Do I need private health insurance if I’m self-employed?
Whilst it’s not a necessity, you should consider private health insurance if you’re self-employed. If you were to fall unwell next week, would your business cope without you there and if so, for how long? Without private health insurance, if you fall ill and are unable to work, you’d have to rely on statutory sick pay to cover your salary. You might then find yourself rushing to get well and back to work again so you don’t lose even more money.
What are the benefits of personal health insurance for the self-employed?
Things to consider
Private medical insurance doesn’t cover sick days
There’s no financial benefit from care at GP level except in the most expensive plans. For example, if you’re sick with a cold for a few days, you can get treatment from your GP but your health insurance is unlikely to pay out. You should have some savings put aside to help with these occasions.
Critical illness cover
Some self-employed health insurance policies will cover you for critical illnesses which payout a lump sum if you’re too unwell to work. You can also take out critical illness cover as a standalone policy.
Cover can be limited for chronic conditions
If a condition becomes chronic – a permanent feature of your health – many insurers won’t continue to cover the routine monitoring and maintenance costs. You’ll want to take this into consideration if your line of work puts you at risk of developing certain conditions.
Most policies have exclusions
Common exclusions include deafness, eyesight and developmental issues, you need to take this into consideration if your line of work is likely to cause specific conditions. Pre-existing conditions are also often excluded.
Excess
If you want to reduce the cost of your premium, you should consider paying a higher excess. This could reduce your monthly or annual payments but you will have to pay more if you need to make a claim
Compare self-employed health insurance providers
1st
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8.6
based on 13293 reviewsBasic cover quote
£50.30
per monthComprehensive cover quote
£60.86
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2
2nd
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8.1
based on 3336 reviewsBasic cover quote
£39.79
per monthComprehensive cover quote
£60.79
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3
3rd
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7.9
based on 24385 reviewsBasic cover quote
£42.25
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£55.55
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