Importance of Health Insurance for Women

With the rising cost of healthcare, getting health insurance for womens is equally important as for their family. Women's health insurance is designed to cover diseases such as breast cancer, heart stroke, diabetes and more.

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6 mins 13 secs
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Last Updated - September 6, 2023
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A woman can be a homemaker, and/or a bread earner, but there is no doubt that the home is incomplete without her presence. As women are excelling in different walks of life, they tend to ignore their health in this process. So, it is of prime importance that they should have appropriate insurance to safeguard themselves from uncertainties. 

With the rising cost of healthcare, getting health insurance for womens is equally important as for their family. Women’s health insurance is designed to cover diseases such as breast cancer, heart stroke, diabetes and more. Having medical insurance ensures healthcare coverage and other sudden expenses arriving out of the blue.
Reasons to have a health insurance for woman: 

Increasing heart ailments

Heart diseases are very common in Indian women and are on rise. One can’t deny that heart related illnesses and treatments aren’t expensive. With changing lifestyles and work stress, dealing with heart ailments without a health insurance policy would have a huge impact on your financial goals. To avoid that, one should definitely have a health insurance plan.

Rise in critical illnesses

With medical history observed by WHO, the majority of the women are diagnosed with cancer. Breast cancer is one of the common critical illnesses that has been reported on a large scale in India. Critical illnesses come with hospitalization and expensive treatments. Read through benefits of critical illness plans to know more about it.

Change in Lifestyle

Over the past few decades, there has been a drastic change in the lifestyle of women. Since they work in diversified fields, they are prone to various diseases. The healthcare cost is on the rise and can cause a fortune in case of some critical illness. Changing lifestyle leads to stress and indirectly leads to various ailments.

Rise in maternity treatment costs

One of the prominent reasons why women should have health insurance is the rise in the cost of maternity treatment. With increasing population, the admission of women for maternity treatment has spiked up. Health insurance helps the mother and her family to manage maternity and other hospitalization expenses.

How to choose a health insurance provider?

Here are some major criterias to look at while choosing a health insurer provider:

  • Companies credibility
  • Cashless network hospital list
  • Check sub-limits on treatments
  • Waiting period coverage
  • Co-payment options
  • No Claim Bonus

Let us understand about each of them in detail:

Companies credibility

The first and the most important thing to check while choosing a health insurer is the goodwill of the company and its credibility. Since, an organization’s credibility will provide you with a fair thought of the sort of service they can offer you. For that purpose, it is important to know about the company at first while you wish to purchase a health insurance policy.

Cashless network hospital list

The facility of opting for cashless hospitalization is something which is given by most of the health insurance providers. The sole purpose behind providing cashless facility only on hospitalization is to ease the burden of arranging huge amounts for hospitalization. The policyholder is given a choice of cashless network hospitals to choose from for getting its treatment done. 

Check sub-limits on treatments

Most health insurers have set sub-limits for costs related with clinical treatment, for example, the consulting specialist’s charge, emergency clinic, room-rent, and others. It is mandatory to check on the list of sub-limits mentioned at the time of choosing a health insurance plan. 

Waiting period coverage

Buying a health insurance policy is important, and so is knowing what is the waiting period that comes with the policy. Waiting period is that tenure where the policyholder can’t make any claims for pre-existing diseases as defined at the time of purchasing the policy. This implies that the policyholder should go through the waiting period before they can be covered for a pre-existing illness.

Co-payment options

Under the co-payment option, a part of the total bill amount is to be paid by the policyholder and the remaining is covered under the health insurance policy. Here in this option, the premium charged is comparatively less as the risk burden on the company is shared with the policyholder. 

No Claim Bonus

No Claim Bonus is the bonus rewarded by the health insurance company for every claim free year. In a health insurance policy, the sum insured increases with every claim free year but the premium stays as per the age bracket itself. One should also consider the No Claim Bonus offered by the health insurer while thinking of purchasing the health insurance policy.

Things to look at while buying a health insurance plan:

  • Sum assured
  • Claim settlement ratio
  • Premium charged
  • Inclusions and exclusions of the plans

Let us understand about each of them in detail:

Sum assured
It is important that you are covered adequately to pay off your medical bills when admitted. It is advisable to compare and buy a health insurance plan that covers your medical expenses. 

Claim settlement ratio
There is no point in buying a health insurance plan if the claim settlement ratio of the company is low. High claim settlement ratio indicates higher frequency of claims being settled. To know more about claim settlement click here.

Premium charged
One of the differentiating factors of buying a health insurance plan is the premium charged by different insurers. It is advisable to purchase health insurance at the earliest because with age the probability to be prone to different ailments also increases. 

Inclusions and exclusions of the plans
It is very important to understand what are the various excursions and inclusions in a health insurance plan when you buy an insurance policy for yourself or your family. Know more about inclusions and exclusions in health insurance policy.

Whether it is your mom, a single parent or a young working professional, it is important to have a health insurance policy. With rising medical expenses, take informed decisions beforehand. You can visit MyInsuranceClub to get more details on various alternative health insurance plans.
You can compare term life insurance plans for your family to financially support them in your absence. Our trained and certified insurance experts would guide you through the best ones that meet your requirements.

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Sachin Telawane is a Content Manager and writes on various aspects of the Insurance industry. His enlightening insights on the insurance industry has guided the readers to make informed decisions in the course of purchasing insurance plans.