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Why Women should have Individual Health Insurance

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In India, awareness about women’s health is still in a nascent stage, though women are taking giant strides in every possible profession and shattering glass ceilings through education and empowerment. That is because, even today, a woman who has a promising career is expected to be the key or only caregiver in the family. Which means, women often end up ignoring their own health and problems. It’s time to change that.

Buying health insurance is a great start, no doubt. However, most women tend to buy family floater plans or believe it’s enough if they are covered by their husband’s policy. That’s not true though. Buying an individual health insurancepolicy makes more sense for women. Why? From gynaecological diseases to pregnancy complications, several health concerns are exclusive to women. Hence, the coverage of a family floater plan might not be enough. Read on to know more about the importance of an individual policy.

Why health insurance is so important for women?

The women of today play multiple roles – homemaker, wife, mother, caregiver, professional, and sometimes, the primary breadwinner. While performing all these roles, they pay the least attention to their own health.So, when a severe illness strikes, their financial stability goes for a toss because they are not prepared financially. Women are also prone to specific diseases. So, to ensure their finances and healthcare needs are secured, it is important for women to buy individual health insurance.

Why women should purchase separate health insurance for themselves?

Women should buy separate health insurance for themselves due to the below reasons:

• To cover maternity-related expenses, women should have a dedicated maternity health insurance which is an add-on cover. The maternity cover can be added to the existing health insurance policy or bought as a standalone policy. Maternity coverage includes all childbirth-related expenses such as pre and post hospitalisation charges, delivery charges, vaccination charges for the new-born, and any complications during delivery.

• Some critical illnesses are specific to only women such as breast cancer, uterine cancer, ovarian cancer, and their treatment costs can be quite high. It can drain their savings. Having individual health insurance can provide the much-needed financial protection while theyfocus on recovery.

• As per Section 80D of the Income Tax Act, women can claim tax benefit of up to INR 25,000 on the premiums paid for health insurance. This can help in reducing their taxable income.

What do women health insurance plans cover in the first place?

To encourage women to take their health seriously without worrying about the medical expenses, insurance providers have launched women-centric health insurance plans. These plans cover maternity expenses, pre and post hospitalisation expenses, new-born expenses, treatment for critical illnesses, personal accident and offer livelihood benefit in case of accidental death or permanent disability.

What are the benefits related to women health insurance?

Here is a look at the key benefits:

• With individual health insurance, women don’t need to depend on others for covering their specific medical expenses. They can avail quality healthcare facilities without worrying about financial stability or loss of employment. This can make them more confident.

• By buying women’s health insurance, they can get coverage for illnesses specific to them. A generic or standard plan may not offer such coverage.

• When secured with critical illness insurance, women can receive a lump sum amount in case they are diagnosed with critical or life-threatening diseases such as breast cancer, ovarian cancer, uterine cancer, etc.

• Women can avail tax benefits up to INR 25,000 on the premium paid towards health insurance bought for self, spouse, parents and dependent children. In India, as the tax paid by women is less in comparison to men, they can save more on their disposable incomes.

• Women, usually, live longer than men. Hence, insurance policies are designed to address this and encourage women to purchase individual health insurance plans. Up to a certain age limit, women are offered less premiumand discounts.

What all should women consider before buying a health insurance plan?

Before buying an individual health insurance policy, women need to consider these factors:

• Women-specific diseases:

As women touch 40, they become more prone to bone-related disorders such as arthritis and cancers like breast cancer, ovarian cancer, cervical cancer, etc. These women-specific diseases are not covered in most standard health plans. So, while buying health insurance plans, women need to make sure that these illnesses are covered.

• Maternity coverage:

Most insurance providers do not cover maternity in the standard plan. Hence, any woman who is planning for a child should check if the health plan includes maternity coverage and the extent of coverage. If not, they can opt for maternity add-on. Usually, there is a waiting period of 2-4 years, so women should check if the plan comes with a minimum waiting period.

• Congenital disability:

Congenital defects like cleft palate, Down syndrome, etc. are covered in some insurance plans. If the chosen health plan has this coverage, the insurer will reimburse a part of the sum insured for treatment.

• Free medical check-up:

Regular check-ups can help in early diagnosis and treatment of any disease. So, women must ensure that their health plan offers free medical check-ups.

• Early policy purchase:

Women should buy individual health insurance when they are young and healthy. If they have pre-existing diseases,they may find difficulty in getting the right plan as per requirements. Also, the premium goes up as a woman agesas they are considered a risk by the insurer.

Conclusion

Healthy women are happy, confident and strong women, who can juggle multiple responsibilities and contribute to the society. And to ensure that they get the medical care they need when times get tough, buying individual health insurance is super important. Moreover, busy women can simply go online, compare insurers and policies, and buy one that suits their needs best. It’s a win-win!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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