How to Get Health Insurance If You’re Self-Employed?


How to Get Health Insurance If You’re Self-Employed?

The world is advancing with new technologies and advanced medical science. Simultaneously, the cost and standard of living is also increasing. With each passing year, medical expenses are only increasing, and there may be various reasons behind it. Sometimes, coping with expensive medical treatment can be exhaustive for your hard-earned savings. This is when a health insurance plan comes as a saviour.

Everyone should invest in a health insurance plan, be it employees or self-employed individuals. Access to healthcare for self-employed is available for all sorts of self-employed individuals like freelancers, entrepreneurs, owners of small businesses or start-ups, and so on. At Care Health Insurance, you can find a range of the best health insurance for self employed to choose from.

Health Insurance Plan: Why you need it?

You may wonder why you need a health insurance policy. To sum up, it can be said that a health plan offers a range of benefits, most of which are much-needed. The sudden expenses of medical emergencies, a financial backup, and the tax benefits offered are a few to mention. 

Conventionally, an employee gets health insurance benefits from the employer, be it the government or the private sector. However, those working for themselves do not have access to such health insurance plans. But you need not worry because there are various medical insurance for self employed. Not only for yourself, but you can also purchase family health insurance for self employed and your whole family can avail of the benefits.

Types of Health Insurance for Self-Employed

When it comes to health insurance plans for self employed there are various options available. Check out the ones given below:

Individual Health Insurance Plans

Personal insurance for self employed or individual health plans are the ones that offer coverage to only the policyholder who is also the insured individual. Under such a plan, a single individual is covered.

Family Health Insurance Plan

A family floater health insurance plan covers the entire family of the policyholder. For instance,  you can cover your spouse, 2 children, and parents, all of them under a single health plan. The sum insured can be shared between the family members as per the hospitalisation needs.

Health Insurance Plan with Global Coverage

Insurance companies like Care Health Insurance offer global coverage under Care Advantage plan where you get to choose an extensive sum insured up to ₹6 crore. The policy also offers global coverage. You may purchase an individual or family floater plan and benefit from this comprehensive health insurance coverage.

Group Health Insurance Plans

Group health insurance for self-employed is a great option for those self-employed individuals who are looking for an affordable health plan. It includes a group of self-employed individuals like a group plan offered by a corporate office.

Critical illness Insurance

Self-employed individuals can also purchase a critical illness insurance plan. The one offered by Care Health Insurance offers coverage against 32 critical illnesses.

>> Also Read: Health Insurance for Parents

Coverage Offered in a Health Insurance Plan

The cost of health insurance for self employed may differ from one insurance provider to another and also depends on the type of plan chosen by you. However,  scope of coverage include: 

  • Pre and post-hospitalisation expenses
  • Auto-recharge of the sum insured
  • Annual health check-ups
  • Domiciliary hospitalisation expenses
  • Ambulance expenses 
  • Cashless treatments
  • Coverage for pre-existing diseases
  • AYUSH treatment expenses
  • Daily allowance cover
  • Add-on options
  • Covid-19 treatment cost

Depending on your chosen plan,  the benefits may differ.

Common Exclusions of Health Insurance Plans

Under a health insurance plan, not everything can be included. Some conditions remain out of coverage, and these are known as the exclusions of a health insurance plan. Here are some of the common exclusions of health plans for self-employed:

  • Injuries caused due to self-harm
  • Suicide attempt
  • Diseases occurred during the waiting period (30 days from the date of purchasing the policy)
  • Health conditions due to intoxication like drug abuse or alcoholism
  • Pregnancy complications like miscarriage, childbirth, abortion
  • Vitro fertilisation or infertility treatment expenses
  • Physical damage due to war, strikes, riots, nuclear weapons, etc.
  • Injuries due to involvement in illegal activities.

Additional Benefits of a Health Insurance Plan

A health insurance plan offers a range of benefits apart from medical coverage. Here are some of the benefits you get to avail of the best medical insurance for self employed:

Financial Back-up

Medical costs are continuously rising, especially after the pandemic. As per reports, India experiences medical inflation of about 14% every year. In such a situation, when you have a health insurance plan, you need not worry about the expenses.

Peace of Mind

During medical emergencies, upcoming expenses can affect your mental peace. However, with a health insurance plan, you can have peace of mind as your insurer is there to cover the expenses.

Comprehensive Coverage

Best healthcare for self-employed ensures you get comprehensive coverage. You may customise a plan as per your needs by opting for a sufficient sum insured and the right add-on covers.

Access to the best Healthcare

Lack of finances can force you to compromise on medical treatment. On the other hand, if you have a health insurance plan, you need not to compromise but can avail the best healthcare. The admissible costs will be covered by your insurance provider.

Cashless Treatment

In a cashless treatment, the insurer directly settles bills with the hospital and you do not have to pay from your pocket. To avail of cashless treatment, you need to go to a network hospital. With Care Health Insurance you get access to 22900+ cashless healthcare providers within the country.

Tax Benefits

Under Section 80D of the Income Tax Act of 1961, policyholders below 60 years can avail of tax deductions of up to ₹25,000. Those above 60 years of age can avail a tax deduction of up to ₹50,000- 1 lakh.

Let’s Wrap It Up

Purchasing a health insurance plan early in life can benefit you with low premiums and better coverage. Even if you have not purchased it yet, you still can. Invest now to stay secure against future medical emergencies. If you have a business of your own, you can look for health insurance for the self employed small business. At Care Health Insurance, you can customise a plan as per your needs.

Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.

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