Find Out How Health Insurance Can Benefit Single Moms

Posted on: Dec 14, 2022 | | Written by:

Find Out How Health Insurance Can Benefit Single Moms

Published on December 12, 2022. EST READ TIME: 3 minutes

First, kudos for doing all you can to become a responsible, caring and smart single mother! The fact that you are reading this blog shows that. There is no denying that being the primary or only caregiver and breadwinner can be challenging. You not only need to make sure that your children are healthy and happy, but also ensure that you are taking care of yourself and your finances. This is especially true in case of a medical situation like delivery or emergency.For instance, in the absence of family health insurance or maternity insurance, your savings can go for a toss. And that is not something you would want when you are the only one responsible for your kids and their future.

So, let’s explore 5 ways in which health and pregnancy insurance can benefit a single mom like you.

1. Medical Inflation:
Don’t wait for an accident to happen or disease to come knocking on your door and then secure yourself with a health insurance policy. The reason is there’s a waiting period of 2-4 years for many ailments except in the case of accidental hospitalisation. When children are in the growing stage, they tend to fall sick often or hurt themselves. And if there are elderly members in the family suffering from age-related problems, they would require frequent medical attention such as diagnostic tests, OPD consultations, hospitalisation for surgical procedures, postoperative care, etc. In the absence of comprehensive health insurance or if the waiting period is not yet completed, you will need to bear the expenses out of pocket. With medical inflation, the expenses can burn a hole in your pocket draining your finances. Being the only earning member of the family, having a health insurance cover is a must to beat medical inflation and keep yourself and loved ones safe and secure. Also, if you are currently pregnant but expecting your baby after some months, having insurance will protect you against rising delivery costs. So, ensure the health cover has sufficient sum insured and add-on covers such as maternity insurance, critical illness insurance, etc.

2. Safeguarding Your Children:
As a single mother, you want to give the best to your children, right? So, don’t leave any stone unturned to ensure their future is safe and secured. With medical expenses skyrocketing, a single hospitalisation can cost you lakhs and you will not want to pay the hospital bills from your hard-earned savings. With health insurance, you can rest assured that your savings will not be impacted as insurance will take care of the finances. Experts suggest looking for plans that offer coverage for OPD expenses, vaccinations, insurance for pregnant womenetc. which may be covered in your standard health plan.Or you can opt for add-ons by paying extra premium. Do check with your insurance provider.

3. Rising Healthcare Concerns Among Women:
With age, women become vulnerable to specific medical conditions like ovarian cancer and breast cancer. Lifestyle diseases such as diabetes and blood pressure are also on the rise among young women and these diseases can lead to critical illnesses over time. Being diagnosed with a critical illness can not only affect you mentally and physically, but also financially as treatment for such illnesses is quite expensive. As a single parent, it is wise to invest in a good health insurance plan that covers all these ailments. You can also opt for critical illness add-on cover or buy a standalone critical illness insurance for all-round coverage.

4. Access to Medical Facilities:
Having health insurance and maternity insurance gives you peace of mind when it comes to quality healthcare. Running from pillar to post looking for a good hospital during an emergency or when you are in labour can be stressful, more so if you are a single mom. With the right health plan, you can avail cashless facility in any of the insurer’s network hospitals. At the time of buying health insurance, go for the insurance provider which has a good number of network hospitals in your locality to ensure you get timely treatment. If the hospital is not in the list of network hospitals, you can opt for reimbursement claims, in which you pay upfront and get the bills reimbursed from the insurer.

5. Self-Care:
It’s not easy to be a single mom. You need to take care of the home and hearth, the health and wellbeing of your children and even dependent parents in some cases. And in the process, taking care of yourself takes a backseat. So, if you fall sick, the rest of the family members may get worried about how to arrange funds for your treatment and run the show in your absence. Hence, investing in health insurance and self-care is the best gift that you can give your family to stay financially secure during a medical emergency.

Conclusion

Being the sole breadwinner and managing home and hearth single-handedly can be a daunting task. Which is why, as a single mother, you need to plan your finances systematically to fulfil your responsibilities, including the medical needs of your family. Health insurance and maternity insurance will not only shield your finances in case of medical emergencies, but also offer tax benefits. So, research well, compare different plans, and then pick the one that will cover all the healthcare needs of you and 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.

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