Health Insurance for Self-Employed Individuals: What You Need to Know

Introduction

A health insurance plan for self-employed individuals will secure their hard-earned savings by providing coverage for medical expenses due to illness and medical emergencies.

As a self-employed individual, you can either opt for an individual health insurance plan or a family floater health plan covering your family, which might help during unforeseen hospital expenses. You could consider buying health insurance as a self-employed individual for peace of mind and financial security. Your health insurance plan will assist you in getting the necessary medical care in times of need.

Understanding Health Insurance Options

Everyone should consider buying health insurance, regardless of their job profiles. Group health insurance might be available to those working in the public and private sectors. Self-employed individuals, however, face a different situation.

Being self-employed may require you to work longer hours, which could be damaging to your health. Due to this, it is essential that you consider obtaining health insurance to secure yourself in case of a medical emergency. An individual health insurance policy is one of the option  if you plan to cover yourself, and if you have a family and want to include them in your health insurance coverage, you can also choose a family floater policy.

Benefits of Health Insurance for a self-employed individual

Access to tax savings

You must pay income taxes based on your yearly income. However, you can claim your tax deduction under Section 80D of the Income Tax Act of 1961 by using health insurance coverage.

Savings are protected

Your savings will determine your future lifestyle as a self-employed person. In such cases, acquiring health insurance coverage guarantees that your savings are protected from significant medical occurrences. As a result, you will receive substantial funding to cover your medical bills in exchange for consistent premium payments made periodically, which will save the majority of your savings.

Protection from medical inflation

As healthcare services grow efficient and sophisticated, they continue to get pricey with cutting-edge medical technologies and their advancements. This might affect your financial stability , despite the savings that you have set aside. So, consider buying health insurance to secure yourself from unexpected medical emergencies.

Type of plan

Choose between an individual or family floater policy based on the number of people you want to cover.

Coverage

Check the sum insured and the covers such as ICU, room rent, emergency ambulance, day care treatments, etc

Availability of add-ons

To increase the coverage of your health insurance plans, you can add extra Add-on features

. Therefore, it is essential to confirm the list of  add-on covers the insurer includes with the plan.

Premium Amount

Consider comparing the premiums for several health insurance plans and select the one that best meets your needs and budget.

Staying Insured

Every health insurance plan has a Policy term of one, two, or three years, following which, it must be renewed. The insured person might lose all collected benefits, including waiting period benefits, if the insurance is not renewed on time. Insurance companies also provide a grace period to renew the policy that varies from company to company.

Renewal of health insurance is simple. The steps listed below can be used to renew medical insurance coverage online through the insurer’s website.

• Visit the insurance company’s official website and click on renewing health insurance
• Type in your registered mobile number,health insurance policy number and other required details
• Verify the terms of the insurance and the renewal premium
• Use your credit/debit card or online banking to make the payment
• During the plan’s renewal, look for any changes in the Terms and Conditions

Conclusion

It’s essential to consider purchasing Health Insurance as a safety net to secure yourself from unexpected medical expenses.”Secure your future with Star Health Insurance, visit www.starhealth.in today!”

FAQ’s