For people who work for themselves, or those who are ‘self-employed’ to be more specific, health insurance coverage is designed to provide them financial protection and healthcare access. Such people need to procure their health insurance plans, unlike traditional employees who generally receive health insurance benefits from their employees. Self-employed professionals such as business owners, artists and creative people, entrepreneurs, freelance journalists, doctors, lawyers, architects, and consultants can opt for health insurance to protect themselves and their families.
Armed with a good health insurance policy, self-employed people can shield themselves from unnecessary financial burdens or unexpected medical costs. Health insurance coverage lessens the risk of significant out-of-pocket expenses and provides access to necessary healthcare services.
Also, preventive care services are often included in health insurance coverage for the self-employed. While such services focus on maintaining good health, they also help to prevent the development of chronic illnesses through routine check-ups, vaccinations, screenings, and wellness programs.
Thanks to it, health insurance plans help self-employed people stay vigilant and aware of their health and detect potential health issues early on.
The insurance policies of the self-employed are usually similar to the other types of health insurance. Some of the coverage offered by those include medical expenses, doctor visits, hospital stays, surgeries, medications, and preventive care. The specific coverage and benefits vary depending on the chosen plan and insurance provider.
According to experts, if you're self-employed and don't have access to corporate health coverage, you must go for a comprehensive health insurance plan with sufficient coverage. “If you're living in metro areas, opt for a policy with at least Rs 25 lakh sum insured to cover higher medical costs in urban areas. A sum insured of Rs 10 lakh may be sufficient for smaller cities or rural areas where healthcare costs are relatively lower. There are many options available in the market that you can choose from, some are Care Supreme Direct, Niva Bupa Aspire Gold+, Smart Health Pro by Star Health Insurance, Activ One Economy by Aditya Birla, ErgoOptima Secure by HDFC Ergo,” Siddharth Singhal, business head - health insurance at Policybazaar.com said.
Several kinds of health insurance plans are available for self-employed people such as individual, family floater, critical illness, group health insurance, and government health insurance schemes.
Keep In Mind: If you're self-employed, it's advisable to go for a plan where there's no co-pay clause to avoid sharing the medical expenses out-of-pocket during a claim. Also, if you have PEDs, consider going for a plan with day 1 coverage or opt for a pre-existing diseases (PED) reduction add-on. Some insurance plans have a limit on room rent and what kind of rooms you can choose, it's advisable to go for plans with no room rent capping so the patient can be comfortable during the treatment. Additionally, opt for plans with a wide network of hospitals offering cashless treatment, though the majority of the insurers offer cashless anywhere options now. This reduces the financial burden during emergencies. You should also consider opting for outpatient department (OPD) coverage, which can save you money on routine consultations and diagnostic tests.
Before opting for a health insurance plan as a self-employed person, you must assess your healthcare needs and priorities, and compare plans, features, and benefits. Also, you must thoroughly research different insurance providers, evaluate the extent of the hospital network, weigh premiums and deductibles, and thoroughly review the policy document.
