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Why health insurance is a must in young mothers' protection portfolio

This Mother’s Day, you should consider purchasing an adequate and comprehensive health insurance cover for yourself and your family.

May 08, 2022 / 11:05 AM IST

Parenting is perhaps the most important facet of life for all mothers. They focus on giving the best-possible life to their children through education, experience and everything else they need. Health insurance plays a central role in helping mothers take care of their wards and their families. Hence, this Mother’s Day, you should consider purchasing an adequate and comprehensive health insurance cover for yourself and your family.

A security net for young mothers

Throughout the motherhood journey, there is a need to access quality healthcare, which might come at a high cost. You can avail quality treatment across super-specialty and multi-specialty hospitals / clinics at a time of need without running into a financial crisis. When you are a young mother, there are many firsts that you face with, almost every day. Along with the joyous firsts, there might be some health emergencies that also expose you to such encounters for the first time. A health insurance is vital in such circumstances.

Also read: Mother’s Day: Caught between kids and parents, Gen S mums have six financial lessons to learn

There are several health insurance policies available in the market suitable for young mothers. However, each policy might provide a different type of coverage and charge a different premium amount. You need to be judicious and informed while purchasing a health cover considering various factors like your health, your child’s age, your requirements, and so on. Likewise, if you have dependent parents, check whether they already have a health insurance policy.

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Once you have taken stock of your requirements, you should explore the options to select the policy that holistically meets all your requirements. The ideal sum insured is around Rs 10 lakh, but it also depends on location, as medical costs in metros are typically higher compared to other locations.

Look at family floaters, critical illness plans

If you are buying a policy well-ahead of your pregnancy, you could consider policies with maternity benefits. It is vital to check whether the policy covers maternity and neo-natal expenses. Policies with shorter waiting periods are preferable. Being a mother also makes you responsible for your child’s health and well-being. In this case, a sound health insurance policy will secure you and you can cover your child / children through a family floater, as it tends to be affordable compared to a standalone policy covering only parents. It qualifies for tax deductions on premium paid for medical insurance. It is also said that mothers or women are more prone to certain types of critical illnesses like ovarian cancer, breast cancer, cervical cancer, etc.

A critical illness policy,  which covers specific illnesses, including cancer, is also recommended to be maintained, thereby avoiding a dent in the bank account.

Also read: Why young couples must cover maternity costs via health insurance

Be aware of pregnancy-linked health risks and expenses

While purchasing a health insurance, it is important to compare plans and assess the benefits. Do a routine check to examine elements such as credibility of the insurer, high claim settlement ratio, availability of cashless claims, network hospitals / clinics, policy term, premium as also riders or add-on offerings. Apart from that, there are certain health risks that tend to be significantly higher for new mothers, specifically in case of premature births. Hence, policies with maternity and neo-natal coverage will take care of the majority of contingencies.

Motherhood is the most important transition that a woman goes through. To avoid any financial distress during this journey, it is important to secure yourself and your loved ones through an adequate and comprehensive health insurance plan.

(The author is the head of health business at SBI General Insurance)



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Shreeraj Deshpande
first published: May 8, 2022 10:46 am
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