Have A Peaceful Motherhood With Better Planning To Beat Financial Stress

Anita is 6 months pregnant and works in a mid-income job along with her husband. While they are overjoyed at the arrival of the new bundle of joy, their excitement is constantly overshadowed by the stress of meeting the hospital and delivery bills, especially in the event of unfortunate complications. The monthly medical expenses on medicines and diagnostics are piling up.

Unfortunately, the above scenario is a far cry from being an exception and reflects the real struggle of most low to middle income families. They get by comfortably every month with their regular incomes but find it nearly impossible to pay a large sum of money at one go for even planned procedures such as pregnancy.

Pregnancy is one of the most cherished periods of a mother’s life. From her body supporting the life of a growing baby to setting up a room full of toys and adorable clothes, pregnancy brings with it immense joy and happiness for a woman as well as her family.

However,Tejbir Singh, Co- Founder and CEO at AffordPlan says that for many pregnant women, especially those in the mid-income bracket, the nine months before the baby arrives are filled with financial distress and anxiety. From hospital bills, doctor’s appointments to expensive ultrasounds, there are multiple costs that need to be considered during the course of pregnancy.

There is much discussion in the medical fraternity about the lasting and adverse impact of a mother’s stress on the yet to be born baby. In particular, women who feel anxious about finances during pregnancy are more likely to give birth to babies with lower birth weight, according to the National Family Health Survey conducted by World Health Organisation.

Medical services are an integral part of our lives, akin to education or retirement, but unfortunately, fail to receive due attention and planning as the latter. Only 27 per cent of Indians have opted for health coverage, according to a recent report jointly published by FICCI and KPMG. The study also reveals that out-of-pocket expenditure accounts for 62 percent of the total healthcare spending. According to the Household Health Expenditures in India (2013-2014) report by the Ministry of Health and Family Welfare, the highest percentage of out of pocket health expenditure (52%) is made towards medicines. This is followed by private hospitals (22%), medical and diagnostic labs (10%).

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However, the absence of any prior planning often leads to undue financial distress in the last few months with young parents forced to borrow last-minute loans at high-interest rates, sell assets or settle for less than optimum medical facilities and services. The need of the hour is to generate more awareness and education about affordable medical saving solutions keeping in consideration an individual’s income and needs. Thus, allowing the individual to not only be stress-free but also incur benefits on diagnostics and other out of pocket expenses.

Medical procedures cannot always be pre-planned and liquidity can be a big concern. However, planned surgeries or medical interventions, such as pregnancy can definitely be thought through much better with more knowledge of available options. Progressive platforms that integrate finance, technology, and healthcare and are easy to use have the potential to bring in a positive behavioral change towards health savings amongst the population.

Medical insurance and medical loans are other options available to create a stress-free financial plan for a known medical procedure. A well planned financial roadmap for medical interventions such as pregnancy can reduce the overall cost (including out-of-pocket expenses) of treatments by as much as 15-20 percent which otherwise adds to the financial burden for families. Similar to prenatal classes and other baby related planning, the financial planning for pregnancy must be seen as an integral part of this journey.

However, there is a need to impart more knowledge across the target population and help them overcome the apprehensions and fears associated with finance, savings, and technology. They need to be handheld through the technical jargon and the initial reservation towards savings that can be as little or as high as their individual comfort levels. Once couples are able to overcome the initial reservations and feel comfortable with financial planning, they are able to enjoy the entire pregnancy experience without any undue stress. Thus making it imperative to create awareness amongst soon-to-be parents that the process of health savings need not be overwhelming and with the help of technology and medical expertise, it can be easily tailored to suit the need and lifestyle of the individual.

Pregnancy while being beautiful can also be difficult with all the changes the body goes through. It can be an emotional time for most women and what they need is ample amount of love, support and most importantly the security that everything will be alright. Customised financial saving solutions that include the right balance of medical savings, insurance, loans etc. help provide couples with that security, making the last mile a joyful experience filled with hope and excitement rather than fear and anxiety. Besides, the savings on medicines, diagnostics and out of pocket expenses also enable the expecting couple to upgrade to better services and maternity experience that might seem like a far stretch otherwise. Thus, enriching the very first experience of the beautiful journey of motherhood.

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