It is imperative to understand the need for health insurance which can save women from huge financial crisis in time of a medical emergency.
The cost of hospitalisation and speciality medical treatments are so expensive today, it is almost impossible to bear that cost by self without necessary support from insurance.
Health insurance is a broad concept that provides protection against medical uncertainties and the costs involved. There are various products available in the market and the extent of cover, benefits etc. varies between products.
There are women-specific products in the market that caters only to women-specific needs and critical illnesses. However, there is no special premium pricing for those products.
Though not all companies offer women-specific products, some companies have policies that provide extra benefits like maternal benefits and child care. Also, there are products catering to various age groups and life stages of a woman.
Although the benefits of every product differ from policy to policy, few of the common ones are mentioned below:
- Cashless hospitalisation at any of the insurance company’s network of hospitals
- Pre and post-hospitalisation expenses
- Cost of health check-up at authorised centres
- Maternity benefits that are covered at the time of hospitalisation
- Pre-natal and post-natal expenses
- Cover for newborn babies, vaccination expenses etc
- Policies which cover the extended family of the proposer
- Pays a lump sum in case the policyholder is diagnosed with any critical illness, including cancer, heart attack, stroke, and kidney failure
- Tax benefits under Section 80D
- Policy covers critical illnesses of women like breast cancer, cervical cancer, spondylitis
For single-married women
The medical expenses to be borne by single-married women are very high. If they happen to face any critical illness in the family, a comprehensive healthcare product and a critical illness product provide the required financial support to them.For a single parent
- Your child can be covered under comprehensive health cover along with you
- Child care benefits can be available under the same cover
- The cover includes the charges for vaccination for child less than 12 years of age
- You can cover your own parents under a single cover along with your children
- All hospitalisation costs will be covered in case of any critical illness
For a newly married coupleNewly wedded women can opt for such a product and avail the maternity benefit when they start family planning.
The couple can avail the maternity benefit with only two years of waiting period when both husband and wife are covered together.
For women staying in a joint familyIf a woman is staying in a joint family, there are options available in the market that cover as many as 15 people in one policy like self, spouse, dependent (unmarried and up to the age of 25 years) or non-dependent children, dependent or non-dependent parents, dependent siblings, daughter-in-law, son-in- law, parents in law, grandparents and grandchildren (maximum up to 15 members).
For senior citizens
Senior women citizens can avail the benefits of a health insurance at the time of hospitalisation when they are diagnosed with any illness.
Post-hospitalisation services like nursing are also provided to them and these become beneficial at times when there is no one to take care at home.
In some policies, there is no age restriction to enter and the benefits to various individuals may change from policy to policy.
Sum assured and premium
The premium of health insurance vary depending upon the type of product, plan, extent of coverage and sum insured and age of the persons being covered.
The insurers will give detailed guidelines to the policyholders on steps to be taken in case of a claim. In case of hospitalisation claims, cashless facility is available in the network hospitals of the insurer.
If the treatment is availed at a non-network hospital, the insured has to go for a claim on reimbursement basis.
How to purchase policy
The policy can be purchased online. Alternatively, you may contact the nearest branch or the call centre of the insurance companies and they will depute a suitable official to get in touch with you to explain the product offerings.
How to choose insurer
One should always buy insurance from a reputed insurer that has a good record of servicing and claim settlement, as these are the features that become critical when you are actually in need.
A cheaper policy may not always be the best for you. Choose a policy that suits your requirements in terms of coverage and sum insured.
Go through the prospectus and policy wordings to understand the waiting periods, exclusions and sub-limit under the policy. Make an informed decision before signing on the dotted line.
Curated from Why health insurance is important for women