Why is investing in health Insurance for women before the age of 30 important?

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Women in India are super achievers – they have made remarkable headway even in male-dominant industries and are no longer restricted to domestic care roles or limited career options. There’s truly nothing a woman cannot achieve once she sets her mind to it. She is tenacious, formidable and independent.

Young women who are creating a mark for themselves in their careers and are branching out to start a family of their own should certainly be mindful of planning their personal finances well in advance in order to secure a comfortable and safe future. A vital component of smart financial strategizing is to invest in a good health insurance scheme early on in life, which insulates you against unforeseen medical emergencies.

Here are a few main reasons why it is doubly important for women to invest in health insurance before the age of 30:

1. Preventive measure against age-related ailments:This might not be an immediate cause of concern for young healthy women. However, it is no surprise that early onset of lifestyle diseases such as diabetes, hypertension and obesity affect more women in India than anywhere in the world. The average lifestyle followed by today’s youth is riddled with poor diet, lack of exercise, irregular sleep cycles and work-related stressors. Moreover, a lot of youthful and able-bodied females are falling prey to a number of life-threatening ailments such as breast and cervical cancer and cardiac arrests, to name a few. While on your journey to maintaining a healthy work-life balance, it is equally important that you remain conscious of being prepared for the worst well before misfortune strikes. Having a comprehensive health insurance policy at a young age which covers you for lifestyle diseases as well as for critical illnesses while allowing you to avail regular health check-ups will act as a preventive plus attentive mechanism to detect and treat any disorders on time.
2. Protection from rising healthcare costs: Women who are in the early years of their careers may not necessarily have the financial wherewithal to afford out-of-pocket hospitalization expenditure in the event of an accident of illness. With medical inflation in India rising annually, healthcare costs will only get dearer as the years pass. Keeping this in mind, it is better for women to take a health plan while they are young for a nominal premium amount. One can easily get cashless admission into a nearby network medical facility associated with the insurance company.  Besides, any waiting period related to specific diseases or treatments can be comfortably served during the years of good health so that by the time need arises, you can avail the necessary medical attention immediately.
3. Cost effective investment when young– By virtue of youth and good health, women below the age of 30 can seek health insurance cover at a relatively low premium amount as opposed to doing so when older. The application process would be hassle-free with no mandatory requirement of undergoing pre-policy medical screening (unless there is a health concern). The base health insurance policy can be strengthened in future by adding optional covers that cater to major chronic or critical illnesses, or by purchasing a super top-up policy. The idea is to anticipate future medi-care requirements a few years in advance in order to take advantage of the plan features and benefits at the exact time of need.
4. Smart planning for motherhood– Becoming a parent is an exciting new phase in life, but it also comes with its fair share of worries, like preparing for additional expenditure. Thankfully, a lot of health insurance plans in India offer maternity benefits that include cost of delivery, pre- and postnatal care, diagnostic scans, infant inoculation etc. Such policies, though, usually have a waiting period (3-4 years depending) that needs to be served before becoming eligible for maternity coverage.
5. Attain true financial independence– The go-getter 20-something Indian woman is striving for self-sufficiency in all respects including money matters. By investing in her individual health insurance plan, she can reduce dependence on other male members like her father or husband. Even in situations where the young woman is the primary provider of the family, having health insurance becomes all the more crucial for the reasons stated above.

The verdict

“A stitch in time saves nine”, and a health insurance plan taken while you are still young saves you a lot of trouble in the future.

(The article is written by Vivek Narain, Health Insurance Specialist, SANA Insurance Brokers Pvt. Ltd, views are personal).