With millions of people entering isolation to fight against the spread of COVID19, the ability to remain optimistic and view one’s situation from a constructive perspective becomes imperative. If you are a single mother and the news of schools rapidly been shut for long periods has raised a few questions in your head like - who will take care of your children in the one-parent home? How can single moms hold onto their jobs, and any sense of economic security? Then use this time to focus on the financial and healthcare needs of your family.
Every woman’s situation can be unique and there can be various reasons for her to get separated from her partner. Being a single parent doesn't mean you are on your own as you raise your child, sometimes you receive unconditional support from your immediate family. It is your responsibility to look after them as well as pay attention to your health. The most crucial factor that single moms need to consider is the cost of caring for their children and family in case of medical emergencies. The simple solution to this is doing your research and buying health insurance, which will cover all your needs.
Let’s take two scenarios and understand the need and options available for single mothers in terms of the insurance.
1. Single mothers with kid/s:
Financial independence is the biggest challenge. Besides being the sole breadwinners, you have to take care of your children and manage home single-handedly. As a mother, you desire the highest level of security for your kid. But when your child is growing, naturally, the propensity of his/ her mischief will increase. There will be instances of getting hurt, gettingstung or getting cuts and bruises. Although, these experiences may sound horrifying but it will help your child grow and make their assessment about right and wrong. Hence for your child’s persistent growth and safety, it is advisable to buy health insurance. A health cover can assist you in shielding the cost of their stay at the hospital, as well as any associated procedures undertaken while they are admitted, depending on the policy you buy. With health insurance, you can rest assured that you can let you kids be kids and not worry about finances.
2. Single mothers with kids and family to support:
With globalization and urbanization, today, many privileged women receive the support of their families in raising a child. Hence, it becomes vital for women to take care of their families when the need arises. With the growing risk of lifestyle diseases and skyrocketing medical treatment expenses, a sound health insurance policy proves to be the shield around your family. A family floater is the best family health plan when it comes to safeguarding the health of your loved ones. Since it is a single policy for the entire family it relieves you from the task of buying and maintaining several health insurance policies for each family member.
Besides the medical benefit, if you are paying a medical insurance premium for your parents, then you can also claim an additional deduction of up to Rs 25000/- every budgetary year. If your parents or either of them is a senior citizen, then this limit can go up to 30000/-
As a single mother/parent, you have to plan systematically and carefully strive to build funds over time. Besides saving one from the trauma of medical expenses, health insurance can be instrumental in saving tax. As a single parent, it is utmost important for you to save your hard-earned money to fulfil your responsibilities effectively. Hence, the medical cover will not only give one much-needed peace of mind, but it will also help one save your income from going into the pool of tax.
You must make an informed choice while picking the right insurance and insurer. This will help you in securing your family's financial future.
(Dr. Shreeraj Deshpande is the Chief Operating Officer, Future Generali India Insurance Company Limited. This is a guest column and views expressed here is of the author alone.)