Across society, there is a large disparity in the proportion of men and women with health insurance coverage. Women are left behind when it comes to buying their own health insurance. At present, health insurance is the need of the hour and every woman needs it, irrespective of her financial and social status.
Why don’t many women opt for separate health insurance coverage?
Their spouse is enrolled in a health plan that provides coverage for the entire family and is a frequent factor in women’s decision to purchase an individual health policy for themselves. A family floater plan is a smart option but it may not always be sufficient. Women should be aware of their individual needs and decide whether to buy a health plan for themselves or not.
Another reason is that many women are already covered by their employer’s group health insurance and are therefore reluctant to take out an individual policy for themselves. However, at times, if the claim for the group policy exceeds the cover amount, he/she will have to pay the difference amount out of pocket. If one has an additional insured with independent health insurance, he or she will not need to worry about future claims, as both policies will cover the costs. Furthermore, if a woman loses her job, an independent health insurance plan will guarantee that all costs associated with unforeseen medical emergencies will be covered.
Women have special needs
One survey shows that 46.6 percent of all new mothers experience a reduction in savings as a result of maternity-related medical costs. And this is true for all women, not just those who depend on their husbands for money. According to 35 percent of working women, there were unsatisfactory provisions in maternity benefits provided by their employers.
In India’s tier-1 cities and metro areas, normal delivery usually costs between Rs 45,000 to Rs 55,000 in private hospitals. While the cost of a Caesarean section in a private hospital can range from Rs 70,000 to Rs 2,00,000 depending on the severity of the complications. These numbers act as a wake-up call for women to buy a separate maternity cover for themselves. Typically, an individual maternity cover includes – delivery costs (normal or cesarean), ambulance charges, pre-hospitalization expenses, post-hospitalization expenses, and newborn baby cover.
Women are also more likely to develop certain medical ailments that are irrelevant to men, which is another reason why they need health insurance plans that are specifically tailored for them – for example, breast cancer. , fallopian tube cancer, vaginal cancer, etc. Many insurance companies have specially designed critical illness plans for women, so it would be a wise decision to consider them.
Women need to think about purchasing health insurance early in life to fight medical inflation. The earlier the insurance plan, the shorter the waiting period and the lower the premium. In addition, she can avail tax benefit of Rs 25,000 under section 80(D) of the Income Tax Act.
While women today are making independent decisions for their lives, it is important that they start planning their investments independently. Society is moving towards gender equality over time, and decision-making is an important part of gender equality. Women should be more and more aware of their savings and investments and for this insurance should be a major focus area.