Why Health Insurance Is Important For All Women

Every woman from every walk of life needs affordable health care coverage, whether she has a high-paying job or works as a waitress or is a homemaker. Healthcare costs are skyrocketing, and when you’re already sick and need medical attention, it’s almost impossible to find affordable and quality medical care on your own. The matter of health is not to be taken lightly. Every woman, whether she is managing the home or working in an office, needs a health insurance policy.

So here are five reasons why health insurance is important for all women

1.Increasing health concerns for women:

Women are becoming more and more vulnerable to numerous lifestyle diseases such as diabetes, hypertension and PCOS (polycystic ovary syndrome) because of stress from work, poor eating habits, sleep deprivation and a sedentary lifestyle. The pandemic has also resulted in an increase in anxiety and psychosomatic disorders in women and people in general. Given the unpredictable nature of life, it would be smart for women to maintain comprehensive health insurance that includes critical illness plans. This will help them take care of hospitalisation expenses related to these difficult times.

2.Catch it early:

It is always better to buy a health insurance policy when you are young, as your health is at its peak and you are free from any medical complexity. Not only will the premium rate for your policy be lower, you can also go for regular check-ups without worrying about the finances. It is always better to detect potential health disorders or diseases so you can get better faster and much easier.

3.Protection from rising medical inflation:

Healthcare costs are sky-high in 2023, and a good health insurance policy will help you in case of an emergency or with your regular check-ups and tests. A health insurance plan that offers you coverage for minor diseases and critical diseases as well. Depending on your needs, get the plan that works for you. Avoid financial crises during a medical emergency by opting for adequate coverage. Do not compromise on your needs when it comes to health care. After all Health is wealth, as they say.

4.Maternity coverage needs:

Maternity healthcare is crucial for women. Women who are in the family planning way would have to prepare themselves mentally, physically as well as financially.

With Caesarean section deliveries on the rise in India, maternity treatment costs have increased. After a C-section delivery, a new mother stays in the hospital for three days on average. This incurs upwards of Rs 50,000 on average. Invest in a health insurance plan that offers maternity benefits for a shorter waiting period and a higher coverage amount towards normal or caesarean delivery charges. Some insurers extend the covers to couples who have chosen the option of medically induced pregnancy i.e. In-vitro fertilisation (IVF).

5.Tax-benefit:

Apart from helping you provide affordable health care, a health insurance policy also offers tax benefits on the premium amount paid. Your health insurance premium is tax-deductible under Section 80D of the Indian Income Tax Act, 1961. Women under the age of 65 years can claim a tax deduction of up to Rs. 30,000.

Now that you know why a health insurance plan is important for all women let’s see what factors affect women’s health insurance policies:

• Individual or family floater health insurance.
• The waiting period for pre-existing disease coverage.
• The waiting period for maternity coverage.
• Value-added services.
• Network hospitals.
• Limit of room rent, age and treatment cost.
• OPD expenses.

Here are some common inclusion in a special women’s health insurance policy; look for these before buying a policy:

• In-patient hospitalisation
• Daycare procedures
• Maternity
• No-claim bonus
• Domiciliary hospitalisation
• Pre- and post-hospitalisation cost
• Ambulance charges

As we grow older, we become more prone to diseases. Taking care of these diseases at their onset is important as any delay on the part of the patients can worsen their condition. Women should buy health insurance as soon as possible as most health insurance policies have a waiting period for pre-existing conditions, and a delay in purchasing health insurance will not let you enjoy all the benefits of the policy.

Women are succeeding in all walks of life today, but sometimes they tend to ignore their own health in the process. A medical insurance policy will not only help women manage their finances in times of medical emergencies but also help them pay more attention to their health. A healthy woman is truly an empowered woman.

Cholamandalam MS General Insurance in partnership with Equitas Small Finance Bank (Equitas SFB) launched the Chola Sarva Shakti Policy, a women-specific health insurance policy to empower Indian women with good health and finances. To know more about the plans offered by you will find that Chola MS please visit the website. Explore the top plans offered to suit your needs.