Managing Healthcare Costs for Freelancers and Self Employed Individuals

Tips and options for obtaining health insurance as a freelancer.

Being your own boss comes with incredible perks—freedom, flexibility, and the power to shape your career. But when it comes to healthcare, freelancing often leaves you stranded in the wild, trying to figure out how to protect your health without breaking the bank.

‘The struggle to manage healthcare costs is real’ - as they say. No HR department, no company-funded insurance, and no safety net. But don’t worry. You’re not alone, and with the right strategies from the Experts at Bima Seva Kendra, you can take charge of your healthcare without it draining your finances.

Let’s break it down step by step.

1. Understanding Why Health Insurance Is Non-Negotiable

Freelancing and self-employment come with unparalleled freedom. One day you’re thriving as a freelancer, juggling multiple projects, and then—bam!—an unforeseeable medical emergency lands you in the hospital. May it never happen, god forbid, but precaution is better than cure and insurance is about preparing for the unexpected.

Without insurance, the bills could wipe out your savings overnight.

Health insurance isn’t just a luxury; it’s your security against financial ruin. Whether it’s a sudden surgery, chronic illness, or even routine check-ups, a good health insurance policy ensures you’re covered when life throws you a curveball.

2. Individual Health Plans: A Freelancer’s Best Friend

Since you don’t have the luxury of an employer-provided plan, individual health insurance is your go-to. These plans cover hospitalization, doctor visits, surgeries, and sometimes even preventive care.

Here’s what to keep in mind:

● Coverage Amount: Choose a plan with a sum insured that matches your potential healthcare needs.
● Premiums: Affordable doesn’t mean inadequate. Strike the right balance between cost and coverage.
● Cashless Network: Make sure your insurer has a wide network of hospitals offering cashless services.
● Customizable Add-Ons: Add riders like maternity coverage or critical illness benefits if needed.

3. Family Floater Plans: Cover Everyone Under One Roof

If you’re supporting a family, don’t overlook the benefits of a family floater health insurance plan. These policies extend coverage to your spouse, children, and even dependent parents under a single umbrella.

A family floater plan can be more economical. It is a cost-effective way to ensure everyone’s medical needs are taken care of and covers what matters most.

4. Set Up a Dedicated Healthcare Fund

As a freelancer, financial planning is key. Along with saving for taxes and emergencies, create a dedicated healthcare fund. Set aside a small portion of your earnings each month to cover minor medical expenses or insurance premiums.

For example, if you earn ₹1,00,000 per month, allocating just ₹5,000 towards a healthcare fund can go a long way in ensuring peace of mind.

5. Work with a Subject Matter Expert

Understanding insurance jargon and selecting the right policy can be overwhelming. This is where Bima Seva Kendra can make a world of difference. These professionals:

● Help you compare plans from various insurers.
● Explain the fine print in simple terms.
● Ensure your policy fits your unique needs.

While there’s no one-size-fits-all solution, having an expert guide can save you time and ensure you make an informed decision.

And that’s not all, if the walls feel like they’re caving in during claim rejections, handling a Lapsed insurance policy, mis-sold insurance policies or any other Insurance claim-related issues, Bima Seva Kendra is always there to become your voice.

Conclusion

Being a freelancer comes with its share of challenges, but managing healthcare costs shouldn’t be one of them. As a freelancer, you’ve already mastered the art of managing uncertainty in your career. Applying the same mindset to your healthcare planning ensures you’re protected from life’s unexpected twists and turns.

Remember, health is wealth, dear reader, cherish it. Take the time to plan for it today, so you’re prepared for whatever tomorrow brings.