Pregnancy can be one of the most exciting periods in your life. There are so many things to prepare for, particularly if this is your first pregnancy. Getting your maternity insurance plan sorted is one less thing to worry about. It also means getting expensive medical procedures covered, so you can spend more time and resources on your newborn.
Here is where Pacific Prime comes in! We have more than 20 years of experience helping expectant parents find the perfect insurance plan for their needs. That's why we are familiar with maternity insurance and are happy to share tips on one of the most confusing insurance features.
Maternity insurance: What are "waiting periods"?
Here's our video explaining what "waiting periods" are. We also included 3 simple tips to help you plan around them. It's one of our many video resources, extracted from our comprehensive guide to maternity "waiting periods". Interested to delve into maternity insurance? Download our free guide to international maternity insurance! Videos or long-formed articles, we have something for everybody.
Here is a quick snapshot of what's in the video:
What are the maternity "waiting periods"?
For maternity insurance, " waiting periods " form an important part of the insurance coverage. You can also find waiting periods in plans covering pre-existing conditions. Since you are planning for a child, there is a 100% chance that you will be making claims for maternity insurance. So, to prevent clients from doing this as soon as they've secured a plan, insurers have waiting periods in place.
Usually, waiting periods last 10-12 months. Depending on your insurance policy, it commences at the start of your plan enrollment. That is to say, your policy will only cover medical procedures after the 10-12 months time frame has elapsed. On the other hand, any treatment done during the waiting period will not be covered.
Three tips to prepare for your pregnancy:
We recommend planning for a family in advance because of the maternity insurance waiting period.
1. Secure maternity insurance
Once you're pregnant, there is very little room for maternity insurance. That's why you should secure an insurance plan before you're pregnant. For example, if your plan starts on the 1st of January, 2020, then you should aim to get pregnant after the 1st of January, 2021. This way, your medical costs will be covered from day 1 of the conception date.
2. Check the waiting period
Some waiting periods are 10-month long, while others are 12-month long. Check to make sure beforehand. This way, you won't be incurring unnecessary costs by trying for a baby before your maternity insurance kicks in. Sometimes, a few months' difference could cost a fortune.
3. Try for a child
This is the final step of family planning. Do try for a child long after you've secured a maternity insurance plan. Keep in mind that the cost of giving birth is the highest compared to other maternity treatments.
We understand that it could be difficult to plan for exactly when you'd get pregnant. For instance, it could happen before the waiting period is over. Using the same example from above, your insurance plan starts on the 1st of January 2020. Moreover, your conception date is the 1st of September 2020, and your delivery date is the 1st of May 2021. In this case, you will still obtain the prenatal, delivery, and newborn coverage because the maternity insurance plan kicks in on the first day of 2021.
As a counter-example, your conception date is the 1st of April, 2020, and your delivery date is the 1st of December of the same year. In this case, you could only receive newborn coverage, which is also subjected to your policy's terms and conditions. In other words, trying for a child well after your insurance plan commences makes a world of difference.
Learn more about maternity insurance
Ready to learn more about maternity insurance? Pacific Prime has got you covered! Every day, we simplify the world of insurance with blog posts, guides, infographics, as well as video resources.
If you're looking for a good insurance plan, our team of insurance brokers also offers unbiased advice based on your needs. Compare quotes with our easy-to-use online quotation system, or simply get in touch with us! We are happy to chat with you and offer you our expert opinions.
