Before we begin, let’s set the record straight – everyone needs health insurance! The sharp increase in medical inflation affects men and women alike. However, the importance of health insurance for women is rarely stressed upon. This is quite surprising! Women are like the backbone of our society and they need the protection of a health insurance policy just as much as men do, if not more! Here are 4 BIG reasons for this.
- Rise in heart-related conditions.
There is a steady rise in heart disease among women in India. A study carried out between 2004 and 2016 showed that approximately 50% percent of all women in India are at the risk of heart diseases. We all know that matters of the heart cannot be taken likely. Moreover, covering the cost of such medical conditions can burn through years of savings in a matter of months. This is why health insurance for women is so important. It keeps you insulated from the financial repercussion of such an illness and allows you to focus on recovery.
- Cancer & women.
All around the world, men report higher incidences of cancer than women. A study published in The Lancet Oncology states that the number of cancer cases in men was around 25% more than women. However, it is the other way around in India, with cancer striking more women than men! Breast, ovarian, uterine, and cervical cancer account for over 70% of the cancer cases in women in India. We all know how expensive it can be to fight this illness and that’s why it is so important for women to get the protection of health insurance.
- Pay gap.
So as we can see, heart disease and cancer are a huge threat to women! To make matter worse, there is also a pay gap between men and women in India. A study carried out in 2019 showed that women earn 19% less than men in India. This can make it quite difficult to handle the expenses of a medical emergency and further highlights the importance of a health insurance policy for women.
- Dependents on others for coverage.
Health insurance coverage is very low amongst women in India. Most of the women who are covered by a plan are generally listed as dependents on their spouse’s employer plan or are covered with a family floater plan. Very few women have their own individual health insurance policy. And while some coverage is better than none, benefits are often too less or very restricted for dependents. These plans usually do no offer critical illness cover which could be vital when fighting heart disease or any form of cancer that is mentioned above.
So as you can see, health insurance for women is extremely important. If you do not already have a plan, you should consider getting one right away! Coverage is more affordable when you are young, so the longer you put off your decision to purchase a plan, the more it could cost you in the future, both literally and figuratively.
Hope this has been helpful, good luck and all the best!