As we celebrate, International Women’s Day on March 8th 2024, it’s imperative to reflect on the status of women’s health and financial security in India. As per reports, Women constitute approximately 49% of the total population in our country. Their contributions to economic activity are undeniable and ever-increasing. However, despite their crucial role in society, women remain underrepresented in the realm of health insurance, with only 44% of policyholders being female, while male policyholders make up around 65%. This gender gap in health insurance coverage underscores the urgent need to prioritize women’s health and financial well-being.
While efforts are being made by both the government and the insurance industry to extend health insurance coverage to women, significant challenges persist. Millions of women across India lack financial security for their health, leaving them vulnerable to unforeseen medical expenses and financial distress. Bridging this gap requires collaborative efforts and targeted interventions to ensure that every woman has access to essential healthcare services without facing financial barriers.
As per the United Nations, this year is set to accelerate women’s freedom in ending gender-based violence through adequate funding, scaling up prevention programs, implementing effective policies, etc. With such acceleration of development, this International Women’s Day calls for a celebration to “Invest in Women,” sure enough, the United Nations have scheduled alarming key areas to Invest in Women in 2024. The focus of the year revolves around investing in women’s rights, and culminating in the promotion of their well-being through financial independence. To bridge the remaining 50 per cent and extend financial security to all women, society must align with the 2024 UN theme and invest in women across various facets of life.
So, why is it crucial for women to invest in health insurance coverage?
The answer lies in the intersection of health, financial stability, and empowerment. Health insurance provides women with the necessary financial cushion to address medical emergencies and access quality healthcare services without depleting their savings or resorting to borrowing. A woman’s financial journey encompasses significant milestones, starting with education and career beginnings. Women’s pivotal role in family health cannot be overstated. As primary caregivers, they often bear the responsibility of ensuring the well-being of their families, including children and elderly parents. Thus, by safeguarding their health and financial well-being, women can pursue their ambitions, contribute actively to the workforce, and fulfill their roles as caregivers and nurturers within their families.
Furthermore, to empower women economically and promote financial inclusion, several steps need to be taken. First and foremost, there is a need for targeted awareness campaigns and education initiatives aimed at informing women about the importance of health insurance and equipping them with the knowledge to make informed financial decisions. Additionally, it is essential to recognize and address common health issues that disproportionately affect women, such as breast cancer, cervical cancer, and hormonal imbalances. Health insurance is vital in providing financial support by covering preventive screenings, diagnostic tests, and treatment options for these conditions. Health insurance addresses gynecological issues, ensuring timely consultations and treatments for irregular menstrual and reproductive health and promoting overall well-being without financial constraints. By addressing these health concerns proactively, women can provide a healthier and financially secure future for themselves and their families.
Hence, financial security of Health Insurance plays a pivotal role in empowering women and ensuring their long-term financial security. For women, securing both health and financial stability is not just about individual empowerment but also about creating a secure and stable future for themselves and their families. By embracing financial security of Health Insurance, women can take control of their financial destinies, build wealth, and secure their loved ones’ future. Whether it’s saving for their children’s education, planning for retirement, or protecting against health emergencies, having a comprehensive health insurance empowers women to navigate life’s uncertainties with confidence and resilience.
The importance of health insurance for women cannot be overstated. As we commemorate International Women’s Day, let us reaffirm our commitment to advancing women’s health, financial inclusion, and empowerment. By bridging the gender gap in health insurance coverage, promoting financial literacy, and fostering an enabling environment for women to thrive, we can build a more equitable and prosperous society for all. This International Women’s Day, let us work together to ensure that every woman in India has access to affordable and comprehensive health insurance coverage, enabling her to lead a life of security and opportunity.
Sapna Desai, Chief Marketing Officer of ManipalCigna Health Insurance
