Being a freelancer has its own charm. You get to be your own boss. You get the freedom from working under someone and earning profits for someone else. You get to do what you wish, that too at your own pace and convenience. While all this sounds very rosy, there are a few challenges that a freelancer faces. One of the biggest challengers is insurance covers. When you work, you get the employer insurance benefits that include the group life insurance and group health insurance schemes. But when you quit your job to become a freelancer, you lose these insurance coverages. What happens then? Let us find out.
Getting health insurance for yourself
Don’t worry, it really is not that difficult to manage your health insurance requirements on your own! All you have to do is carry out some research work, identify your insurance needs and then find the health insurance plans that match your requirements. Here are some handy tips to help you along the way:
- Choose the right type of cover – As we all know, there are many different types of health insurance plans available in India these days. You have pure health insurance plans, critical illness insurance plans, personal accident plans, etc. A pure health insurance policy offers a comprehensive health care option. There are many health care covers but there are clauses as well such as waiting periods, exclusions, and so on. The critical illness insurance plans are for critical illnesses only. When you get diagnosed with such an illness, the insurance provider pays out the sum insured. A personal accident insurance plan pays the compensation amount when you are injured in a road accident. Understand the covers available under the different types of health insurance and then buy a plan that caters to your requirements in the most appropriate manner.
- Select the correct sum insured – Just like the type of health insurance is important, the correct sum insured is equally vital. Assess your health care needs and then arrive at the correct figure. Use a health insurance calculator to understand what your ideal sum insured must be. Getting a cover that’s too small would be of little use to you. Similarly, getting a cover that’s too high would and redundant and unnecessarily expensive for you. so choose the correct amount and stay properly covered under the health insurance policy.
- Buy it at the right time – It is very crucial for you to buy your health insurance plan at the correct stage in life. If you are still working but plan to quit soon, get the personal health insurance policy at the earliest. The health insurance companies offer to attach higher insurance premium rates for people who are not formally employed. Then, try to buy medical insurance cover when you are young. A plan would quite obviously cost more money when the policyholder is older and less fit.
- Cover your family members – As a responsible family person, it is your utmost duty to secure the healthcare needs of your loved ones. So try to get a family health insurance plan to secure all the people who are dependent on you. As an employed person, you may have had a group health insurance cover for your whole family. But after you quit your job, this coverage was lost. So do remember to include your family members in the health insurance umbrella for sure. The types of health insurance plans you can look at in this regard include:
- Family Floater Health Plan – A very good way to keep all the members of your family insured under a single health insurance umbrella is by buying a family health insurance policy. All of the leading health insurance companies in India offer these family floater plans. You can include a newborn baby as well as a senior citizen in a single insurance policy. These are good, economic and comprehensive health insurance plans that help you to manage the health care requirements of all your near and dear ones. Look for a plan that has a high coverage amount that is sufficient to take care of the health needs of all the family members.
- Maternity Plan – If you are a young freelancer, you may be looking to start a family in a few years. Think ahead and buy a maternity insurance plan. Such a plan usually has a long waiting period of three or four years. Buy it at the earliest and keep yourself (or your partner) and your future baby safe and protected. Maternity costs are quite high and this is one place where you absolutely cannot compromise on the quality of health care. So get the right plan and you will not have to settle for anything but the best later on.
- Senior Health Plan – Whether you have a permanent 9-5 job or you work as a freelancer, it is your core responsibility to look after the wellbeing of your aged parents. If you do not want to invest in a family health insurance policy, you can get a good senior citizen health insurance plan for your mother and father. The senior health plan will take care of all their medical needs and help them to lead a healthy and happy life at all times. There are some very good plans available from the top health insurance companies. Choose a good cover and keep your parents secured at all times.
- Critical Illness Plan – It is a very good idea for a freelancer to invest in a critical illness plan. Such a plan offers to pay a lump sum amount of money if you are diagnosed with a critical illness. You can use the money to pay for your treatment or to support the household while you are unable to work due to your illness. choose a good critical illness insurance policy that has a comprehensive coverage against a large list of ailments. You can look to buy this cover for the other members of your family as well, namely your parents and your spouse.
Compare – Last but not least, do not buy health insurance before you compare your options. Compare health insurance quotes to see which policy is available at what price. Do not make the mistake of buying the very first health insurance coverage that you come across.
Fortunately, comparing medical insurance plans is a very simple process these days. You can go online and complete the task in just a few minutes. The comparison tools are available free of charge as well. Use them wisely to locate your ideal health insurance cover. However, do not that the price should never be the only parameter to choose a health plan. Make sure the insurance policy you choose has all the covers you need. Find such a plan within your budget.
These are some simple ways in which you can identify and then purchase the most suitable health insurance policy for yourself. You first need to take stock of your health insurance needs as well as those of your loved ones. You then need to find the health insurance plans that match your requirements perfectly. once that is done, you can go ahead and easily make a purchase and stay protected.
As you can clearly see from the points mentioned above, finding good health insurance is not difficult. However, you need to have a realistic approach and get a medical insurance plan that suits your needs and helps you to stay within your budget. Thankfully, there are many good health insurance plans available in India these days. As a result, you will never find it difficult to get the best health insurance cover for yourself and your loved ones.