Financial Literacy and Women's Health Insurance

A world where women can freely choose, plan their future, manage their finances and make independent decisions seems a distant dream. While there’s still a long way to go, small steps taken today can make a big difference. From a young age, we strive hard to learn and then earn. For women, things are often a little challenging. The pressures of home and work continue to grow as they age. Busy lifestyles, unhealthy habits and lack of self-care can frequently cause health problems. On top of it, when one is not financially independent, affording quality healthcare becomes all the more challenging.

Female Health Insurance in India

Most women continue to play the multifarious roles of  professional, homemaker, and parent. Epitomising resilience and adaptability, women easily transition from caregivers to the workforce. And while they happily juggle between these positions, their health is often pushed to the backseat. Despite making up almost half of the country’s workforce, only 44% women have female health insurance. Men, on the other hand, make up around 65%. 

This gender disparity in the health insurance sector makes it all the more essential to prioritise women's health and financial stability. While the government has introduced many programmes and schemes to provide proper coverage for women, including maternity health insurance, many hurdles still exist. One significant reason is the lack of financial assurance for women’s healthcare needs. As most women depend on their husbands, fathers and brothers for financial support, unexpected medical costs and financial strain often become troublesome to manage. 

Financial Literacy and Women's Health Insurance

Financial literacy and being conscious of your well-being are two sides of the same coin. With the right health insurance coverage, you can ensure that you would not have to dig into your savings or resort to borrowing in case of a medical emergency.  

Financial literacy is crucial to ensuring women's health insurance plans are easily accessible. Financial literacy goes beyond numbers and everyday expenses. It is an upliftment where women are in charge of their finances. When women have money, they can plan long-term care for themselves and their families to a great extent. It wouldn’t be wrong to say that financial literacy and women’s health insurance go hand in hand. Let’s see how:

Financial independence

When you can earn and manage your money,  you will be more independent and confident in making your money decisions. Understanding different financial products will enable you to make informed decisions about products like insurance, investments and tax savings. You can save yourself from vulnerabilities, which is often difficult when you are not financially independent. 

Planning for the Future

When you are financially savvy, you are in a position to plan long-term goals. Investing in plans that help you fulfil goals such as healthcare, children's education, retirement, etc., becomes more straightforward. 

Being Aware

Equipping women with financial literacy extends far beyond mere numerical understanding. It prepares them to recognise their unique needs and challenges and find workable solutions.

Community Well-being

There’s no denying that financially empowered women can contribute to a healthier society. Financial literacy among women creates a ripple effect, where one learns from the other. 

Investing in Women's Health Care Insurance

You will come across numerous options when looking for the best health insurance for women. However, when choosing a plan, it is essential to remember how a health insurance plan helps. Take a look:

Comprehensive Coverage

When you choose the best health insurance for women's health, you not only ensure quality healthcare but also get peace of mind. You can rest assured that you will be able to get the required coverage in case of a medical emergency.

Tip: Consider your needs and budget when choosing a health insurance plan. Avoid going for the policy with the lowest premium; a low premium will also mean low coverage. With the right best insurance for women's health, you can ensure that you are not underinsured and that the policy premium fits your budget.

Maternity Cover

Investing in maternity health insurance is beneficial if you plan to get married soon or are planning your family. Regular health insurance plans do not cover maternity expenses; however, with a comprehensive plan like Care Joy, you can get extensive coverage for the expecting mother and the new baby.

Tip: Maternity plans offer coverage ranging from 9 months to 4 years. Ensure you buy a maternity plan well in advance to ensure you have the required coverage.

It Offers the Coverage you Need

You can choose the right health insurance policy depending on your insurance needs. If you are looking for affordable coverage for your family, you can choose a family floater plan. There are fixed benefits plans that pay out a lump sum in case a listed illness is diagnosed. If you are looking for female health insurance for senior women in the family, you can opt for Care Senior. 

Financial Security

Women's health insurance plans will offer you quality treatment and invaluable financial security. Medical emergencies can often be unavoidable, but with the right coverage, you will not have to dig into your hard-earned savings. Your policy will offer you the financial support you need. 

Save Taxes

You would know the importance of tax-saving instruments as a financially literate person. While the reason for buying health insurance should be only saving taxes, they do offer attractive benefits. Under Section 80D of the IT Act, you can easily save up to ₹25,000 towards the premiums you pay.

Over To You

Thankfully, today, more and more women are realising the significance of financial literacy and actively pursuing expertise in investments, budgeting, and wealth management. This quest for financial self-awareness goes beyond personal empowerment. Women are financially savvy, and health insurance is not an expense; rather, it is an integral part of taking care of oneself. You are making an investment for a better and safer financial future.

Care Health Insurance encourages all sections of society to make informed decisions about their health. It offers numerous options for women's health care insurance. Explore the options available and choose the policy that best suits your needs. 

>> Also Read: Why Should Women Choose to Buy Health Insurance Plans?

Disclaimers: The above information is for reference purposes only. Kindly consult your general physician for verified medical advice. The health insurance benefits are subject to policy terms and conditions. Refer to your policy documents for more information.