Know why health insurance is important for women

Only 13% of the married working women prefer taking individual investment decisions, while the number for single working women is slightly higher i.e. 18%. Studies have shown that women in India just account for 30% of health insurance policies while the number for men is almost double.

Mumbai: Let’s all accept it, the role of a women in a family is to be the strongest pillar as they play a critical role in the well-being of a family. They are the ones who embrace a healthy lifestyle within the family and take care of everyone’s each and every need.

However, as their life constantly revolves around performing various activities at both household and professional front, it is often observed that they tend to ignore their own health in this entire process.

Especially in the Indian society, women have a strong tendency to neglect themselves in the quest of taking care of their loved ones. It is very important that women must realise the fact that they will only be able to perform best on the professional front and take care of their family if they are hearty.

As per a recent study - that primarily focused on the relationship between Indian women and money - only 13% of the married working women prefer taking individual investment decisions, while the number for single working women is slightly higher i.e. 18%.

It is very important that women must stand up and look after their lives first as they are ones who drive the family and society to a great extent. Studies have shown that women in India just account for 30% of health insurance policies while the number for men is almost double.

It is true that health insurance was not a major concern in India for quite some time, but while dealing with regular inflation and the high rising medical costs, it has become imperative to have an adequate health insurance.

Talking about the health of women, in case a woman is diagnosed with a major illness, it would not only damage her health but would also have the potential to damage her entire life and the life of dependents. Moreover, the cost of good healthcare is so expensive today that it is almost impossible for one person to bear the costs without required support from ‘insurance’.

A health insurance is important to women of all age groups while young girls can opt for health insurance with their parents, married women must opt for individual policy.

A major reason behind this is that women in India use more health care services in comparison to men. The life expectancy rate of women is India is a bit higher than men, but the women are more prone to chronic illnesses and require extended healthcare services.

According a study, 38% of the Indian women are at a major risk of chronic illness yet in total less than 35% women have health cover. As a woman, it is very important for you to first understand your important in the family and society. Further, you must learn the concept of health insurance that provides you with adequate protection against medical uncertainties in life and most important the costs involved.

Thankfully, with the market evolution, there are numerous products available in the market that offers best of the required services. The various women specific health insurance plans are specially designed keeping in mind the different illnesses that a woman may encounter during her lifetime.

There are plans available in the market under which the women can choose for critical illnesses and even certain cancer add-ons to have an overall health cover. There are even many types of specific plans that provide benefits during certain stages in a woman’s life such as pregnancy.

Women in India now have more and better choices when it comes to buying maternity benefit plans as earlier they were only available through corporate plans. However now there are companies that offer maternity cover as an add-on with the health insurance policy.

The average cost of maternity treatment including expenses of childbirth, diagnostic tests, medicines, hospitalisation, etc. in India at a good hospital can cost you anywhere between Rs 1 lakh to Rs 5 lakh. Taking care of all these expenses can turn out to be an expensive affair for a middle class that does not have health insurance with maternity cover add-on.

The health insurance plans that offer maternity cover with the numerous inclusions such as coverage for in-patient hospitalisation, delivery charges for normal delivery/ C-section and even lawful termination of pregnancy, under certain conditions.

The plans even take care of the new-born expenses up to 90 days post birth which includes vaccination charges of the baby. There are even plans that cover the cost of storage of stem cells for the new-born.

The women-specific products in the market cater to women specific needs and critical illnesses, moreover there is no special premium pricing for any such product. But as a woman it is important for you to stay informed, and invest in a plan that is benefitting you in more ways than one.

For instance, you must check if the plan you wish to buy offers you various options like choice of a yearly/monthly premium, what are the deductibles, are there any waiver benefits, can you avail of cashless hospitalization and many more.

Also check, if the plan covers any pre-existing diseases and what is the waiting period for certain illnesses under the plan. Taking into consideration a woman’s health, it is very important to check if there is a waiting period for few chronic ailments such as cysts or fibroids or a procedure like hysterectomy that are very common in middle aged women.

The most important thing to do is buy insurance from a reputed insurer that has a proven track record in the market. You must check for the record of servicing and the claim settlement ratio.

Do not look at the premium and rather choose a policy that best suits your requirements in terms of coverage and provides adequate sum insured. Not to forget, sum insured is the most important part of a health insurance cover and it is crucial to be rightly covered. Always make an informed decision before signing on the dotted line.

(Written by Amit Chhabra, Head- Health Insurance, Policybazaar.com)