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Which is the Best Health Insurance Plan for Freelancers?

Choosing the right health insurance plan may not be an easy task. Being a freelancer, however, this is something you might have to do. If the companies you work with on projects do not provide an insurance plan for you, what is it that you need to do? You can get a policy of your own! All you need to do is some proper reading, comparisons and research.

As a freelancer, while getting a health policy, there are many things that you will have to consider. For example, you should examine your lifestyle, family size, age, etc. After looking at your needs, you will have to look for the policies that are best suited to these needs and your expectations. Talking about medical needs, you would have to look for a policy with sufficient cover.

This is more relevant in today’s times of uncertainties. Hundreds of thousands of people have contracted COVID-19. The number of people with the infection continues to rise. And, so do the hospital bills. Did you know? An isolation bed can cost you around 10,000 per day. An ICU with a ventilator can set you back by around Rs.16,000 per day! This is why your plan should be large enough to meet any threat that your health could face.

Just considering how fast the virus is spreading, your cover amount should at least be enough to cover these very steep treatment costs. If your health plan has a good cover, then you might not have to worry about add-ons for COVID-19. All health plans will have to cover COVID-19 as well. If not, you would have to buy more plans like Corona Kavach for added safety. 

What are your options as a freelancer? Since you are a freelancer, there are many other options available to get you covered. These might be different from the usual personal health insurance policies. One such option may be choosing group insurance. You can opt for a group plan with other freelancers or even your friends! You can find more important information below about what could be the best health insurance plan for freelancers. 

What exactly are your health insurance policy needs?

If you are a freelancer, you not only have yourself to think about but you also need to think about your family’s needs. Usually, when people get a policy from their employer, that plan may cover their immediate family’s needs as well as aged dependents too. Your health plan should do so too. Think about the medical needs of your children. Consider the health of your parents and the elders in your family. Review your spouse’s policy. Is everyone in your family adequately covered? Remember that medical costs have shot through the roof and you must be prepared for a hefty bill when you have to visit a hospital.

Specific plans for children

People generally feel that there is no need to get a plan for children or elders. Thus, some people choose to only insure the earning member of the family. However, this can cause many problems. Children are in no way immune to medical problems and hence medical costs. In fact, they are more active as they play games and sports and hence more prone to injuries. 

Everyone has probably had an accident as a kid. However, if it’s something more serious than just falling off a bike, the cost of treatment could be huge. Nowadays, even a single fracture can cost thousands of rupees. So what can a parent do? We can’t possibly tell our children to be always locked indoors so they don’t get injured or fall ill. So why not be prepared? 

Apart from preparation for sickness and accidents, there is more to think about. 

Future Needs

Most types of freelancing work can have an unstable source of income. In such a case, it may be tough to save for your child’s future. Your children may be dependent on you now. However, you must also think about their needs if something were to, God forbid, happen to you. It may not feel good to think about such gloomy things. However, that is the whole point of insurance. 

If you think and plan now, it may take away some of your worries today and challenges later on! These plans help you to meet your child’s future expenses. For example, they can help with your child’s marriage and education costs. Some plans that could help you secure your child’s future are- BAJAJ Allianz Young Assure, ICICI Pru Smart Kid Assure Plan, and Reliance Life Child Plan. 

Everyone’s plan

Being a freelancer, your health plan should be everyone else’s too; especially the elders in the family. We all know elders may be more at risk of developing a serious COVID-19 infection. They may also face many other problems related to their health. As we get older, our bodies become weaker and our immunity to fight illnesses goes down. 

Treatment at hospitals may entail longer periods. This is why you should make sure they are insured and covered. If you want to look into some plans for this, you can check out: Activ Care Senior Citizen Plan from Aditya Birla Health Insurance or Silver Health Plan from BAJAJ Allianz Health insurance.

Managing your insurance Portfolio deftly

If you are a freelancer, you may have a desk job or a very active one. A desk job could mean sitting in the same place for hours on end. While an active one could include covering large distances by walking or driving. In both these cases, you may need some help. 

If you have a desk job, it entails sitting in front of a computer screen for long hours in your home office. In such cases, you should always try to add some exercise to your routine. A sedentary lifestyle is one of the major problems in today’s world. Eating junk food and unhealthy things can be very harmful to your health, more so if you don’t burn those calories.

It is one of the main reasons why so many people have CVD and heart problems these days. This is why if you are apprehensive that you might not be in the best shape, you should take care. Aside from focusing on your health, exercise, and a better lifestyle, you should make sure your health plan has adequate coverage to protect you against the high cost of treatment of CVDs. You can also think about some Heart Insurance Plans. 

These heart insurance plans can help you more than your health insurance. This is because they are specially designed for dealing with CVDs. Also, if you live an active life, you may be more prone to facing accidents. Your health plan should have enough cover that you can afford a multiple-day stay at a hospital. It should also be able to bear the cost of surgeries and operations for you. 

In conclusion, it would be wise to opt for a plan with which you can cover all of your family’s needs. Some plans also offer discounts for your family if you cover your family within the same plan. I may not be able to recommend a specific plan because only you can do that. 

Each plan has different features and you should choose the plan which has the features you want. You can look for the plans offered by ICICI, Bharti AXA, Star Health, and Max Bupa. Then, you can see which plan suits you best. Good luck with making the right choice for your future!

FAQs: Health Insurance for Freelancers

I am currently in my late twenties and in good health. Should I still get health insurance? What is the ideal age to get a policy?

If you ask about the ideal age to get a policy, it should be as soon as you can. Your premium can increase with age. Wouldn’t it be wiser to save on the cost before your premium becomes very high because of how old you are? Also, even if you are in good health, you should still look into health insurance. A year ago, no one could have predicted COVID-19. But it happened and caused many healthy people to also fall sick. Just like that, many other things can go wrong. It can never be a bad idea to stay safe with a good plan.

What is a group health insurance plan?

Group health insurance is a policy that covers the medical needs of many people in a group. Most commonly, the insurance given by an employer could be a group policy and insurance companies insist on a minimum of 20 persons to form a group policy. However, you can also buy a policy like this outside of work. People may choose these policies as they can come cheaper to you. This is because the company is dividing the risk among a whole group of people. Talking about the groups in such a policy, nowadays you can even get a group policy with your friends.

Can I buy other insurance plans if I already have a health insurance plan?

Yes. You can still buy many plans to improve your coverage. For example, many people nowadays are buying Corona Kavach over their health insurance because they feel their health plan may not be enough to treat COVID-19. Others are also looking to buy Personal Accident Insurance, Heart Insurance, Cancer Insurance, etc. Buying plans like these over your existing policy can really help you to secure yourself from any problem that life may throw at you. Some people might feel that heart and cancer insurance may be useless if you already have a health plan. However, you must also consider that the cost of treatment of these 2 illnesses is very high and may be difficult to cover with just your health insurance policy.

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