India is an evolving country. Due to its inclination towards the digital world, freelancing has gained immense popularity for a variety of reasons, including flexibility in locations, working projects, time, and more. From writers and designers to software developers and consultants, freelancers across India are reaping the benefits of this dynamic work style. However, one aspect that is often neglected by freelancers is health insurance. Wondering why?=
This article will help you comprehend the need for medical insurance plans for freelancers.
Who Are Freelancers?
Freelancers are self-employed professionals who offer their services to clients on a project-by-project basis rather than working as permanent employees for a single employer. They have the flexibility to choose their work, set the prices for their work, and decide on their working hours, making freelancing an attractive option for those seeking independence in their careers. However, unlike regular employees, freelancers do not have access to employer-sponsored insurance and are solely responsible for their medical expenses.
Why Should Freelancers Invest in Medical Insurance Plans?
Freelancers work on their terms and conditions, which provides them with significant flexibility in their careers. However, with this flexibility comes great responsibility, particularly regarding their health and well-being. Freelancers should obtain insurance coverage early, as securing a policy sooner generally results in affordable premiums and coverage options. Delaying this decision can lead to increased costs and missed opportunities for better plans.
Here’s why freelancers must purchase the best health insurance in India.
Rising Healthcare Costs in India
Due to technological advancements in India, medical expenses are skyrocketing. This is a challenge for people with limited budgets. Additionally, changing lifestyles of people, including poor eating habits, irregular sleep patterns, smoking, and drinking alcohol, have resulted in declining health conditions, driving the demand for the best health insurance in India. Medical emergencies can occur unexpectedly and affect anyone. Having adequate coverage ensures safety and also helps in reducing financial strain.
No Regular Income
One of the unique challenges of freelancing is the inconsistency of income. Unlike salaried jobs, where employees can rely on a fixed monthly income, freelancers often deal with fluctuating earnings. For instance, if one faces a medical emergency during such a time, with little or no budget, it can create a significant burden, impacting health. However, if one has invested in the best health insurance company in India, one should not be concerned. The best health insurance in India covers your expenses, including pre-and post hospitalisation, prescription drugs, diagnostic tests, and more.
Pre-existing Medical Conditions
If one has a prior medical history, say, diabetes or hypertension, then they might require frequent doctor consultations and medications. Bearing them alone could be expensive, and this is why it’s recommended that medical insurance plans be purchased. Such plans come with a waiting period. It’s a time duration during which one cannot make any claim. Securing insurance early allows individuals to start the waiting period as soon as possible.
Access to Preventive Care
The best health insurance company in India offers preventive care services. As the name suggests, these services include regular health checkups, screenings, and vaccinations that can help in the early detection of potential diseases. This prevents serious health issues in the future, which can disrupt your life.
Tax Benefits
The best health insurance in India not only alleviates your financial stress by covering your medical expenses but also offers significant tax benefits. According to Section 80D of the Income Tax Act, freelancers are eligible to claim deductions on the premiums of insurance plans, making it an attractive financial tool. By investing in medical insurance plans early on, freelancers can take advantage of these deductions, which will reduce their taxable income and lower their overall tax burden. Therefore, health insurance planning is considered extremely beneficial.
Wrapping Up
Freelancing is indeed a popular career choice; however, it comes with its own set of challenges. One of the most common is the absence of employer-sponsored health insurance. Considering the unpredictability of life, it’s highly advisable for freelancers to invest in the best health insurance company in India as early as possible. This proactive approach not only ensures financial protection but also contributes to overall well-being and peace of mind.
For freelancers seeking to explore health insurance options and find a trustworthy provider, Niva Bupa stands out as an excellent choice. Renowned in the industry, they offer access to over 10,000 network hospitals, ensuring 24/7 availability of quality healthcare services that enhance overall health outcomes.
