Self-employed health insurance provides private health insurance to you and your business which can supplement what’s already covered by the NHS.
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.
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.
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.
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.
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.
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.
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