No Access to Employer-Provided Benefits

Unlike salaried employees, self-employed professionals don’t receive perks like group health insurance, maternity cover or OPD benefits through an employer. This makes it even more critical to buy self-employed health insurance proactively and secure yourself and your family against medical expenses.

Direct Impact on Income

A serious illness or hospitalisation affects your earning potential, along with your health. With no concept of paid sick leave, being out of work for even a few weeks can impact business continuity. A good health plan for self-employed individuals ensures you can focus on recovery while your policy covers hospitalisation and treatment expenses.

Rising Healthcare Costs

Medical inflation in India is rising steadily. Whether it is tests, diagnostics, medicines, hospitalisation or post-hospitalisation care, even a minor health event can cost thousands, if not lakhs, of rupees. Self-health insurance cushions you against these unexpected expenses so your savings aren’t wiped out overnight.

Access to Medical Facilities

High stress from managing the business and other work-related pressures may lead to stress and other diseases. In many cases, it may also lead to a medical emergency requiring hospitalisation. Health coverage for the self-employed allows access to top-class medical treatment without burning your pocket.

Preventive Healthcare and Wellness

Unlike salaried employees, a self-employed individual may not have access to corporate wellness programs. Many insurers offer preventive healthcare coverage or wellness programmes as a part of self-employment medical insurance. These features cover the cost of regular tests, check-ups and provide wellness benefits to ensure the policyholder is in the best health condition.

Tax Benefits

Premiums paid towards self-employment medical insurance are eligible for deductions under Section 80D of the Income Tax Act. This is an added incentive to invest in the best health insurance plan, not just for your protection, but also for smart tax planning.

There are several health insurance options for self-employed individuals in India. You can choose based on your life stage and specific needs:

Also Read: How Does Top-Up Health Insurance Work?

When you buy health insurance, it is very crucial to know what it covers and what it does not cover. Being aware of the inclusions and exclusions provides you with an insight into the expenses that the insurer will pay and the ones that you will have to pay from your pocket.

What is Covered?

Health coverage for the self-employed covers the following:

• Inpatient hospitalisation charges

• Pre and post-hospitalisation expenses

• AYUSH treatment (Ayurveda, Unani, Homoeopathy, etc.)

• Daycare procedures

• Ambulance charges

• Domiciliary expenses

• Organ donor

• Health check-up charges

• High-end diagnostics, etc.

What is Not Covered?

• Alcoholism

• Change of gender treatments

• Self-harm or suicide

• Cosmetic surgery

• Expenses related to fertility, sterility, etc.

• Adventure sports

• Non-medical expenses specified in the policy, etc.

When you are self-employed, your health insurance plan needs to match your unique lifestyle, budget and long-term goals. By evaluating these factors carefully, you can find the best health insurance plan that safeguards your health and your finances, without disrupting your business goals.

• Coverage Scope: Look for comprehensive plans that include hospitalisation, pre/post-hospitalisation, ambulance, room rent, and daycare procedures.

• Sum Insured: Choose an amount based on your age, location and whether you are covering just yourself or your family.

• Cost vs Benefits: Don’t opt for the cheapest plan. Instead, find a health plan for the self-employed that offers good coverage at an affordable premium.

• Compare Plans: Evaluate features, premiums, add-ons and exclusions before you buy health insurance.

• Insurer Credibility: Pick providers with strong claim settlement records and a wide cashless hospital network.

• Family Coverage: If needed, consider family health insurance for self-employed to protect your dependents under a single policy.

TATA AIG offers a wide range of health insurance plans designed to meet the diverse needs of self-employed individuals. From comprehensive coverage to a top-up plan to enhance your existing policy, TATA AIG provides flexible options that you can customise as per your health requirements and budget. You can choose from individual health insurance, family-floater plans, customised senior citizen plans and so on.

Our MediCare Select plan stands out for its personalised features, including customised benefits, optional coverage and extensive protection, making it ideal for individuals who want tailored protection.

With a TATA AIG mediclaim policy, you can secure your health without compromising on affordability, convenience or quality care.

Being self-employed means you have to wear many hats, from managing finances to running operations. Don’t let a medical emergency derail your hard work. Investing in a reliable health insurance plan ensures you are prepared for the unexpected, without draining your savings or stalling your business.

Explore Tata AIG’s health insurance plans and find the one that fits your self-employed journey.