Self-Employed Health Insurance

What is self-employed health insurance?

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

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 you 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 private health insurance for the self-employed?

  • You’re able to get quicker access to appointments, tests and treatment
  • The policy can be purchased through your business rather than directly through yourself
  • You have a choice over times and what hospital you want to be treated at so you can fit this around your working schedule

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 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.

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.  

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.

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