Why Women’s Health Insurance Is Vital: Ensuring Well-being And Equality

By
September 15, 2023

Women are the backbone of any society. They are moms, daughters, sisters, wives, professionals, and entrepreneurs and wear many hats in multiple other roles in their lives. They prioritise their families, careers, and personal well-being. However, they frequently ignore and put off their own healthcare needs. This can have considerable long-term consequences on their bodily and mental health.

According to the WHO, or World Health Organization, India has one of the lowest female life expectancies in the world, at 70.4 years. The leading causes of death among women in India are cardiovascular diseases, respiratory ailments, cancers, diabetes, and maternal conditions. Women also face various health risks and challenges throughout their life cycle, such as menstrual disorders, reproductive health issues, pregnancy and childbirth complications, menopause, osteoporosis, and breast cancer.

These health problems can not only affect the quality of life of women but also impose a substantial monetary burden on them and their dear ones. The cost of medical treatment in India is rising yearly, and many women do not have access to affordable and quality healthcare services.

Benefits of Health Insurance for Women

  • Financial Independence for Healthcare

As a woman, you deserve financial independence and security for your health needs. You should not have to depend on anyone else to pay your medical bills or compromise on your treatment options. Healthcare plans can offer you the freedom to pick the best healthcare facilities and services for yourself without worrying about the cost. You can also obtain cashless treatment at network hospitals and avoid the hassle of arranging funds during hospitalisation.

  • Maternity Expenses

If you are planning to start a family or expand it, you need to be ready for the maternity expenses that come along with it. The maternity cost has increased exponentially in the past few years. What begins with regular check-ups, ultrasounds, and medicines slowly and steadily escalates to hospitalisation and pre- and post-natal care. Without insurance coverage, these costs can significantly impact a family’s savings.

Therefore, buying health insurance plans or a maternity health insurance rider that includes maternity expenses is beneficial. Some plans also cover newborn congenital disabilities, such as Down Syndrome, cerebral palsy, and cleft palate. However, depending on the plan, you need to be aware of the waiting period for maternity coverage, which can range from 9 months to 24 months.

  • Critical Illness

Another reason insurance is important is that it can protect you from the possibility of developing life-threatening or incapacitating serious illnesses. Women are more prone to certain critical illnesses than men, such as cancer of the breast, ovaries cancer, cervix, uterus, vagina, fallopian tubes, etc. These conditions necessitate specific treatment and care, which can be costly and time-consuming.

Health insurance plans that cover critical illnesses can provide you with a lump sum upon diagnosis of any listed diseases. You can use this amount to pay for your treatment costs or any other expenses you may incur due to your illness. You can also opt for standalone critical illness plans comprehensively covering various acute diseases.

  • Tax Benefit

Buying a health plan can also allow you to save tax under Section 80D of the ITA, 1961. You can claim up to INR 25,000 on health insurance premiums for your spouse, parents, or children. If you’re thinking in terms of health insurance for parents, you can avail of a substantial tax exemption. The tax benefit increases to INR 50,000 when you pay the premium for senior citizen parents.

How to Choose the Best Health Insurance Plan for Women?

You may choose the perfect healthcare plan by considering the following parameters:

  • Assess Your Healthcare Needs

  • Evaluate your current health status.
  • Consider any pre-existing conditions.
  • Think about your family planning goals.

  • Network of Healthcare Providers

  • Check if your preferred medical practitioners and hospitals are on the list or network of your chosen insurer.
  • Ensure there’s a wide network to choose from.

  • Financial Considerations

  • You must compare monthly premium costs.
  • Analyse out-of-pocket expenses like deductibles and co-payments.

  • Essential Services

  • Confirm coverage for maternity care.
  • Verify coverage for preventive screenings.
  • Ensure coverage for women’s health specialists.

  • Additional Benefits

  • Explore wellness programs.
  • Consider mental health support services.
  • Look for telemedicine options.

  • Insurance Company Reputation

  • Research the company’s track record.
  • Read customer reviews and check ratings.

Conclusion

Women’s healthcare matters because it provides peace of mind, better health outcomes, and, most importantly, financial security. It can help you take care of yourself and your family without compromising your health or dreams. Therefore, you must not delay purchasing a health insurance plan for yourself and enjoy its benefits.