Why companies should look at providing customised health insurance plans for women employees

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Many ailments affect men and women differently. Similarly, health vulnerabilities as body ages are different for both genders. Hence, one-size-fits-all group insurance products may not be the right choice for organisations to use. To safeguard financial security and personal finances, women need to ensure that they are still able to keep their heads over the water after healthcare or hospitalisation expenses. Hence, women-centric insurances are essential. 

Since employer insurance is the primary healthcare security for many employees, it is vital that this insurance plan is comprehensive and covers the majority of women-centric ailments. 98% of women report that their health insurance policy does not cover critical women-focused health conditions. Since women are highly susceptible to grave illnesses such as arthritis, breast cancer, auto-immune diseases, menstruation/hormonal issues, etc., employers should look at offering insurance for women that specifically cater to their health requirements as the need evolves.

While women were majorly covered as floaters in their spouse’s or parent’s insurance plan, more women are now entering the workforce. As we see a spike in the number of women moving to a prominent role as the family’s breadwinner and as the ever-evolving roles both at work and home significantly affect women’s health, female life insurance, pregnant women insurance, etc., are vital. Comprehensive coverage for women-centric diseases and maternity benefits is just as essential to employees as maternity leave and other women-centric policies an organisation may have in place.

New-age, digital-first insurers have ventured into making affordable, personalised insurances accessible. However, these are yet to reach the majority. The benefits of health insurance for women extend outside of protecting them from the rising medical inflation and financially aiding prevailing health conditions women employees may have. Some of them include –

  • Guarding their family’s financial stability and reducing dependency in the event of an accident, death or disability.
  • Long-term savings and investment plans help with tax benefits.
  • Stability after the unfortunate demise of the spouse.
  • Financial support during pre and post-natal medical care, including regular check-ups, ultrasounds, blood tests, and fertility treatments such as IVF.
  • Aid in treating any congenital disabilities with which their infant may be born.

Here are some of the most common coverages women seek over and above the employer’s health insurance coverage to this day: 

  • Working women that are expecting to deliver in the near future often opt for additional micro insurances that provide better maternity and baby care coverage.
  • Similarly, most employers do not cover post-natal care for the mother & baby, including vaccinations and general check-ups. Many women purchase secondary health insurances that cater to these requirements.
  • Single mothers often opt for additional, comprehensive health insurance plans that offer better pediatric facilities and fewer waiting periods for pre-existing diseases. 
  • With the increased awareness about cancer and other critical illness, the insurance market is also seeing a rise in preventive health insurance purchases among women. These insurance packages aid financially in diagnosis, screenings, and tests such as mammograms, ultrasounds, colonoscopies, etc.

Women may need better preventive health precautions compared to men due to maternity, childcare and higher chances of chronic disabilities among women. In addition, women do take significant accountability if they choose to welcome children into their lives, leading to them needing customisable insurance for women from their employers to help them with stress-free lives.

Considering the lack of flexibility among group insurance products, corporate companies investing in customised insurance products for their women employees will also pave the way to increased awareness among the general public about women-centric insurance and reduce the prices of personalised insurance for the masses.