This study adds to the limited body of previous studies conducted on the health policy that supports medical expenses on pregnancy and childbirth, with special reference to the Kookmin Haengbok Card (previously Goeun Mom Card) Program. Using relevance, efficiency, and effectiveness as its criteria for policy evaluation, we performed a binary logistic regression analysis of data from the National Survey on Fertility, Family Health and Welfare (for the years 2006, 2009, 2012, and 2015) conducted by the Korea Institute for Health and Social Affairs. In examining the extent to which the Program achieved its goal of “adequate prenatal care and good health outcomes,” we interviewed new mothers to understand their own evaluation of the policy and unmet needs. The Program was found to be efficient as almost every pregnant women received its assistance. It was also effective in that it helped pregnant women receive adequate prenatal care, resulting in good health outcomes. The findings have several policy implications. The Program should be expanded through not only cash assistance but also the national health insurance coverage based on an adequate prenatal care guideline. Also, public policies should support maternal and child health by providing assistance throughout the process of pregnancy and childbirth to overcome the problem of low-fertility.