Health Insurance For Self-Employed

A health insurance plan for self-employed individuals safeguards their hard-earned savings by providing them with a cover for medical costs at the time of illness and medical emergencies.

Benefits of Health Insurance For Self-Employed Individuals

As a self-employed individual, you can purchase an individual health insurance plan for yourself. Alternatively, you can buy a family floater health insurance and cover yourself as well as your family members for unforeseen medical expenditures.

For self-employed individuals, a day off from work due to ill health or a medical emergency can result in loss of business, thereby increasing chances of financial stress. For peace of mind and financial stability in such times, as a self-employed individual, you must have a health insurance plan. The health insurance policy will help you get the required medical treatment and meet financial requirements in times of need.

Major Benefits of Health Insurance Plan For Self-employed Individuals: 

  1. Cover for in-patient hospitalization along with pre-hospitalization and post-hospitalization expenditure
  2. Insurance cover for family members, if you opt for a family floater plan
  3. Peace of mind in turbulent times
  4. Timely and required medical treatment
  5. Financial stability in times of emergencies
  6. Tax benefits under Section 80D of the Income Tax Act, 1961.

How Many Members Can Be Covered Under Health Insurance Plan For Self-Employed Individuals?

Self-employed individuals can buy a health insurance plan on an individual basis or a family floater basis. Under the individual health insurance plan, a self-employed individual will get insurance cover only for self, however, under a family floater plan, they can include their family members also insured under the same plan.

How To Buy The Best Health Insurance For Self-Employed Individuals? 

There is a wide array of insurance companies offering health insurance for self-employed individuals. However, choosing the one plan which best suits your requirements is often a tedious task. Thus, we bring to you the following list of parameters which you must consider while buying a health insurance plan:

1. Type of Plan

Choose the type of policy, i.e. individual or family floater depending on the number of members you want to cover. 

2. Coverage

Do check the sum insured options available under the plan along with the type of coverages mentioned.

3. Renewal Requirement

Some insurance plans come with a restriction on the age of the policyholder at the time of policy renewal while others impose no such restrictions. Thus, checking for this is imperative.

4. Availability of Add-ons

You can add additional covers to your standard health insurance plans to extend the plan coverage. Thus, it is important to check which all add-on covers are offered by the insurer with the plan.

5. Premium Amount

You can compare the premium of different health insurance plans at our website InsuranceDekho and choose the plan which best suits your requirements and budget.

6. Claim Settlement Ratio

Claim settlement ratio refers to the number of claims settled by an insurance company out of the total claims received by it during a financial year.

Health Insurance Self Employed FAQs

  • What is health insurance for self-employed and how does it work?

    A health insurance policy for self-employed people safeguards their hard-earned savings by offering them cover for healthcare expenses at the time of medical emergencies. It reimburses the claim amount up to sum insured if the claim is as per the terms and conditions of the policy. 

  • When should I buy a health insurance plan for the self-employed?

    Due to changes in lifestyle, there are several illnesses that people are vulnerable to these days. So, self-employed people should buy health insurance plans as soon as possible to avoid spending from their own pockets in case of any medical emergency.

  • What is covered under health insurance for self-employed?

    Self-employed people can be covered under an individual health insurance policy or a family floater health insurance policy as per their requirement and budget. These plans cover them against several healthcare expenses including road ambulance expenses, in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare procedures, critical illnesses, etc.  

  • What is the waiting period for health insurance for self-employed?

    Generally, health insurance plans for self-employed people come with an initial waiting period of 30 days. But the general waiting period, along with waiting periods for pre-existing diseases and disease-specific waiting periods vary with different individual and family floater health insurance plans. 

  • What are the eligibility criteria for health insurance for self-employed?

    The minimum and maximum age criteria for self-employed people is 18 years and 65 years. The age criteria, however, varies with one health insurance plan to another. 

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