A self-employed person is someone who earns his or her income by offering some service or goods to businesses. They do not work for a particular employer.
The key challenge for self-employed persons is that they do not get regular salaries or income flow from a particular employer because they usually work for more than one employer.
Medical care is expensive, and you need to be secure in your ability to pay for all charges when you need it. Sudden or regular, medical costs are on the rise and can increase at a significant rate. This why health insurance is becoming so useful.
There are many advantages that come with health insurance such as reduced waiting time, faster diagnosis as well as the right facilities.
Now a health insurance policy requires that the buyer pays a premium in advance. It offers limited or comprehensive coverage of medical treatments based on what you pick when buying a policy. People can buy personal or family health insurance according to their needs.
For more information on buying health insurance, visit our blog, A Comprehensive Guide to Buying Health Insurance In Pakistan for 2023
Health insurance is a form of insurance that offers the buyer and dependents coverage against all covered risks related to healthcare. This usually includes hospitalization and pre- and post-hospitalization expenses, medical prescription & drug expenses, cost of medical tests, surgical procedures and critical illness.
Buyers can also select optional covers like maternity benefits and add-on options like dental cover for yourself or your family. A standard policy starts from Rs.50,000 and can go up to 1 million rupees. You have to decide how much coverage you are willing to pay for.
The yearly premium rises as you increase your coverage items. So it makes sense to pick an insurance policy that covers all usual health requirements and any accidental and emergency treatments that could occur.
Health insurance offers the buyer peace of mind by covering hospital expenses through cashless payments. You need to show your health card at the time of admission to a hospital.
Buying Insurance as a Self-Employed Person
As a self-employed person, your only challenge while buying insurance will be determining your budget for the policy premium and items to cover. For more guidance about what to opt for and how to go about it, visit our blog Navigating Health Insurance Options in Pakistan.
In short, you just need to decide how much you are willing to pay in a year for insurance and then decide on the policy that best fits your requirements.
As a self-employed individual, you need to buy what is known as individual health insurance. This is a form of health insurance policy in Pakistan that people buy independently of their workplace.
This plan offers medical coverage for just individuals. It is one of those types of health insurance policies that work best if you don’t want to go for a group insurance coverage plan usually provided by individual employers and large-scale organizations.
To apply for such a health insurance policy, you follow these steps.
- You need to do some research for the insurance company that offers a policy best suited to your needs and requirements.
- After research, decide on an individual or a family medical insurance plan. If you are married, it is advisable to pick a family insurance plan.
- Fill out the physical or online application form. You need to fill in all the required personal details. You will also need to give copies of your CNIC and family registration certificate in case of a family insurance plan.
- Submit the required medical documents. This helps the insurance company track your medical history.
- All these are mandatory requirements and an important part of applying for health insurance in Pakistan.
- You need to set your preferred mode of payment. You can pay your health insurance premium through cash payments, cross-cheques, and online transfers. As common everywhere, insurance companies in Pakistan do not recommend cash payments due to security and fraud concerns.
- Review all your provided information and pick a health coverage package per your needs.