5 reasons why women should get health insurance 

women should get health insurance

Women are known to juggle between work and home constantly. Though they manage to handle their job while taking care of their family, the stress could have a negative impact on their health. They could become victims of lifestyle diseases such as cardiac diseases or hypertension. Since some of these health conditions are unpredictable, it is best to get coverage under a health insurance plan that will at least protect them from financial contingencies that could arise from a medical condition. 

More and more women are becoming financially independent and some even lend a hand in the family finances. However, only a small section of women in the country are found to invest in a good health insurance plan. Here are five reasons why women do not buy the insurance and how one can go about the issue. 

Offers coverage for hospitalisation and other medical costs 

Most people tend to ignore the importance of health insurance. While it may seem like an additional financial burden, given the other day-to-day expenses and other major expenditures to be taken care of, it will be extremely useful in case of a medical emergency. Health insurance plans essentially offer financial protection from all expenses incurred during hospitalisation – starting from the room rent to the surgeon’s fees. Some plans offer coverage for pre and posthospitalisation expenses and ambulance charges too. 

Employer’s plan is not sufficient 

Most working women will be covered by their employer’s corporate health insurance. While the coverage will come in handy in case of minor incidents, it may not be adequate in case of a major illness or surgery. The sum insured amount should ideally be Rs.5 lakh but group insurance plans offer a much lower coverage. 

Family floater may not be enough in an emergency 

While a family floater ensures the entire family is protected, a woman may need more coverage for expenses such as maternity treatments. Also, in the floater option, the entire family will have access to a fixed sum of money. If any member has already utilised a part of the complete amount available under the plan, one will have to shell out money from one’s pocket. Therefore, a woman should understand her individual needs and get a separate health insurance plan. 

Need for critical illness coverage 

Due to the rise in lifestyle-related critical illnesses, insurance companies offer special health insurance plans that offer coverage for breast cancer, vaginal cancer, cervical cancer, congenital diseases of newborns, and so on. Anyone can be diagnosed with such major illnesses, so it is best to get coverage so that one need not go into debt due to the expenses incurred. 

Financial independence 

When a woman can go to work and earn a living, there is no reason to depend on family members to cover medical treatments. By purchasing a health insurance policy, one will achieve complete financial independence and won’t have to look for alternate avenues to fund one’s treatments. 

Every woman should keep the above-mentioned points in mind and get an excellent health insurance plan that will keep her protected from medical contingencies as well as make her financially independent. 

Posted by bbindhusingh

Financial Analyst at Farmer's Insurance with over 25 years of experience in the finance industry

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