Health Insurance in the Gig Economy: Coverage Without a Traditional Job

Overview

Over the years, the gig economy has gained substantial growth, with a large number of people choosing part-time work and becoming independent freelancers. The gig economy offers flexible, temporary or freelance jobs to thousands of individuals. However, apart from the benefits the gig economy provides, gig workers or freelancers face one critical challenge which is affordable Health Insurance plans.

For gig workers, traditional employment Health Insurance plans are generally not available. Hence, in that case, they need to go for personal Health Insurance plans to ensure their financial security and protect their health against unexpected situations. So, in this blog, we will explore Health Insurance options for those who don’t have a traditional job.

Health Coverage When You Don’t Have a Traditional Job

• Individual Health Insurance: One of the best Health Insurance options for those who don’t have a traditional job, the Individual Health Insurance plan is designed to provide coverage for a person against medical expenses based on an individual sum insured. It is a type of Health Insurance plan that can be purchased for each family member, including spouse, kids and dependent parents, separately.

 As per the terms and conditions of the policy, the insurance company provides coverage against medical emergencies. However, you can customise the coverage as per your health requirements.

•  Health Savings Account (HSA): Health Savings Account (HSA) is a tax-advantaged medical savings account that helps you pay specific medical charges, covered under high-deductible health plans (HDHPs). Money contributed by an individual to an HSA account is tax-deductible and can be used to pay for certain medical expenses, such as medical care, dental care, vision care and prescription medicines.

 Usually, HSAs have lower premiums compared to other types of Health Insurance plans. HSAs can be an ideal choice for those who don’t have a traditional job.

•  Short-term Medical Insurance: A short-term Medical Insurance plan is a temporary Health Insurance plan that offers coverage for a certain duration, from 30 days to 12 months, depending on the insurer. However, certain medical conditions, such as pregnancy, critical illnesses and pre-existing diseases, are not covered under this Health Insurance The health plan provides lower premiums if compared to a regular or long-term health plan.

Apart from that, short-term plans are more affordable than long-term plans, providing instant coverage without any delay. Most importantly, no medical test is required before the issuance of the policy, making it easy to purchase.

•  Accident Health Insurance: Accidents can occur anytime, anywhere, this is where Accident Health Insurance acts as a safety net. It is a type of health coverage that is designed to support financially if accidents happen unexpectedly. Accident Health Insurance protects you and your family members financially during such difficult times.

This health plan helps you with money if any unexpected accident occurs, and you get hurt. For instance, if you or your family members purchase this plan and any of you meet with an accident, then the health plan will help you with the medical expenses.

• Senior Citizen Health Insurance:

Senior Citizen Health Insurance is designed to provide coverage against medical expenditures incurred by senior citizens (over 60-years-old). Additionally, the plan provides preventive health check-up facilities and cashless hospitalisation if treatment is provided at network hospitals of the insurance company.

The Bottom Line

As Health Insurance plays an important role in maintaining our health, it’s vital for those who don’t have traditional jobs to go for personal plans for their financial security, because they often lack the benefits of traditional employment health plans. However, several Health Insurance options are available for them to protect against unexpected medical conditions. Hence, for the best coverage, they must do thorough research and understand the plans as per their terms and conditions, ensuring that they can protect their health in the gig economy.

Get the best and most affordable Health Insurance plans with ACKO.