plans

Many people have the query for tax benefits of health insurance plans. Chhabra shared that under Section 80D of the Income Tax Act (ITA), policyholders can claim deductions for premiums they pay for their kids, spouse, children and parents.

The maximum exemption is around ₹25,000 for a plan that covers you, your spouse and kids. However, if you are paying health insurance premiums for your parents above the age of 60, the exemption is around ₹50,000. If you and your parents are both above 60, the claimed tax deduction amountg can be around ₹1 lakh. “Additionally, individuals can claim a deduction of Rs. 5,000 for preventive medical check-ups under Section 80D,” he added.

If you liked the story, stay tuned to HerZindagi for more financial tips!