Insurance, Independence: Why adequate health cover is important for a woman’s financial freedom

Health Insurance

Women are the backbone of every family — they don’t just build homes, they shape societies, bringing colour, warmth, and meaning to the world. From being caregivers to excelling in their professions, women continue to prove their strength and resilience in every sphere.

Yet, amid their countless responsibilities, there’s one aspect they often neglect: their own health. For generations, women have prioritised the well-being of their families over their own. But times are changing. Today, both women and men recognise the importance of their self-care and well-being. However, when it comes to financial security in healthcare, a significant gap still exists.

In India, where women constitute nearly 49 percent of the population, only about 30 percent aged 15-49 had health insurance between 2019-2021, per the National Family Health Survey.

This Women’s Day, it is important to understand the importance of adequate health insurance for women that can safeguard their well-being in an age of rising medical costs and increasing health risks.

Critical illness covers

As women go through different life stages, it becomes essential to consider insurance that safeguards their health in the long run. In this regard, one of the most crucial coverages is critical illness insurance, which provides financial protection against both female-specific and general critical illnesses.

According to the Global Burden of Disease Study, heart disease is the leading cause of death among women in India, accounting for nearly 18 percent of all deaths. The World Health Organisation (WHO) also highlights major public health concerns for women, including diarrheal diseases, respiratory infections, iron-deficiency anaemia, neonatal disorders, and tuberculosis. Additionally, the incidence of breast cancer, which was once rare, has been increasing significantly.

To ensure financial independence and security, women must choose a policy that offers the right critical illness cover. Further, additional cover for child education benefits, loss of job, and incidental expenses are also available.

Also read: Health insurance: How to choose the best health insurance plan

Maternity cover

According to the National Center for Biotechnology Information (NCBI), nearly half of all pregnancies in India involve one or more high-risk factors, with vulnerable populations facing even greater risk. Factors such as short birth spacing, adverse birth outcomes like still or pre-term birth and low birth weight, and rising caesarean deliveries highlight the need for adequate maternity cover.

Women should proactively explore and opt for maternity-related insurance that aligns with their future health needs. Maternity cover provides financial support for prenatal, delivery, and postnatal care covering all phases of childbirth.

Specialised cover

Several insurers now provide specialised packages such as oocyte donor cover (where a donor provides the eggs required for pregnancy), which covers hospitalisation expenses due to complications faced by the  donor during oocyte retrieval. Surrogacy cover includes medical expenses for the surrogate mother and associated surrogacy-related costs. Then there are plans that cover medical expenses for procedures like IVF as well.

Separately, women can also evaluate policies that cover legal expenses that may arise due to sexual assault, kidnapping, and acid attacks. Such covers alleviate some of the burden associated with legal proceedings, allowing victims to focus on their recovery and well-being.

Optional benefits

Other useful options include covers for egg-freezing, prenatal health (in-utero treatment), congenital disability, and prophylactic surgeries (procedures that remove organs or tissues before cancer develops). These covers allow women to customise their insurance plans according to their unique health requirements. Further, covers that address lifestyle diseases and overall well-being, including physical and mental health, is also important.

Disclaimer: The views expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.