Factors to Consider before Buying Health Insurance for Women

“You teach a man, you teach a man; you teach a woman, you teach a generation”

Gone are those days when the role of a woman was just limited to household work and duties related to child rearing. Today, a woman’s contribution in the family is as significant as that of a man at both professional and domestic front, be it breaking the glass ceiling in the corporate world or managing countless household tasks. Women nowadays have become self-dependent and equal breadwinners for their families thereby, challenging the patriarchal myth that only men could provide financial security to their families. Needless to say, the role of a woman has changed remarkably and is making a huge impact in the world we live in.

With age, women become susceptible to certain types of health issues specific to women such as breast and ovarian cancer. That’s why in India it’s beneficial for women to opt for a health insurance plan at the earliest.

Besides, if you are planning to buy health insurance for women, here’s a list of factors that you must consider:

1. Buy policy before you turn 40

Buying a health insurance policy at an early age can provide women with manifold benefits like broader coverage, lower health insurance premiums, and above all, peace of mind. According to market experts, the right age for health insurance is when you are young and healthy. As you start ageing, especially after 40, women might face several health issues, including lifestyle diseases. As a result, buying a health insurance coverage for women at a later life-stage can result in expensive premiums. Having pre-existing medical conditions also results in a longer waiting period. Thus, it’s good to buy an insurance as early as possible.

2. Health is Wealth

When you compare health insurance policies, you must always choose a plan that covers a wide range of diseases/conditions for women. This becomes especially important, considering the existing health issues in women. You might come across some basic health plans - providing coverage for minor ailments - at cheaper premiums. But these basic plans, in the long run, would prove to be inadequate. In the case of being diagnosed with a critical illness or in the scenario of an unexpected medical emergency, a basic plan can result in a financial crisis. So, always opt for women’s health insurance with adequate coverage. The bottom line: never compromise on your health for the sole consideration of saving money through cheap health insurance premiums.

3. Prefer an Individual Insurance Policy VS Corporate Health Insurance

If you are a working professional, then your organization would have provided you with a group health insurance policy. In such a case, you might not consider availing an individual health insurance policy. This, however, is not the correct approach. It is always advisable to buy an individual health policy as the validity of your group health plan is contingent upon your employment. Once you leave the organisation, switch jobs, or retire, the existing corporate policy would lapse. On the other hand, a personal insurance policy offers a lot of benefits and will be valid as long as you pay regular health insurance premiums. Besides, it will provide comprehensive coverage. 

4. Consider Medical Inflation

According to data from the Central Statistical Organisation (CSO), India’s healthcare inflation has increased at double the rate of retail inflation. Health experts predict that the medical costs, including expenses incurred in hospitalisation and medical bills can further increase exponentially in the future. With rising hospital expenses, it makes sense to buy health insurance for women and ensure financial safety.

5. Hope for the Best and Prepare for the Worst

With rising cases of health issues in women, it becomes imperative for all women - be it working professionals or homemakers - to follow a healthy lifestyle. To prevent diseases, like obesity and diabetes, daily workout for housewives is a must. Both working women and homemakers should also endeavour to follow a healthy diet. To prevent health issues, women can engage in physical activities of their choice, like running and power walking. But despite following an active lifestyle, women should remain prepared for unforeseen medical emergencies. This is exactly where the importance of health insurance policy comes to the fore. Women can rest assured that even if there is an unexpected health issue, the insurance policy will take care of the medical expenses.

6. Look for Specific Benefits of Health Insurance Plans

Before buying comprehensive health insurance coverage, women should look for categorical benefits, like maternity expenses cover, including delivery costs and postnatal expenses cover along with financial cover for women-specific diseases, like ovarian cancer, breast cancer, PCOS, and so on. You must also consider availing of health insurance with additional features, like critical illness insurance and personal accident cover. If you are planning to have a baby in the next 2-3 years, look for a plan with a minimum waiting period. You can also consider plans, which covers congenital disability of a new-born baby. 

7. Claim settlement ratio

While buying health insurance, you must consider the claim settlement ratio of the insurer. This can be done by checking the company’s past years’ records as this will help you determine the credibility of the company and whether it is reliable in settling your claims or not. You should opt for an insurer with a high claim settlement ratio as it shows the insurance company is good at settling down claims.

Conclusion:

A woman is not only the backbone of the family but also of society. She who nurtures you, takes good care of you, requires protection too. Thus, it’s important that she gets the best medical facility to safeguard herself and her family in the times of need. We at Niva Bupa offer various health insurance plans as per individual’s needs. We provide you with multiple benefits like 30-minutes cashless claims processing, Pan-India network of over 8300+ hospitals, hospitalisation cover against Covid-19 and annual health check-ups.