Gender Equality in the Insurance Industry: An Overview

Gender equality in the insurance industry has been a long-standing issue for many years. Despite advances in technology and the general improvement of society, the insurance industry has lagged in gender equality. There is still a considerable gap between men and women regarding access to insurance services, pay, and job opportunities. Although there are several family insurance plans and individual plans, there is still a need for health plans tailored to women's medical needs.

 

The insurance industry is integral to the modern economy, and its importance cannot be overstated. It provides financial protection to individuals, businesses and governments in the event of a disaster or injury. In addition, it provides a source of income for many people who work in the insurance industry, such as agents and brokers.

 

This blog will discuss the importance of insurance for women and what factors to consider before buying a plan.

Importance of Women Health Insurance Plans

Gender inequality in the insurance industry is also reflected in how policies are designed and implemented. In addition, women are more likely to be denied coverage for specific policies, such as health plans. You can understand the need and importance of insurance for women by considering the following:

 

• Certain illnesses, such as breast cancer and cancer of the reproductive system, are only found in women. When these illnesses strike, the costs of treatment are high. Women may face financial difficulties in meeting treatment costs if they do not have health insurance, so health insurance for women that covers these specific illnesses is essential.

 

• Women bear children, but maternity costs are high. Furthermore, additional medical expenses may be incurred if there is a complication during childbirth. Maternity-oriented women's health insurance plans are required to cover these maternity expenses.

 

• Women can deduct the premiums they pay for their health insurance policy from their taxes. Section 80D of the ITA (Income Tax Act) of 1961 allows them to deduct the premium paid for a women's health insurance policy up to ₹25,000. It assists women in lowering their taxable income and, as a result, their tax liability.

Factors to Consider before Buying Women's Healthcare Plan

Insurance industry faces increasing pressure to address gender inequality. Several countries have implemented laws and regulations that prohibit discrimination based on gender. In addition, many large insurance companies have set up internal policies and procedures to promote gender equality in the workplace. You should consider the following factors before buying women health insurance:

 

• Coverage: Make sure the plan covers the specific healthcare needs of women. It includes prenatal care, mammograms, gynaecological exams, contraceptive coverage, fertility treatments, and maternity care.

 

• Cost: Be sure to consider the monthly premium and out-of-pocket expenses such as deductibles and copayments.

 

• Network: Consider if the plan has a network of providers you are comfortable with.

 

• Flexibility: Check to see if the plan can be tailored to fit your individual needs.

 

• Coverage for preexisting conditions: Ensure that the plan covers preexisting conditions and does not restrict coverage for any medical services.

 

• Prescription drug coverage: Make sure the plan includes coverage for prescription drugs.

 

• Mental health coverage: Look for plans that include coverage for mental health services such as counselling and therapy.

 

• Wellness services: See if the plan covers preventative care, such as immunisations and health screenings.

 

There have also been several initiatives launched by private and public organisations to promote gender equality in the insurance industry. For instance, the International Association of Insurance Supervisors (IAIS) has launched the Women in Insurance Initiative, which seeks to increase the representation of women in senior management positions in the insurance sector.

 

Overall, it is clear that there is still an extended way to go in terms of achieving gender equality for women health insurance. However, with the right policies and initiatives in place, it is possible to make progress in this area. Governments, private organisations, and health insurance companies must continue to work together to promote gender equality in the insurance industry.