Things women should check before buying health insurance
This COVID-19 pandemic has shown the harsh picture of financial negligence of the families and inspired them to refurbish their savings and investment plans. These days, many individuals are purchasing various health insurance policies to stay financially strong and protected during this pandemic. Though women outlive men in most cases still, their health is often overlooked. Women are more susceptible to various diseases and need hospitalization. That’s why they need the best health insurance plans with higher coverage that will pay for hospitalization and treatment.
Nowadays, many leading health insurance companies are offering the best health insurance policies in India that are ideally designed for women after considering their specific illnesses. Some of these health insurance plans provide coverage for critical illnesses like breast cancer. Because of the inflation and skyrocketing cost of living, women should purchase the best health insurance in India to maintain their financial stability under any healthcare emergency.
Top 7 Things women should check before buying health insurance
Here are some parameters that every woman should consider before purchasing the best women’s health insurance policies.
- Check the Coverage and Inflation
- Individual Medical History
- Coverage for different stages of your age
- With family status, coverage will also change
- As per your affordability, choose your insurance plan
- Policy Features
- Claim settlement process and the ratio of the insurer
1. Check the Coverage and Inflation
Before purchasing health insurance for women, you must think about how much cover will be adequate to cater for all your insurance needs. Though predicting future illnesses could be a daunting task, still, based on your preferred hospital (where you want to admit in case of any medical emergency) and its cost (treatment and hospitalization), you should purchase health coverage for that amount at least.
Don’t forget healthcare cost is increasing day by day and it will grow further because of this COVID-19 pandemic. Though a Rs 10 lakh family floater policy is sufficient today, it may not have the same value in the future. So, while purchasing women’s health insurance plans, consider this inflation and then make your decision prudently. Because you may not buy a larger cover policy after developing some critical diseases or making a claim, decide wisely and purchase the best health insurance policy for women that offer the highest cover yet is affordable. Only adequate and the best health insurance policy for women in India will assure that you are sufficiently covered even under any emergency.
2. Individual Medical History
By considering your age, lifestyle, and family health history, you should find out the best health insurance for women in India. For example, suppose your father has high blood pressure. If your mother has diabetes, or your grandfather suffered from kidney failure, etc., then considering all these factors, you should decide the medical coverage amount you are looking for. Then, while choosing the best women’s health insurance plans, disclose all these details to your insurer.
3. Coverage for different stages of your age
In your 20s, you should purchase coverage of Rs. 10 lakh, and this amount will enhance as you grow older. Younger women are less susceptible to diseases, and your premiums will be cheaper. Therefore, your age and illnesses will impact your health and enhance your premium amount for your policy.
4. With family status, coverage will also change
If you are planning to get married, you should opt for family floater policies where you and your spouse will be covered under the same policy. Once your family grows, you can migrate to another plan as per your evolving needs. When your children grow and become independent, you can go for individual policy plans as the premium amount depends on the age of the eldest member of your family. Always go for individual policies if your parents are dependent on you. Don’t include them in the family floater plan. If there are hurdles in your marriage, always choose an individual health policy instead of a floater policy. If you plan for a baby, consider purchasing the best health insurance for pregnant women or maternity insurance benefits.
5. As per your affordability, choose your insurance plan
Though you should purchase a minimum policy of Rs. 10 lakhs, still consider your affordability while selecting the best insurance policy for you. A health insurance policy is neither a tax-saving tool nor an investment option. Sometimes, you may feel that you don’t need medical insurance policies to survive. But you should opt for a health insurance policy to avoid financial turmoil under any health emergency. Don’t choose a policy just because it’s cheap and affordable. Instead, you should choose a policy that gives you adequate coverage when you need it.
6. Policy Features
Before investing in a health insurance policy, understand its features like room-rent limits, co-payments (the amount you need to spend from your pocket), and OPD costs. Then, always choose the right policy so that you don’t need to spend a hefty amount for room rents or co-payments.
Most insurance policies offer a percentage of your sum assured as room rentals (usually 1%). If you have purchased a Rs 3 lakh cover policy, then your room rental amount will be Rs 3,000. This amount is not sufficient in metro cities. If your room rental charge is higher, you need to pay that additional amount from your pocket. And most women may not be comfortable with twin-sharing rooms. Thus, they need individual rooms during their hospital stay. The higher the sum insured amount will cover this additional cost. So, purchase a health insurance policy considering all these features.
7. Claim settlement process and the ratio of the insurer
Before making the final commitment, every woman should understand how to redeem the benefits of their health insurance policies under any emergency. Though the claim settlement process is different for various insurance companies, you need to choose the most convenient one. The Claim Settlement Ratio (CSR) is the ratio that implies how many claims the insurance company has successfully settled in a year. For example, an insurance company with 95% + CSR is a healthy choice for your policy.
Buying a health insurance plan for women is facile these days, as most insurance companies offer online services. But before purchasing a health insurance policy, every woman should consider the factors as mentioned above to make their purchase decisions worthy.
