As a freelancer, you don't have access to an employee health insurance plan. Amidst this, unforeseen emergencies could be mentally and financially draining. However, not having a corporate health insurance plan does not limit freelancers from exploring the available self-employed insurance plans.
There are plenty of health insurance options for freelancers that allow you to access these policies during times of need. Purchasing a self employment medical insurance plan provides a shield against the inevitable financial trap that comes with hospital bills and pre and post-hospitalisation expenses. Having said that, this article explains the reasons why a freelancer should consider buying health insurance.
Why Should Freelancers Buy Health Insurance?
Freelancers can face a long period of on-going financial strain that depletes their life savings and places them in a vulnerable financial position. Below are 4 major reasons why freelancers should invest in a self employment health insurance plan.
Safeguards Your Savings
Your lifestyle determines the amount of money you can save as a freelancer. Getting a health insurance coverage in the earlier stages guarantees that your savings will be protected during any unforeseen medical events. Should you not have health insurance as a freelancer, an unexpected sickness or accident could rapidly drain your savings. Digging into your savings or taking a loan in such a case might not be a pleasant option.
However, when you invest in the best health insurance plans for freelancers, you can receive coverage for diagnostic tests, road ambulance services, daycare treatment, inpatient hospitalisation, and other benefits, depending on the plan coverage. This allows you to avail quality healthcare without breaking the bank.
Health Insurance Allows You to Save on Taxes
Regardless of where your income comes from, you are required to pay taxes. However, you can save on taxes if you buy health insurance plans for self employed. You can receive tax benefits of INR 25000, which can go up to INR 1 lakh under Section 80D of the Income Tax Act on the health insurance premiums. Self-employed individuals are eligible to pay health insurance premiums and enjoy tax benefits for themselves, their parents, spouses, and dependent children.
Helps to Fight the Rising Medical Inflation
While planning your finances, just assume, you forget one major aspect to consider- medical inflation. Owing to advanced medical technologies, healthcare services are becoming expensive rapidly. Considering this, you should expect a significant decline in your finances even with the money you have put aside for medical costs.
This is where health insurance alternatives for self employed come into play. While acting as a safety net to shield you from unfortunate medical expenses, it helps you maintain your financial stability. Health insurance gives you the access to visit the hospitals as per your preference to get the best healthcare without being worried about the expenses.
Ensures Quality Healthcare
To ensure high-quality medical treatment, one must require the access to top hospitals, which means higher expenses. However, with medical insurance plans for self employed in place, you can use network hospitals to obtain high-quality medical services without worrying about the hospital bills.
Most health insurance options for self employed offer a large network of hospitals where you can avail cashless services. The treatment expenses are to be paid by the insurance company directly with the hospital authority without having you involved.
Things Freelancers Should Keep in Mind When Buying Health Insurance
Listed below are a few things you must keep in mind before investing in a self employment health insurance plan:
Explore the Options
This is the most important step to consider before purchasing self-employment medical insurance. Learn about the various health insurance options that are available for freelancers. The most popular choices include individual health insurance, family floater medical insurance, critical illness and maternity health insurance plans.
Considering things like your pre-existing medical conditions, your age, how much you want to spend on healthcare (anticipated expenses), and the extent of coverage will help you determine the best health insurance plans for freelancers. Let’s say, considering your requirements, you can compare our family health insurance or 6 Cr health insurance for comprehensive coverage at affordable premium.
Opt for a Plan that Fits Your Budget
Seek health insurance policies that fit into your budget. To determine which plan provides the best value for your money, compare as many self employed insurance plans as you can.
Next, choose a plan that fulfils all your health insurance needs and provides maximum benefits. Additionally, choose the add-ons only if you require them to save on premiums.
Invest in Multi-year Policies
Although you can invest in any health insurance plan, opting for multi-year policy is a good bet. Freelancing often comes with an unpredictable income. Hence, to avoid monetary crunch, it is best to consider investing in a multi-year health insurance policy.
Exploring the option of multi-year policies can be an excellent choice because these plans are valid for multiple years. All you need to do is to pay for the policy and lock the premium for the next 2 or 3 years. One of the advantages of multi-year policy is that your premium remains the same throughout the policy tenures.
Buy a Plan that Aligns with Your Needs
It is important to buy a plan that meets your needs. Analyse the health insurance plan's coverage options. Make sure comes with comprehensive coverage with all new-age features such as daycare treatment, domiciliary hospitalisation, second opinion, alternate treatment cover, organ donor cover, pre and post hospitalisation cover and so on.
When comparing the premium rates among different plans, don't simply go with the cheapest option. Keep in mind that the least expensive plan might not offer the required coverage. Hence, you must go for a plan that aligns with your requirements. Determine your objectives and adjust your health insurance options for freelancers appropriately.
Let’s Conclude
Every freelancer needs health insurance as a financial back-up in times of need. It's true that paying healthcare costs can be challenging for freelancers, considering the constant days of feast and drought. However, this does not indicate freelancers should skip the benefits of health insurance coverage.
As a freelancer, you can opt for a healthcare plan that fits your needs and budget. Upon considerable research, you can come across a myriad of health insurance options for self employed. Care Health Insurance ensures that you receive the ultimate coverage as a freelancer without depleting your savings and income. Ensure choosing your coverage before an emergency arises. Get in touch with us today to learn more about health insurance alternatives for self employed.
Disclaimer: The above information is for reference purposes only. Kindly consult your general physician for verified medical advice. The health insurance benefits are subject to policy terms and conditions. Refer to your policy documents for more information.
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