More Women Seeking Health Insurance Coverage: Reasons and Implications

Women traditionally focus on others so much that they forget to care for themselves. Fortunately, in this era of heavy advocation for gender equality, women are starting to prioritize their health with health insurance coverage and strike an intricate balance between career prospects and familial responsibilities.

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The Women’s Health Insurance Trends report brought about several significant insights on women seeking health insurance coverage, the report:

Revealed a 40% surge in health insurance coverage among women in 2024 compared with 2023
Illustrated that more women have chosen to secure a health insurance policy with a higher coverage limit
Demonstrated that health insurance benefits are extended to the lower-income group
Found out younger women under 40 account for 52% of policyholders, up from 47%

Having health insurance coverage tailored for women is more than just safeguarding their health, as it also provides financial security which holds account for a family’s quality of life – and in this article by Pacific Prime, we’ll tell you the reasons and implications of this emerging trend.

Reasons That Women are Seeking Health Insurance Coverage

The trend that women are seeking health insurance coverage is much in line with the direction of the insurance industry – financial security, the shifting approach to health, and the advancement of digital technology.

Increased Financial Independence

Due to the increasing popularity of Diversity, Equity, and Inclusion (DEI) and gender equality initiatives at the company and society level, more and more females are entering the workforce and enjoying financial independence. Women are responsible for their spending, including healthcare expenses.

Realizing how hefty the out-of-pocket expenses of healthcare services are, it is no surprise that women are now seeking health insurance coverage tailored to their medical needs, which in the long run can reduce their spending on healthcare services.

Financial Security and Peace of Mind

Despite the need to pay insurance premiums every month or year, the amount is not comparable to expensive medical procedures associated with serious and unexpected illnesses.

Attending medical treatment in private hospitals within the network of the insurance provider you secured grants you the benefits of direct billing, which means your insurer will directly offset any expenses covered under your policy up to the limit.

Taking out comprehensive health insurance also gives women the peace of mind of knowing that they’ll receive the best possible care in top-notch facilities nearby at their convenience.

Shifting Approach to Health

With the abundance of information on the Internet about health, such as diet or exercise, women are equipped with the knowledge to decide on their own and take proactive steps to safeguard their health through a range of preventive approaches – regular check-ups and preventive care.

Inside the report, the results showed a notable increase in women opting for preventive care services (from 10% to 20%), which is solid proof of a shift towards proactive health management with an emphasis on early detection and prevention.

Digital Advancements

With digital advancements, one can access insurance products and information online, unlike the traditional pen-and-paper method for documentation. Women who are busy juggling between work and family can benefit from this fully-remote feature, by saving time traveling back and forth.

With all the information available on the Internet, the premiums and coverage of the insurance policy are also progressively getting transparent and clear, which makes plan comparison a less daunting task.

Some insurance providers or brokers even provide you with a mobile application to submit claims, sign necessary documents, and get support for insurance-specific questions and issues. Women can rest assured that they always have someone to reach whenever needed.

Implications to Employers

Offering comprehensive employee benefits for health can be an attractive benefit for female employees. With more women purchasing health insurance, employers who provide robust benefits will have a competitive advantage in attracting and retaining talented female employees.

Workplace wellness programs are also an alternative to benefits. Employers may consider implementing programs such as education, resources, and support for female employers to manage their health proactively.

What’s more, women often face unique challenges related to work-life balance, including managing family responsibilities and heavy workloads. Employers can consider offering flexible work arrangements that support work-life balance to attract more females from the talent pool.

Implications to Insurers

The trend represents a growth opportunity for insurers to expand their customer base. It could result in higher revenues and increased market share for insurance providers that can effectively come up with a plan that caters to this demographic.

On the other hand, this also poses challenges to insurers, as they need to reassess the risk profile of women. Women generally have different healthcare needs compared to men, such as reproductive health services, maternity care, and preventive screenings.

With more women buying insurance, insurance providers may need to adjust their coverage options and benefits to address these specific needs such as expanding coverage for services predominantly used by women or tailoring plans to offer more comprehensive coverage.

Make a Stride Forward with Pacific Prime

It’s crucial for every woman, whether single, working, or married, to have comprehensive health insurance coverage that empowers them to take charge of their health. If you’ve not secured one yet, we recommend you take out a health insurance policy.

By working with a broker like Pacific Prime, we can provide you with health insurance advice from what we have learned in over 20 years of operation. Our team of insurance specialists excels at assessing your healthcare needs and gets you quoted for the best insurance plan from reputed insurers.

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Eric Chung

Content Creator at Pacific Prime

Eric is an experienced content writer specializing in writing creative copies of marketing materials including social media posts, advertisements, landing pages, and video scripts.

Since joining Pacific Prime, Eric was exposed to a new world of insurance. Having learned about insurance products extensively, he has taken joy and satisfaction in helping individuals and businesses manage risks and protect themselves against financial loss through the power of words.

Although born and raised in Hong Kong, he spent a quarter of his life living and studying in the UK. He believes his multicultural experience is a great asset in understanding the needs and wants of expats and globe-trotters.

Eric’s strengths lie in his strong research, analytical, and communication skills, obtained through his BA in Linguistics from the University of York and MSc in Teaching English to Speakers of Other Languages (TESOL) from the University of Bristol.

Outside of work, he enjoys some me-time gaming and reading on his own, occasionally going absolutely mental on a night out with friends.