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As the world of jobs is evolving, a number of individuals are seen to opt for the flexibility and freedom of self-employment. Nonetheless, such freedom comes with its set of challenges and the most common one being able to access good health care and afford a comprehensive health insurance plan. Unlike an employee, who tends to benefit from different company-sponsored medical plans, a self-employed individual has to navigate the complexities to secure their medical coverage.

Hence, in this article, we will walk you through the health insurance for the self-employed and its benefits.

What is Health Insurance for Self-Employed Individuals?

Self-employed health insurance is a kind of health insurance plan that provides complete coverage to those who manage their own business or firm. You may safeguard your funds in the event of a medical emergency by getting self-employed health insurance. It provides access to necessary healthcare treatments and reduces the risk of financial expenditure. 

Preventive care treatments are covered by health insurance for independent contractors. By having frequent checkups, wellness programmes, and immunisations, it helps you concentrate on keeping yourself well and preventing the onset of chronic illnesses. 

What are the Benefits of Health Insurance for Self-Employed Individuals?

The following are several benefits of health insurance for self-employed individuals:

  1. Medical Coverage

Health insurance for self-employed individuals offers comprehensive coverage, such as hospitalisation, surgeries, consultations, medication expenses, etc. It allows you to get the benefits of accessing quality healthcare without paying anything from your pockets.

  1. Financial Stability

When you opt for health insurance for self-employed individuals, it gives you financial stability. It covers the medical expenses, ensuring you are not required to pay anything. In addition, it acts as a safety net, protecting your finances due to high medical bills arising from medical emergencies. 

  1. Affordable Premiums

Usually, insurance companies like ACKO Insurance give you the benefit of affordable premium rates and flexibility. With such flexibility, you can choose a policy from their extensive range according to your insurance requirements and budget. It enables you to get the right coverage without spending much.

  1. Cashless Hospitalisation

Cashless hospitalisation is a feature of self-employed health insurance that is highly advantageous. This facility allows you to receive healthcare services at any network of hospitals without having to pay for it in advance. Your financial burden will be lessened as the insurance provider will pay your hospital fees immediately.

  1. Taxation Benefits

Tax benefits are available under Section 80D of the Income Tax Act of 1961 for self-employed persons who choose to purchase health insurance. You may save money by taking advantage of the tax benefits for critical sickness and top-up health insurance.

Factors to Choose the Best Health Insurance for Self-Employed

The following are a few factors you must keep in mind when choosing the best health insurance for self-employed in India:

  1. Know Your Healthcare Requirements

The initial step in finding the best health insurance for the self-employed in India is understanding your healthcare requirements. To determine your healthcare requirements, you must consider your medical history, pre-existing conditions, and current health status. For instance, if you have pre-existing medical conditions, you can opt for a policy with comprehensive coverage. 

  1. Compare Coverage Options

After determining your insurance requirements, you must look for your desired insurance plan and evaluate its details. In addition, you must check whether the policy offers coverage according to your healthcare requirements and align with your budget.

  1. Look at the Premium Rate

While it is crucial to buy health insurance for the self-employed according to healthcare requirements,  you must also consider that it fits your budget. However, you must analyse the plan with a comprehensive coverage that aligns with your budget. 

  1. Consider the Hospital Network Coverage

Once you have selected your preferred health insurance plan for self-employed, you must consider its hospital network coverage. You must choose an insurance provider with an extensive network of hospital coverage, enabling you to get medical treatment in the best hospital.

  1. Look for the Claim Settlement Ratio

The claim settlement ratio is the number of claims the insurance provider has settled against the total claims received. Hence, you must choose an insurance provider with a high claim settlement ratio, as it has a higher chance of settling your health insurance.

  1. Read the Fine Print

When you plan to buy health insurance for a self-employed individual, you must go through the policy details. It will help you understand what the plan covers and its exclusions. Moreover, reading the fine print will help you understand the deductible, co-payment charges and other expenses.

Final Word

Overall, health insurance for self-employed individuals helps you to protect your finances as a business or company owner during medical emergencies. With the right coverage, you can avail financial stability and cashless hospitalisation with an affordable premium. 

For detailed information and affordable self-employed health insurance, you can visit the website of ACKO.