Women today are matching steps with men in almost all fields of life. Professionally today, women have achieved the same success as men. Things are not the same on the personal front still, as in the process of taking care of their loved ones, women often forget to take care of themselves. Health insurance is a must have for everyone, but the number of women opting for the same is less when compared to men. Women need it as much as men, if not more. This is the reason why it is important for every woman to avail health insurance and stay protected against unanticipated illnesses.
Currently, some of the reasons why a lot of women do not take health insurance are:
- They are dependent on their spouse for financial needs and also investments
- They save money for other important things and do not consider health insurance to be important
- They tend to delay and buyinsurance when they are about to give birth or when they start aging and health problems start to set in
- They often feel that the risk is not high, which is wrong as women usually live longer and are more prone to many diseases
- As they are often not the ones who run the house, they do not take their insurance needs seriously
Why is Health Insurance So Vital?
Women need to understand that having health insurance is essential as it can save them from a financial issue at the time of any medical emergency. It is not about whose health and treatment is important, it is about avoiding a financial stress in times of a medical emergency. Medical treatment costs in our country are increasing by leaps and bounds and as a result, getting the best treatment has become a luxury for many. Paying for hospital bills can mean paying from savings. This is because without insurance, paying such bills from regular income is not possible for most women. To avoid this problem, it is best to have a comprehensive medical insurance plan.
Insurance companies understand why health insurance is important for women and thus, they have devised several specific plans for them. These plans only vary in terms of coverage and benefits and not in terms of premium. Some of the benefits offered by Health Insurance Plans for women are:
- Cashless hospitalization at a network hospital
- These plans also pay the expenses incurred pre and post hospitalization
- Maternity benefits
- Regular health check-ups
- Pre and post-natal expenses
- Coverage for the newborn baby
- Critical illness covers where a lumpsum is paid if any of the covered critical illnesses are diagnosed
- Income tax benefits under Section 80(D)
The above are some general coverage provided by medical insurance policies. However, some specific policies are also available for women staying in a joint family or single mothers and also for senior citizens.
Tips to Buy Health Insurance
The following points must be kept in mind while buying a health insurance plan:
Coverage is Essential
When buying a policy, the main criteria should be the coverage and not the premium. Many people tend to buy a policy which is cheap but face problems at the time of a claim. While buying a medical insurance policy, one must read the coverage carefully and not just focus on the premium they are paying. A good insurance policy covers a wide range of diseases and problems and also pays for pre and post hospitalization expenses. Apart from this, certain day procedures should also be paid for and also a rider for critical illness should be there.
Adequate Sum Insured
A proper sum insured which covers most diseases must be bought. Inflation should be taken into account so that there is enough coverage in old age too when the policy is most needed. The limit to which an insurance company pays the claim is subject to the sum insured. While a small coverage might be sufficient when you are young, if medical costs keep increasing the way they are doing right now, the sum insured would not be enough in the old age.
A health insurance policy must be bought when you are young, as there is a chance to get better coverage with lesser premium. As it is natural to be healthier when you are young, insurance companies are happy to offer a better policy. A comprehensive policy at an economical premium is available whereas the premium tends to rise as the insured ages. A health insurance policy is as essential when you are young as it is when you are old. Medical emergencies can surprise you no matter what your age is, and so it is always better to buy a policy in your younger years as this helps get a better policy.
A health insurance policy offers cashless hospitalization in the network hospitals. This makes it important to ensure that the policy you choose has a good Third-Party Administrator who has a good network of hospitals empaneled. One should go for a network which has their preferred hospital along with the one closest to their house. This way, the insured can get treated well and not pay from his own pocket apart from the things which are not covered.
As a woman, you need to remember that buying health insurance is a need and not a luxury. This should not be ignored for other life events. A medical insurance comes in handy when there are unexpected medical problems which can heavily affect your bank balance. A health insurance policy is an investment you choose to ensure you get the best medical facilities and treatment at the right time without spending your savings.