Health Insurance for Women - The complete checklist

Women have long broken the stereotypes and achieved exemplary success in different professional fields. However, they still often have to tackle family expectations and juggle different responsibilities. Also, working women, like their male counterparts, can experience work-related stress and anxiety.All this can result in women developing different biological or psychological health issues over time. Furthermore, there has been a traditional lack of awareness and general indifference toward women’s health until now.Thankfully, things are changing now, and awareness regarding women's health and well-being is increasing, which includes recognizing the need for medical insurance for women. As a result, many insurance firms are also coming forward to offer health insurance plans with features aiming to address women's health issues.

The modern sedentary lifestyle, work-related stress, pollution, large scale food adulterations, etc., have all contributed to a significant rise in diseases like fluctuating blood pressure, diabetes, arthritis, spondylosis, and many more in both men and women. The onset of these diseases is regularly noticed as early as the age of 40.However, women can be more vulnerable to such diseases due to a variety of factors ranging from lack of awareness regarding a particular disease, such as breast cancer, to socio-economic factors or social stigma attached to some diseases.On a positive note, the number of financially independent women is rising in the country. Generally, such women may not like to remain dependent on their parents or spouse for their health requirements and needs.While the best way to counter diseases and other health challenges is to have a healthy lifestyle comprising a healthy diet, adequate sleep, and regular exercise, a health insurance policy can ensure that a woman gets proper care and treatment when faced with any medical issue.Besides, health insurance can provide women with much-needed peace of mind.

• Delivery expenses
• Postnatal expenses
• Vaccination cost of your baby

• Minimum Waiting Period It is the minimum time that needs to be completed before you can avail of the benefits.For example, if a health plan has a minimum waiting period of 3 years, then it means that you will be eligible to claim maternity benefits after 3 years from the date of purchase of the health plan.
• The Coverage Offered Your maternity benefits can cover the following-

• You are likely to be healthy and active, which can help you in getting more coverage.
• You are less likely to have a preexisting disease that can reduce your health coverage.
• You can get the no-claim bonus in subsequent years if you do not claim any insurance benefit. A no-claim bonus can add up to your insurance coverage or help you in getting discounts on your insurance premiums.

• Maternity Benefits Since pregnancy is not a disease, many insurers might not cover pregnancy as a part of their basic health insurance plan. However, the process involving pregnancy and childbirth can sometimes develop complications that might require medical care and even hospitalization, which in turn, can shoot up the expenses. Needless to say, pre and post-pregnancy care and even childbirth can cause a huge dent in your pockets.Therefore, you should always consider a health insurance plan that covers maternity benefits either as a part of the basic plan or as an additional rider.Check for the following while considering maternity benefits under your health insurance.
• Congenital Disability in the Child Unfortunately, there can be a rare chance of a child being born with a congenital disability. While most of the congenital disabilities in newborns can be medically treated to some extent, the treatment can be costly. A good health insurance plan can cover a part of the sum insured for the treatment of such diseases if it is covered under the plan.
• Coverage Against Women-Specific Diseases As a woman, you can be at risk of developing certain women-specific diseases, such as breast cancer, ovarian cancer, etc. Therefore, you should make sure that your policy covers such women-specific diseases.
• Buy a Health Plan While You Are Young It is recommended to buy health insurance while you are young, preferably below 30 years or younger. This can have many benefits, such as;
• Personal Medical History You can consider your age, lifestyle, and family medical history before deciding the best health insurance for you. For example, You may be prone to diabetes or high blood pressure in future if there is a similar family history, especially among your parents. Choose your medical insurance accordingly.
• Never Hide Facts Always disclose every detail regarding your medical history, irrespective of how insignificant it seems. Your insurance claim can get rejected if it comes to light at a later stage that you hid some facts.
• Try to Get Bigger Coverage The medical expenses, especially the hospitalization costs, are becoming costlier every year. Therefore, you may do well by getting as much ample coverage as you can afford to support you during any medical emergency.
• Free Health Checkups Even serious diseases can be treated successfully or at least symptomatically reduced, provided they are diagnosed in an early stage. However, this can be possible only if women undergo regular health check-ups as they age.Therefore, it is advised to ensure that your health insurance covers free health check-ups.
• Medical Facilities Network Reputed health insurance firms have tie-ups with some of the best medical facilities. You can even avail of cashless hospitalization in any of the network hospitals of your health insurance provider.Check the list of hospitals and other medical facilities on the network of your health insurance plan to avail quality medical treatment.
• Tax Benefits Working women can claim tax exemptions on health insurance plans under Section 80D of the Indian Income Tax Act. However, no such benefits are available if you choose the new tax regime.
• Claim Settlement Ratio The claim settlement ratio is the percentage of claims settled annually by an insurance provider out of the total number of claims. A high claim settlement ratio indicates that the insurance provider is credible.Check for this ratio before you buy health insurance.
• Claim Settlement Process While the claim process can be different for various insurance providers, choose an insurance provider that offers an easy claim settlement process.

Awareness of women's health can reflect the degree of consciousness a society has for its sisters and daughters, and we can no longer be ignorant about it. Above all, women need to be serious about their health and well-being, as it can affect not just them but their families too. Health insurance for women can be a step forward in this direction.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.