Freelancing and the Gig Economy: How to Choose the Right Health Insurance Plan as a Creative Professional

By: Rajat Roy, Content Writer | Monday, 29 July 2024

With the ongoing medical inflation in the market, freelancing and self-employment have increased rapidly. People are choosing freelance and gig opportunities more than regular jobs as it gives them the flexibility to work whenever and from wherever they want. However, in the era of the gig economy, financial freedom must be taken as a responsibility to secure your health along with your finances.

Therefore, health insurance has become one of the crucial matters to consider, which provides them with a sense of financial security, enabling them to endure medical emergencies anytime. Keep reading to know how to choose the correct health insurance plan if you are a creative professional.

What is Health Insurance in the Gig Economy?

Self-employed individuals like freelancers, solopreneurs, and creative professionals are also a part of the fast-growing economy that is commonly referred to as the gig economy. Unlike traditional full-time jobs, these are characterised by short-term contracts and freelancing. Nevertheless, even though these offer you new avenues to earn, such incomes are usually fluctuating and not steady.

This is what makes health insurance a necessary point for them to consider. Since creative professionals do not receive health insurance from their employers, they need to safeguard their health and financial well-being themselves. Therefore, it is highly recommended that such professionals opt for a suitable health insurance plan tailored to meet their healthcare requirements, with comprehensive coverage and financial security.

How to Choose the Right Health Insurance Plan for Creative Professionals?

The following points feature some of the crucial things to keep in mind while choosing the right health insurance for creative professionals:

Sum Insured

You must look for a balance between affordability and adequate coverage to secure the right health insurance plan for you. So evaluate your healthcare needs accordingly.

Coverage

Assess the coverage you would receive from the health insurance plan carefully. You must ensure it includes pre and post-hospitalisation expenses, ambulance charges, day-care procedures etc.

Premium

You must compare the premium ranges as offered by different health insurance providers, considering the cheapest ones may also not align with your healthcare requirements. So evaluate your budget and needs while proceeding.

Network of Hospitals

You need to ensure that the health insurance provider you are opting for has a wide network of hospitalisation from where you can get cashless hospitalisation facilities.

Claim Settlement

A high claim settlement ratio indicates the reliability of a health insurance company. So make sure to check such details.

Co-Pay and Sub Limits

Make sure to check if there are any co-pays or sub-limits applicable to hospitalisation to assess how these can impact the expenses to be borne by you.

Deductibles

Deductibles are the expenses that you need to pay before you start receiving your insurance coverage. So, you must ensure whether or not you are comfortable with these.

Additional Benefits

You must look for additional benefits or riders that would further enhance the health insurance coverage you will receive.

Hassle-free Processes

You must go for an insurance company that allows you to operate their services digitally to ensure you can have hassle-free experiences.

How can Health Insurance Help Self-Employed and Freelancers?

Go through the following points to learn about how health insurance can be beneficial for self-employed people:

Coverage for Medical Expenses

Health insurance can help you get financial assistance to cover your medical expenses like doctor consultations, hospitalisation, diagnostic tests, surgeries, medical and many more. Such comprehensive healthcare coverage shall ensure you get prompt medical attention without any financial burden on your shoulders.

Lower Premium Amounts

Since your occupation and income are two of the major determinants of the premium amounts for your insurance plan, freelancers can lock in their policies at more affordable rates than usual. It makes it easier for you to secure adequate coverage without breaking the bank.

Financial Support

Medical emergencies are the most unpredictable events that can create sudden financial stress on you. Thus, when you have health insurance, it can act as your greatest financial support to ensure your well-being at the right time.

Coverage for the Entire Family

Freelancers or self-employed people get no health coverage for their family from employers. However, with a family floater health care plan, you can also secure the well-being of your family with extensive financial support.

Cashless Hospitalisation

You can also get the facility of cashless hospitalisation in the hospitals that are present within the network of your health insurance provider. You can avail of medical treatments there, and the medical bills will be settled by the insurance company directly with the hospital.

Tax Benefits

Every policyholder of health insurance is also eligible to save a substantial amount of their total taxable income. Thus, the premiums you pay for your health insurance policy get tax deductions under Section 80D of the Income Tax Act, adding to your savings.

Final Words

To wrap it up, health insurance is one of the essential financial plans that everyone should consider. However, when it comes to freelancers and creative professionals, having a health insurance policy becomes even more necessary due to their fluctuating income routine. So make sure to opt for one only after carefully assessing your healthcare requirements and ensuring the reliability of the health insurance providers.