Many insurance companies offer policies that cover diseases affecting women, such as cancer, fertility-related medical problems affecting the reproductive system. It has become a thing of the past for a male member to be the only earning member in the family. Today women are the sole earning member in some cases contributing to the family income.
Even if a woman is only a homemaker, her family’s financial situation often deteriorates due to her deteriorating health. So it is important for every woman to have her own insurance plan. Before choosing health insurance for yourself, every woman should ask five important questions.
How many covers do I need?
The first point to consider is how much health insurance cover do you need? The decision is based on your age, the number of non-paying family members and the estimated cost of medical treatment in the city where you live. As the cost of healthcare continues to rise, it is advisable to choose a cover that covers certain health issues. In addition, in view of the rising cost of medical treatment, it is imperative to add 10 to 12 per cent of the sum insured every year.
What should be the health cover policy?
Taking out health insurance can cover the cost of your hospitalization, but you should consider a plan that also covers diseases that affect women. Many insurance companies today offer cover for reproductive system-reproductive system-related cancers, pregnancy-affecting problems, and more. Maternity and newborn cover is also common nowadays. Maternity benefits are often not covered by employers. So it is a good idea to take such a plan.
If you plan to change jobs or quit over time, such a plan will help you. It may also be necessary to cover both health and critical illness. For example, Bajaj Aliens charges a premium of Rs 4.5 per annum for a cover of Rs 2 lakh for a 30 year old woman. For the same amount, the premium for a Critical Illness Plan that touches women is Rs. 1,215.
Are there special benefits to touching women?
In addition to covering certain illnesses, some insurance products offer special additional benefits for women. This includes bonuses for losing jobs as well as bonuses for children’s education. Some insurance companies charge up to Rs 5,000 for one or more children. This amount is a relief for her children in the future in case the working women have to take a job break or lose income.
If the insured woman loses her job within a few months of being diagnosed with a serious illness, she is entitled to a certain amount in return for losing her job. However, a person who voluntarily resigns from the job is not covered under such a policy.
Do you get tax saving benefits?
As a businesswoman, tax savings increase your usable income. Under current tax law, premium paid for health insurance is tax deductible under section 30D of the Income Tax Act.
There are several aspects to consider before choosing insurance:
Network of hospitals
The aspect of thinking about the hospital network of the insurance company is of utmost importance. The best hospital treatment can be obtained by insuring a company with a wide hospital network in your city. If the network is wide, you may have the option to seek treatment near your home. Having a cashless claims facility at network hospitals is safer and more helpful in many ways. Cashless hospitals should be chosen as far as possible.
Claim Settlement Service
Choosing an insurance with an in-house claims settlement team will help you to get the benefits under the policy more easily. Lastly, the financial creditworthiness of the insurance company and the ability to keep a record of claims should also be taken into consideration. The insurance industry has a long way to go to bring different premiums and product features for women, but it is possible that such products will come soon. Women are less prone to heart and some other diseases. This fact works in their favor, especially in the case of health insurance plans.