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

By Chanel Rick - May 1,2022
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Turning your hobby into a lucrative career is all the rage these days. Whether you want to start a cloud kitchen or offer your consulting services as a digital marketer, you can become an entrepreneur today! Shows like Shark Tank India have once more ignited the spark of entrepreneurial desire amongst people. After all, who doesn’t want the coveted title of CEO? Besides, self-employed individuals can enjoy creative freedom, choose their coworkers, create flexible schedules and more! 

And, best of all, they can work on projects they’re most passionate about! 

Speaking of the best self-employments offers, what about one of it’s glaring drawbacks? Unlike employees of large organisations, self-employed individuals are not covered under a group health insurance policy. 

Also Read: Mental Health Coverage in Health Insurance: All You Need to Know

Health Insurance for the Self-Employed

Fortunately, applying for your health insurance couldn’t be easier! Regardless of employment type, Indian citizens can avail health insurance with sufficient medical cover. Nonetheless, self-employed individuals need to remain vigilant about their health and financial conditions. A brief break from work due to sudden ailments could lead to loss of business or reduce your performance. 

Choose the right health insurance with an adequate sum insured and medical coverage. It will protect you and your dependents during a sudden medical emergency, preventing any strain on your finances. 

But that’s not all. The advantages of health insurance for self-employed individuals can benefit you in the following ways! 

  1. Choose a family floater plan to cover your family members 
  2. Receive financial aid for in-patient hospitalisation, pre-hospitalisation and post-hospitalisation
  3. Avail immediate medical treatment at network hospitals 
  4. Opt for cashless treatment 
  5. Pay upfront for medical expenses and have them reimbursed through your health insurance provider 
  6. Enjoy tax benefits under Section 80D of the ITA, 1961

Self-Employed: Choosing the Best Health Insurance Policy

If you’re a self-employed person, take this as your cue to start browsing for the ideal health insurance. Not sure how to begin? No problem! Use the following guidelines to pick the best health insurance for self-employed individuals. 

1. Check the Coverage Details 

Before purchasing health insurance, always check the details mentioned under the list of inclusions and exclusions. These lists differ among health insurance providers, so carefully examine them. Avoid compromising on the quality of the policy to receive lower premium rates. 

2. Pocket-Friendly Premium 

The health insurance premium for individual plans could be higher, unlike group health insurance plans. Estimate the amount annually spent on medical expenses; it will help you settle on an appropriate premium. However, high medical coverage means increased premiums but, cheaper premiums come with inadequate coverage. 

3. Claim Settlement Ratio (CSR)

The CSR of health insurance companies helps you analyse the rate of claim settlement. It will help you wisely pick an insurer with a good CSR, making claims for reimbursements easier during a crisis.  

4. Find Network Hospitals 

While shopping for health insurance, find out the nearest network hospital to your location. A policy with a large group of network hospitals is beneficial for you, especially while travelling. It will ensure that you receive medical attention promptly and avail of the treatment facilities at the closest network hospital. 

5. Add-on Covers Available 

Regardless of the coverage offered, pick one that offers you appropriate add-on covers. These health insurance add-on covers will doubly secure you and your dependants during medical events. 

6. Pre-Existing Health Conditions 

If you’re already afflicted with health conditions, choose health insurance policies meant for such individuals. It will secure you financially and medically sure a high-risk event. 

The next time you weigh the drawback of losing out on group health insurance without a 9-6 job, remember – individual plans support you financially and medically! Choose the best health insurance plan that covers you, your dependents and your employees. 

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522