How to Get the Best Health Insurance as a Self-Employed Solopreneur?

How to Get the Best Health Insurance as a Self-Employed Solopreneur?

Bajaj Finserv Health
January 17, 20225 mins read

Key Takeaways

  • You can get a group health insurance by joining an association
  • A ‘premium rate guarantee’ ensures that you pay fixed premiums
  • A family floater plan covers your spouse, children, and parents

As a self-employed entrepreneur or a freelancer, you get the flexibility and freedom to follow your dreams. While on your journey, ensure that you don’t neglect your health. When you work in reputed organizations, you may enjoy an employer’s group health policy and thus have health insurance [1]. However, when you run your own business, you will need to invest in a dedicated health policy to support your medical needs.

Fortunately, many health insurance companies offer health plans to self-employed professionals, solopreneurs, and freelancers. Whether you are in your 20s or 50s, investing in health insurance is a must as life can be unpredictable [2]. Here is a guide for you to get the right health insurance if you are self-employed or a solopreneur.

Additional Read: Difference Between Life Insurance and Health Insurance

Invest in health insurance early

It is always a wise decision to start investing in health insurance early benefits in your life. This is because the premiums on health insurance plans are quite low when you are young. Additionally, at a younger age, you are less likely to get affected by certain diseases. So, the risk for health insurance companies reduces which makes them offer health plans at low premiums. In contrast, your risk of lifestyle diseases increases as you age and thus, the premium amount also increases. Getting affordable health coverage is easier in your 20s and early 30s.

benefits of health insurance for self-employed solopreneurs

Research well and compare policies

As there are many companies offering policies for self-employed individuals, choosing the right one for you may be tricky. The various aspects and features of an insurance policy can be quite confusing. To make it simple, compare the different plans based on your healthcare needs. You will have to research factors such as: 

  • Eligibility
  • Mode of premium
  • Benefits
  • Terms of the agreement 

This information is usually available on the insurance website. Once you select a policy, read all the details related to it. You may consult with a health insurance agent or the company to clear any doubts before buying a health insurance.

Choose a policy that offers a premium rate guarantee

With time, the premium for many health policies may rise significantly. This may make it difficult for you to manage payments alongside other expenses. The easiest way to avoid this is to opt for a health insurance policy that offers a premium rate guarantee. Here, the premium is fixed during the issuance of the policy and it does not change once the coverage begins.

Become a part of group health insurance

As a self-employed individual, you may not be part of a group health insurance plan like those commonly accessible through an employer’s group health policy. But, there are ways where you can still benefit from group health insurance. In some cases, your profession may have associations. You can become a member of an independent workers association. In such cases, you can apply for group health insurance with your membership. A group health insurance provides cover to every member of the group. The premiums you pay are also much lower than that of health insurance for individuals. 

Join your spouse's employer-provided policy

If your spouse or a family member works at an organization providing employer’s group health insurance, they may be able to add you as a beneficiary. A group health policy may allow an employee to add their spouse, children, or even parents to its coverage. Such plans fall into the group health insurance category, so they are less expensive and have lower premiums.

Self-Employed Solopreneur -60

Buy a family floater health plan

Although you can buy an individual health insurance plan, opting for a family floater plan may prove beneficial. With a family floater plan, you can cover your whole family and get comprehensive benefits for all. You can add your spouse, children, and parents to such health plans. Moreover, you get the family floater plan at a much lower premium when compared to buying individual plans for each family member.

Additional Read: Health Insurance Policy For Family

Opt for pre-existing health conditions plan

If you have existing medical conditions such as diabetes, asthma, or high blood pressure, make sure you look for plans that cover these pre-existing diseases. These plans offer high coverage amounts and safeguard you against future medical expenses that may arise out of such illnesses. However, make sure to buy a health plan with the least pre-existing disease waiting period to avail such benefits. Health insurers generally have a waiting period criterion of 2 to 4 years before covering the pre-existing diseases. 

Take your future needs into consideration 

Life goes through many phases with a mix of ups and downs. It is important to stay prepared for such situations with proper financial planning. Health insurance is one such investment instrument that protects you against unforeseen events by covering medical costs. Buying the right health insurance plan can protect your finances if you have to undergo any expensive medical procedure. In some cases, it can cover the healthcare expenses of your family members too. Considering all these, make sure you buy a health insurance policy that has adequate cover for you and your loved ones. There are so many health insurances available in the market Ayushman health account is one of them provided by the government. 

To truly ensure your wellbeing, the Complete Health Solution plans offered by Bajaj Finserv Health are your best bet. With these plans, you can get a medical cover up to Rs.10 lakh for yourself and your family at affordable premiums. You can enjoy 0% co-payment on the sum insured and buy the plans without any medical check-up. Take care of your health by benefiting from preventive health check-ups, network discounts, and reimbursements on doctor and lab consultations. Sign up today and start putting your health above all else!

How to Get the Best Health Insurance as a Self-Employed Solopreneur? banner

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

Related Articles

View All

Health Videos

Mobile Frame
Download our app

Download the Bajaj Health App

Stay Up-to-date with Health Trends. Read latest blogs on health and wellness. Know More!

Get the link to download the app

Google PlayApp store