Recently a study was conducted in Spain, where it was concluded that the women have a higher rate of chronic diseases as compared to man. As per sociologist Ellen Annandale from the University of Leicester in the United Kingdom , though the life expectancy of women is higher than men, but in many countries this gap is diminishing where the health of men is said to be improving, but not so for women.
It is also a proven fact that women are too busy to take care of their own health. They keep themselves involved in the daily chores of the household and taking care of their children and spouse’s health. This often means that they are casual when it comes to their own health. Every woman whether single or married, working or house-wife, should be covered under a health insurance policy. This will ensure that there is enough money available for health treatment in case of a medical emergency.
Why Working Women should Buy Health Insurance?
Today, women are becoming financially independent. Not only have they become the secondary or the primary earners for their families, but have outperformed their male counterparts in their careers and are bringing laurels and accolades. Still, it is quite disappointing to know that women have still not been taking an active part in making the financial decisions which are meant for themselves. The Investment firm, Fidelity Investments, reveals that even today, women are not comfortable talking about money. As per their study, 56% women found it too personal to discuss, and 33% said they don’t want to reveal their investment information.
Also, the acceptance and awareness of medical insurance lags far behind. Women are hesitant in buying a suitable health insurance policy and hence they remain uncovered against any medical emergency. Though health insurance is a must have for all, but in the case of working women, it is all the more important. The reasons are given below.
Women Earn Lesser Than Men
Women earn 20% less than men, as per the latest Monster Salary Index (MSI). As per the statistics in urban working population, men earn a median gross hourly salary of Rs. 231 whereas women close to Rs. 50 lesser every hour. Under such a scenario, the overall savings by a working woman throughout her life remains lesser than the savings of a man. Hence when a medical exigency crops up, she will have lesser savings to take care of the high medical bills. Therefore, health insurance planning becomes a need of the hour for her.
Less Number of Working Years
Due to the family responsibilities, the number of years a woman devotes to her occupation is lower as compared to men. She often takes a sabbatical for marriage, maternity, etc. Since she works for lesser number of years, she is able to garner lesser savings to manage huge hospital invoices.
Increased Risk of Women Specific Diseases
Women-specific diseases like breast cancer, ovarian cancer, uterus failure, fallopian tube complications, cervical cancer, etc. are becoming rampant. Also, a 2017 research from Harvard revealed that women who have had diabetes or other complications during their pregnancy, also faced higher risk of heart diseases. The cost of treatment of these diseases is very high, hence women should pre-plan their medical cover to avoid financial burden later.
Every woman aims to start her family. These days, the cost of c-sec or normal delivery remains to be between Rs. 50,000 to Rs. 1.50,000 in any good hospital. We have also been witnessing that the medical expenses are rising day by day, and this would go even further. Hence, coverage against these costs are also needed.
Other Critical Illnesses
If one succumbs to any critical illness, it becomes traumatic for the family emotionally and financially. The health cover will at least take care of the latter.
Longer Life Expectancy and Low Cost of Insurance
Since women live for a longer period, they need to have more medical service for them. Hence, insuring women is less risky proposition for the insurance providers. They offer females lower rates over the males. So, you may get a better benefit, health coverage and you will be able to save your premiums.
Things to Take Care while Buying Health Insurance
Now that the need of a health insurance for women has been emphasized upon, it is important to understand the points to keep in mind while you buy a health insurance for yourself:
- Adequate cover: There are different health insurance plans that your insurance provider will offer. Some may cost lesser as they will cover only minor diseases. But go for the extensive plans. They might take your premium a little higher in amount, but they’ll be better than cheaper health insurance plans that will be insufficient for future.
- Must cover women-specific diseases: You must buy a health insurance policy that covers women-specific diseases like breast cancer, uterus cancer, cervical cancer, ovarian troubles, along with the critical illness cover.
- Must cover maternity benefits: Also look for a plan that offers maternity benefits. The plan must include pre-hospitalization, post-hospitalization, c-section charges, normal delivery charges, consultations charges, tests etc.
- Disability benefit: This is one of the best plans for the single working women. There are some insurance plans that provides benefit in the case of full or partial disability of the insured working woman. The plan provides daily allowance and other benefits. If you can get this included in your plan, nothing like it.
- Purchase your own Health Insurance: Sometimes, the insurance provided by the employer is not enough. Even the validity of your medical insurance depends on how long you are associated with the organization. A change in job or retirement may affect your insurance plan. Hence, buy your personal insurance rather than relying on the employer health insurance.