Why Indian Women Must Prioritise Insurance Even If They're Not Earning

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Many Indian women, especially homemakers, often skip getting insurance because they don't have a regular income. However, staying covered under insurance, especially a medi-claim policy, is just as important for them as anyone else. It helps cover unexpected medical expenses due to illness or accidents. With health issues on the rise, having insurance means they won't have to depend on others during tough times.

Are you a homemaker who isn't covered under insurance? Do you believe that insurance is only meant for the earning members of the family or the elderly? If yes, you are not alone. Many women in India believe that insurance isn't necessary for them simply because they are not earning. However, not having coverage can make it hard to cope during unexpected situations, like a sudden accident or medical emergency. The truth is, insurance isn't just for those who earn; it is a safety net that everyone deserves. Let's take a closer look at why having insurance matters for women, even without an income, and how it can protect your health, your peace of mind and your family's future.

Why Insurance is Essential - Even Without an Income?

Insurance is no longer a luxury but a must-have, especially for women. While insurance companies offer many products, health insurance and related plans like critical illness insurance and maternity coverage are especially important. Here's why:

1. Financial security and peace of mind: Medical bills can add up fast and take away a big chunk of your savings. With health insurance, you don't have to stress about how you will pay for treatments or hospital visits. You can focus on getting better rather than worrying about the cost.
2. Covers health needs specific to women: Women's health needs change throughout life, and it is important to have the right medical support at every stage. That's why many health insurance plans offer coverage specially designed for women, like maternity care, regular check-ups and screenings. With such tailored plans, you can focus on your health, knowing the insurer will take care of the costs.
3. Easy access to network hospitals and doctors: Health insurance providers partner with a wide network of hospitals and specialists to make quality healthcare more accessible. These are known as network hospitals, where you can receive treatment without paying out of pocket, as your insurer settles the bill directly. In case of a medical emergency, you can head to the nearest network hospital without worrying about paying money right away.
4. Encourages preventive care: Health insurance usually covers regular check-ups, tests and vaccinations. These small steps can help catch health issues early, before they become serious.
5. Helps you handle rising medical costs: Healthcare costs keep rising, and a sudden medical emergency or hospital stay can strain your finances. However, with health insurance, you can manage these expenses without additional financial stress.

When you are healthy, your family benefits too: Women often take care of everyone else in the family. So, when you are in good health, you can keep doing that without burning out. Health insurance helps you take care of yourself by giving access to quality and timely treatment. When you are healthy, you can continue to support your family, both physically and emotionally.

Common Myths and Misconceptions

Some common myths and misconceptions that suggest health insurance is not important for non-working women are:

Myth 1: I'm not earning, I don't need insurance.

Fact: Health issues don't depend on whether you earn or not. Medical expenses can still arise unexpectedly. With health insurance, you can focus on healing, knowing your family won't have to struggle with the bills.

Myth 2: My husband/family is already insured, that's enough.

Fact: If your husband is insured under an individual health insurance policy, it will only cover his medical expenses and not yours. Even if you are included in a family health insurance plan, it may not fully cover your specific health needs, like maternity care, women's health check-ups, or specialist consultations. Having your own health insurance means having coverage designed just for you, ensuring you're protected when it matters most.

Myth 3: I rarely fall sick, so I don't need this extra financial burden.

Fact: Health insurance isn't only for when you are sick. It covers preventive care like regular check-ups and screenings, helping you stay healthy. Moreover, a medical emergency can happen anytime, and insurance makes it easier for you to handle the expenses without worrying about the bills.

Myth 4: Health insurance is too expensive.

Fact: There are many affordable plans available, including those tailored for women. Paying a small premium now can save you from large, unexpected medical bills later.

Myth 5: I can always get insurance at a later age or when I need it.

Fact: The earlier you get health insurance, the better. As you get older, premiums go up and some policies may have waiting periods for pre-existing conditions and certain diseases. Getting insured early ensures better coverage and lower costs in the long run.

How to Get Started with Insurance?

Even if you are not earning, having health insurance is important to take care of your health. Here's how you can get started:

• Talk to your family and check existing coverage: Start by having a conversation with your spouse or family members. Find out if you are already covered under a family floater plan. Even if you are, it is important to understand what is included, as it may not fully cover your personal health needs. You might still need an individual policy or a top-up plan.
• Look for women-focused or individual health plans: Many insurers in India offer health plans specially designed for women. These may include coverage for maternity, gynaecological care, regular screenings and other women-specific healthcare needs.
• Compare policies online: Use online tools to compare plans based on coverage, premium amounts, waiting periods and claim processes. When you compare health insurance online, you can find the plan that best suits your healthcare needs and budget.
• Choose a trusted insurer: Pick a reliable insurance provider with a good reputation. Check reviews, claim settlement ratios, and customer feedback before making a decision.

Conclusion

Even if you are not earning, staying covered under health insurance is important for your health and your family's peace of mind. Medical emergencies can happen to anyone, and insurance helps you get the care you need without the worry of expensive bills. In fact, health insurance becomes even more important if you don't have an income. It covers your medical expenses and reduces the financial stress on your family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.