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Why Should You Create a Foolproof Financial Plan for Your Maternity Leave?


Pregnancy is one of the most critical and beautiful phases in the life of a woman, and it entails many changes at a physical, social, and psychological level for the expecting mother. While nowadays every family plan for a child, the crucial thing they forget, is planning for their maternity leave. During and after pregnancy, there are many expenses in terms of medicines, nutritional food, and many products that guarantee the safety and comfort for the mother and child. Considering these expenses, it is wise to put a savings plan in place while planning for a child.

Taking A Maternity Leave

Considering the duration of maternity leaves, the initiation of the Maternity Benefit Act, 1961 brought about positive change, increasing the period of maternity leave for 26 weeks. However, in case you are having a surrogate child or if you already have two children, you are eligible for a maternity leave of 12 weeks only. It is wise to opt for a maternity leave before 8 weeks of the due date that the doctor has provided you.

Ensuring Ample Savings

When a working mother takes a maternity leave, all the expenses have to be covered by just one salary. In such cases, It really helps if you have started saving during the earlier months, so that during your maternity leave, there are ample funds to support the expenses that come with pregnancy. While planning for savings, it is wise to take into account all the possible expenses such as hospitalization, nursing charges, and all the expenses that come with taking care of a newborn child.

Maternity Insurance

While it might not be very common, but many employers provide their female employee’s maternity insurance. While they might specifically insurance for maternity, but they are group insurance plans that might even cover your maternity expenses. However, to ensure this, it is wise to inspect the policy document and the list of exclusions within to make sure if maternity expenses are covered within the policy. In case they are covered, it would greatly help the situation at a financial level.

Availing a Health Insurance Plan

Health Insurance cover, and specifically family health covers are a boon. They help in covering in many common health expenses of the family with a meagre amount of premium which you have to pay on regular basis. However, before availing a health insurance, it is crucial to check all the terms and conditions mentioned in the brochure or the policy document. You should preferably avail a health insurance that covers maternity expenses and also includes the baby under the coverage of health insurance. Furthermore, it is important to note that many policies have a cooling period of 1-3 months, so the wise choice would be to avail one well in advance.

The most important advice that one could give to an expecting mother is to savour all the time that is spent with the baby and welcome it with all the joy in the world.

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