Self-employed? Don’t forget to consider these factors while taking a health insurance plan
self-employed people have to carefully plan various aspects of their work and life. One of these is choosing a suitable health insurance plan.
Yogesh Agarwal, Founder and CEO of employee healthcare platform Onsurity, says, “As of 2023, there are an estimated 73.3 million freelancers in the United States. According to an Everly Survey, 42% freelancers in the US don’t have any form of health insurance due to high costs. Now, if we talk about India, it has over 15 million freelancers. However, there is no data on the public domain as to what percentage of freelancers in India have health insurance coverage. Of the 10,00,000 individuals served by Onsurity through its employee healthcare plans, 43% are gig and contractual workers.”
But why should self-employed individuals invest in health insurance? This coverage is needed to meet financial responsibilities and unexpected expenses related to the health of the individual and family. As freelancers do not have a guaranteed steady income or corporate healthcare coverage, health insurance is especially necessary for them.
Agarwal says the cashless claim feature in health insurance policies can be invaluable for the self-employed.
Pankaj Goenka, Assistant Vice-President & Head-B2B Business, InsuranceDekho, says that investing in a comprehensive health insurance plan isn’t just a smart financial move, but also a proactive step towards safeguarding ourselves from the unexpected burden of medical costs. The other benefits include financial security, peace of mind, quality healthcare, preventive care and tax deductions.
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“Health insurance serves as a safety net, mitigating the risk of substantial
