Benefits Of Health Insurance For Women

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Health Insurance Plans

From handling complex space missions to playing a stellar role in driving entrepreneurial growth, women in India have come a long way. Maintaining a fine balance between professional and personal commitments, they are playing an active role in catalysing economic growth of the country.

However, changes in lifestyle trends are making them vulnerable to various ailments and this is why they need to have health insurance in their portfolio. Given below are the benefits of health insurance plans for women.

Prevent out-of-pocket expenses

A medical emergency can strike anytime and can derail finances in no time. There are many households where women are the primary breadwinners. A medical contingency can wipe out a significant chunk of their savings instantly. 

However, a health insurance plan keeps a tight lid on out-of-pocket expenses and prevents drying up of savings by providing the required funds for treatment. Additionally, it ensures that money is not a paucity when it comes to receiving the best medical care. 

Guards against rising medical inflation

Medical inflation in the country is increasing double the rate of the retail inflation, which is pretty alarming. Average retail healthcare inflation stood at 7.14% for the 2018-19 fiscal, rising from 4.39% in the previous fiscal. Rising medical inflation, which is expected to increase further, has pushed up healthcare costs by several notches.

Expenses are pretty high in private hospitals in Tier I cities and hence, it’s imperative for women to buy health insurance. While most experts suggest a sum insured of Rs.5 lakh, it may not be adequate, particularly in metros, where medical costs are astronomical. Hence, it’s ideal to opt for a cover of at least Rs.10 lakh and top it up with an additional cover of Rs.5 lakh.

Vulnerability to critical illness

Drastic changes in lifestyle have made women prone to various critical ailments such as cancer and stroke, among others. It has been observed that women are at the risk of heart disease from as early as 35.  Data suggests that, in India, a greater number of women are diagnosed with cancer than men, with the common ones being breast, lung, and cervical cancer.

A critical ailment has a more severe impact on finances and therefore, it’s important to avail a critical illness health insurance. Unlike a regular health insurance plan, which reimburses only hospitalisation expenses, a critical illness plan is a fixed benefit plan which offers a lump sum upon diagnosis of the disease. This helps take care of pre- and post- hospitalisation expenses with ease.

Keeps essential financial goals on track

Today’s women are not shying away from availing big-ticket loans to fulfill their dreams. Be it a car or home, the number of women applying for loans has gone up in the past few years. In some cases, women also get benefits on these loans in the form of reduced interest rate or high tenor. However, it’s important to pay EMIs of loans taken on time to maintain a good credit score and creditworthiness.

Health insurance plans help women keep their financial goals on track by ensuring they can meet their liabilities, without default. By preventing a depletion in savings, they help keep life goals on track.

The final word

As evident, health insurance plans offer a gamut of benefits to women. Women can buy health insurance online or offline. Purchasing online health insurance has its share of advantages as one can compare multiple policies to make an informed choice. As there are no intermediaries involved, premiums are generally lower. It’s equally important to read the fine print and understand the various terms and conditions of the policy before availing one.