 "Women-specific health insurance policy is not worth your money: Here's why")
Are you planning to buy a women-specific health insurance cover? Consider choosing a general health insurance plan that includes maternity benefits instead. Adding a separate maternity cover can significantly raise your annual premiums throughout the policy's duration.
A survey conducted by Business Standard revealed that 67.33% of employees confirmed their employers provide health insurance specifically addressing the medical requirements of female staff. In contrast, 32.47% reported a lack of such coverage. Therefore, if your employer's insurance plan satisfactorily addresses your needs, sticking with it might be the wiser choice, especially when budget limitations are a concern.
Business Standard lists out 5 reasons why women-specific health insurance is not worth your money
1. Maternity benefits included: Comprehensive health plans now commonly incorporate maternity benefits, covering delivery expenses, newborn care from day one, pre and postnatal expenses, ICU treatments for the newborn, and vaccinations.
2. Support beyond maternity: Some policies extend to cover infertility treatments and adoption, acknowledging the various paths to motherhood.
3. General health plans are comprehensive, covering any hospitalisation
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4. Critical illness plans provide fixed benefits for women-specific diseases like breast or cervical cancer.
5. Maternity cover increases annual premiums across the policy term.
"A general health plan covers any hospitalisation, making it comprehensive. All critical illness plans offer a fixed benefit for diseases specific to women, such as breast or cervical cancer," Kapil Mehta, co-founder of SecureNow says. He points out the limitations of women-only plans, which might exclude non-women-specific critical illnesses.
Siddharth Singhal, Business Head – Health Insurance at Policybazaar.com points out the advantages of comprehensive coverage tailored to women's unique needs, including maternity and newborn care expenses, reduced waiting periods for maternity benefits, and coverage for infertility treatments and cancer.
"The insurance market is now offering plans tailored for women, recognising their specific health needs. For instance, Star Women Care covers a mother’s stay at the hospital if her child under 12 is hospitalised, addressing a significant concern for mothers", Singhal says.
"Having insurance coverage helps alleviate the financial burden associated with health care needs, from chronic conditions to pregnancy complications," he explains.
The level of insurance coverage offered for maternity costs is low, affecting the overall benefit.
"The introduction of these comprehensive plans meets the increasing demand among working mothers and women for more inclusive health insurance options," says Singhal.
Benefits of medical insurance for women
No matter which plan women choose, prioritising health insurance is crucial. Here’s why:
Access to quality medical facilities
— With a health insurance policy, women can access top medical facilities without worrying about costs.
— Network hospitals offer cashless hospitalisation, ensuring swift and efficient treatment.
Protection against medical expenses
— Minor treatments can significantly impact savings; health insurance offers a safety net.
— Insurance ensures savings remain untouched by covering medical expenses.
Tax advantages
— Health insurance offers tax benefits under Section 80D of the Indian Income-tax Act.
— Tax exemption limits vary between individual and family plans.
Tip for women to select best health insurance policy
— Opt for policies covering both pre and post-hospitalisation expenses.
— Select plans offering maternity benefits and newborn baby coverage.
— Consider plans with minimal waiting periods if planning a family soon.
Age factor
— Purchasing insurance before reaching 30 is advisable due to lower risk of lifestyle diseases.
— Early purchase also mitigates issues related to pre-existing conditions.
Claim settlement ratio
— Choose insurers with high claim settlement ratios, indicating reliability and efficiency.
— Verify ratios on the IRDA website or specific insurer's platforms, such as United Healthcare India.
Cancer coverage: Look for policies specifically covering breast and cervical cancer, critical for women’s health.
Hospital selection
— Prioritise policies offering cashless treatment at network hospitals for a hassle-free experience.
— Ensure the insurer’s network includes hospitals conveniently located near you.
Health insurance coverage matters for women. It is an important factor in making health care affordable and accessible. In fact, a study by Paisa Bazaar, titled "Women's Health Insurance Trends FY'23 Vs FY'24," reveals a significant uptick of 43% in the number of women opting for standalone health insurance policies. The data highlights a surge from 15% to 24% in women choosing coverage amounts exceeding Rs 25 lakh, alongside a decrease of 7% in those selecting lower sums. This trend not only marks the democratisation of health care access across various cities but also underscores the growing awareness and prioritisation of health insurance among women.