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Which is the Best Health Insurance Plan for Freelancers ?

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Published on Sept 15, 2020. EST READ TIME: 5 MIN   

Thanks to rapid digitisation and plenty of options, freelancing has become a popular and feasible career choice for many. It offers a better balance between professional and personal life and also gives you the liberty to choose projects you are passionate about. However, freelancing has some drawbacks as well. Apart from the absence of provident fund and job security, a freelancer cannot take advantage of the employer’s group insurance. Nevertheless, you can easilyget an online health insurance policy for guaranteed financial assistance during medical emergencies. 

Here is some information about differenthealth insurance for freelancers, their cost, and benefits.

What is Health Insurance?

Health insurance is insurance coverage that takes care of the insured’s medical expenses. This includes surgical expenses, pre and post hospitalisation expenses, cashless home healthcare, mental healthcare, and more. When you have a health plan, you can avail of quality healthcare without worrying about the mounting medical bills.

While most employers offer group health insurance to their full-time employees, freelancers need to get one on their own. Although this may soundcomplicated, you caneasily do some research onlineor take expert guidancefrom an insurance expert to choose a suitable option.

Different Health Insurance Plans

Some popular health plans are:

• Individual health insurance

• Family health insurance

• Critical illness health insurance

Best Health Insurance Plan for freelancers

If you are a freelancer, you ought to look for a health plan that covers you and your family. As every individual may have different health issues, make sureyou do adequate research and pick a plan that meets your health requirements and suits your job profile as well. For instance, if you have a desk job, you can take a regular health plan. However, if your job involved frequent travelling, such as that of a travel photographer, the chances of meeting with an accident are more. Hence, a plan that offers accident benefits should be ideal for you.

Benefits of Health Insurance for freelancers

• Quality healthcare: When you have a health plan, you can avail of quality and timely healthcare without a dent in your pocket.

• Safeguards savings: A health plan helps you meet all medical expenses and keeps your savings intact. It covers lifestyle diseases, critical illnesses, accidents, and more at an affordable premium.

• Save on taxes: Section 80D of the Income Tax Act states that those paying health insurance premiums can ask for a tax rebate. Hence, a health plan not only offers health protection,but deduction in taxes as well. This is quite a favourable deal for a freelancer or self-employed.

How much does a health plan cost for freelancers?

The cost of a health plan depends on different factors, the main ones being your place of residence and the number of family members covered. If you reside in a metro city where medical expenses are on the higher side, a health insurance cover of INR 7 lakh to INR 10 lakh should be ideal. If you are looking to cover your spouse and kids as well, you can choose a family floater plan of INR 10 lakh to INR 15 lakh.

Factors that determine the premium amount

• Age: The premium amount for health plans increase with age. Hence, it is wise to gethealth insurance when you are young and healthy.

• Pre-existing health conditions: You have to pay a higher premium if you have diabetes, hypertension or any other pre-existing condition. The premium will also be higher if you have a family history of these conditions.

• Place of residence: If you reside in a region where the cost of treatment is high, you will have to pay a higher premium.

• Family health plan: The premium amount for an individual health plan is lower when compared to a family floater policy.

• Smoking and other habits: If you smoke, chew tobacco, or consume a high amount of liquor, yourchances of falling ill increase. Hence, your insurer will charge a higher premium amount.

Conclusion:

So if you are a freelancer make sure to get a health plan for a stress-free tomorrow. Hence, you can evaluate your needs andget an online health insurance policy or through an agent. Make sure you check and compare health insurance costs, inclusions, and exclusions as well and select a suitable health policy accordingly.

This  blog is written by Dr. Kavita Ganesh 
Asst. Vice President, Health & Accident Product Underwriting

About The Expert :   Dr. Kavita Ganesh holds over 15 years of work experience in health insurance industry. She highly recommends buying health insurance for securing finances in case of a medical emergency. Looking at the current pandemic situation, she enforces the idea of having a higher sum insured for covering the entire family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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