Women's Day: Why Adequate Health Cover Is Important For Your Financial Freedom?

For women of the 21st century, financial independence is not just about earning money but also about securing their future against unexpected challenges on both the professional and personal front. While a sudden health crisis is one factor that is perceived as the biggest threat to financial stability, many women also take career breaks during pregnancy or for caregiving or personal reasons, which makes insurance a critical part of financial planning.

Says Pankaj Nawani, CEO, CarePal Secure, “Think of health insurance as a friend whom you can always trust to safeguard you from all ailments and ensure your financial future is safe as well. When you have the right coverage, no sudden health problems will drive a knife through your savings or derail you from your dreams.”

This Women’s Day, let’s talk about why having adequate health insurance is important for every woman, what they should consider, and how it directly impacts her financial freedom.

Women must focus on selecting health insurance plans that meet their specific health needs. Adds Nawani, “This should include substantive maternity care, fertility treatment, and regular screening for breast and cervical cancer. Additionally, preventive care benefits and mental health support need to be included alongside lifetime renewability and a short waiting period. These facets mean that with changing health issues, the plan also grows with you.”

Why adequate health insurance is important for you?

Women face unique health risks, which makes insurance essential for their financial freedom.

Shilpa Arora, Co-founder and COO of Insurance Samadhan, notes; “Maternity costs Rs 50,000– Rs 3,00,000, while PCOS affects 1 in 5 women, and breast cancer impacts 1 in 28, with treatment exceeding Rs 10 - Rs 20 lakh. Cardiovascular diseases are the leading cause of female deaths. With 5-7 years longer life expectancy than men, post-retirement medical costs rise.”

Despite these risks, many women remain underinsured. Anupama Raina, Head, Health Underwriting at SBI General Insurance, points out that lifestyle diseases like hypertension and diabetes are becoming increasingly prevalent among women due to stress and sedentary lifestyles. However, many insurance plans may not offer adequate coverage for such conditions.

Arora opines that women should have at least Rs 10 - Rs 15 lakh sum insured to stay protected. “A base policy with a top-up plan helps lower premiums while ensuring comprehensive coverage. Adequate health insurance secures savings, guarantees quality care, and strengthens financial independence for a worry-free future.”

Should you prioritise individual policies over family floater plans?

When it comes to health insurance, the decision between individual health insurance and a family floater depends on a variety of factors such as current health state, budget, age, etc.

According to Parthanil Ghosh, Director & Chief Business Officer, HDFC ERGO General Insurance Company, “With the increasing prevalence of medical conditions, both chronic and lifestyle-related such as breast cancer, ovarian cancer, high blood pressure, etc. it becomes essential for women to prioritise their health and invest in a comprehensive health insurance.”

Arora states that women must have independent health insurance rather than relying solely on a spouse’s or employer’s plan. “Many women take career breaks for childbirth, caregiving or personal reasons, during which employer-provided coverage may lapse. Moreover, a spouse’s policy may not offer customised benefits for women-specific health concerns like maternity, PCOS, breast cancer, or fertility coverage. We should always have insurance cover from the start and should never delay.”

Resonating the same thought, Ghosh notes that while a family floater plan is more affordable and convenient for women who are insuring themselves alongside their spouse and children, it may not provide the same level of protection if one family member under the pool consumes a significant portion of the coverage.

“An individual health insurance plan, on the other hand, can offer tailored coverage, making it ideal for women with specific health concerns, a history of medical conditions, or those who require frequent medical attention. Unlike floater plans, it comes with an assurance that their health needs will not be affected by the medical claims of other family members,” he states.

Adds Raina, “Especially during career breaks, it is advised that every individual explore options like having a separate Individual policy early in life or later porting of their employer-provided health insurance to an individual plan. Women may opt for a top-up plan to enhance their coverage to secure financial and medical stability in the long run.”

General Health Plans V/s Women-specific Plans

General health plans typically cover a wide range of medical services, whereas those serving women are specifically designed to deal with countless health problems faced by women.

According to Nawani women-specific plans;

- Typically covers enhanced maternity and newborn care, including targeted preventive health screenings

- May also cover fertility treatments and mental health options

- Provide care tailored for women

“There would be an added benefit of financial stability by absorbing these unexpected expenses related to women's health in a health plan,” he states.

Critical Illness Plans for Women: Why to Consider & the Premium Factor

A good way to stay secure against all medical exigencies is to opt for a critical illness plan along with a comprehensive health insurance plan. The critical illness plans for women are typically designed to provide financial support in the event of specific critical ailments, such as breast or ovarian cancer, etc.

Says Ghosh, “Upon diagnosis of a listed ailment, the critical illness plan offers a lump sum payment, which can be used for both medical and non-medical expenses such as hospitalisation, surgery, or even rehabilitation.”

However, he adds, it is important to note that a critical illness rider is an add-on to a base health insurance plan and, therefore, comes with an additional premium.

The premium depends upon several factors, including the coverage opted, the individual’s age, health history, lifestyle, and family medical history, etc. Usually, younger and healthier individuals typically pay low premiums as compared to older individuals or those with higher health risks who may need to pay higher premiums.

Ghosh states, “It is important to understand here that a comprehensive health insurance plan provides overall medical coverage, including hospitalisation and treatment costs, whereas a critical illness plan is designed specifically for critical illnesses only, thus ensuring both medical and non-medical expenses are being taken care of.”

The Final Word

While considering health plans, you should focus on selecting health insurance plans that meet your specific health needs. Key things to can look out for women in their health plans are;

- Substantive maternity care

- fertility treatment

- Regular screening for breast and cervical cancer, etc.

Additionally, preventive care benefits and mental health support can also be included, alongside lifetime renewability and a short waiting period. These facets would ensure that with changing health issues, the plan also grows with you.