Why women need a special insurance plan

The concern for women's health has increased multifold in recent times. Women must understand the importance of having an independent and separate health cover. Heart disease, thyroid, diabetes, hypertension, etc., are some of the common illnesses. Breast cancer, ovarian and cervical cancer are other concerns, which are associated with women's health.

As per the recent report by GOQii titled India Fit Report 2019, a California-based integrated preventive healthcare platform shows that 71 per cent of women fall under the unhealthy category in the health risk assessment spectrum. Hence, health insurance for women plays an essential role in protecting them without any financial stress.

The insurance industry is steadily keeping pace with the changing healthcare needs for women. It has introduced a few benefits that women must include in their health plans. Yet fewer women opt for a health insurance plan. As per The Insurance Regulatory and Development Authority of India, an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India, - women comprise 48 per cent of India's population. Still, their insurance penetration is way lower than that of men.

Women can opt for their complete health protection through the following policies:

Health insurance with maternity cost: In the past few years, maternity expenses have increased exponentially and have become a major concern. From regular health check-ups and ultrasounds to the pre-hospitalisation cost and postnatal care, maternity expenses have become financially burdensome for the family.

Thus, buying health insurance plans that provide complete coverage against expenses incurred in delivery, including normal and caesarean, can be a wise decision. With the policy in hand, the would-be parents do not need to worry about the delivery expenses while choosing a hospital., Health insurance for maternity also helps women by covering the medical expenses of the new-born up to 90 days from birth.

Infertility treatment: Polycystic Ovarian Disease (PCOD), also known as Polycystic Ovary syndrome (PCOS) is a very common condition affecting 5 to 10 per cent of women in the age group 12–45 years especially during their reproductive years. It is a health issue where women's hormones are out of balance and can cause irregular periods and at times, make it difficult to conceive. Unfortunately, there are a few women who are still not aware of the condition, and if not monitored in time, it can cause serious health problems, such as insulin-resistant diabetes, obesity and high cholesterol leading to heart disease and other complications.

Infertility treatment has made considerable progress in terms of IVF, IUI, ICSI, Blastocyst Culture and Transfer, and more but still there is an urgent need to take a health insurance policy that covers infertility treatment that can reduce both financial and physical risks for women.

Critical illness: Critical illness refers to life-threatening and severe health conditions, which require extensive medical attention. The treatment for such diseases requires prolonged medical care, whether at home or in the hospital. Therefore, the treatment cost involved in critical illness is higher when compared to the treatment for other diseases. According to a study, women are at a major risk of critical illness when compared to men.

Women suffer from diseases like breast cancer, fallopian tube cancer, uterine/cervical cancer, ovarian cancer, vaginal cancer, permanent paralysis of limbs, multi-trauma, burns, etc. Every eight minutes, one woman dies of breast cancer. According to the statistics of Breast Cancer in India, breast cancer is the most common form of cancer in the country, having overtaken cervical cancer.

In 2018, of all the new cancers detected in Indian women, 27.7 per cent were the breast cancers. In cities like Mumbai, Delhi, Bengaluru, Bhopal, Kolkata, Chennai, Ahmedabad, breast cancer accounts for 25 per cent to 32 per cent of all female cancers. Therefore, women should opt for a health policy that covers critical illness. Once a critical illness is discovered, your health insurance plan may cover the entire cost of hospitalization or pay a lump sum amount.

Women must be educated about these health conditions at their workplace or home. The consequence of not opting for health insurance at the right time can result in a heavy financial burden later.

(The writer is Chief Marketing Officer and Head of Direct (online) Sales at Digit Insurance. Views expressed are personal)