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Contractor
Health Insurance
As a contractor, you want to take advantage of the benefits that come from working independently.
The freedom of working for yourself also comes with the risk that your income could be jeopardised as a result of an unforeseen illness.
To compare policies and get a contractor health insurance quote, fill in the form and a specialist broker will be in touch to discuss options.
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Protecting Your Health
As a contractor, each day that you are not able to work is another day of income lost.
Health insurance for contractors provides peace of mind that if the worst should happen and you fall ill, you don’t have to worry about time-consuming NHS waiting lines and can get treatment as quickly as possible to get you back to full health as quickly as possible.
In this guide, we'll take you through what contractor health insurance is, how it works and the benefits, as well as what is and isn't included in insurance cover policies.
What Is Contractor
Health Insurance?
Without private medical cover, contractors are restricted to the treatments offered by the NHS. There is little choice as to when and where these treatments will take place, and the typically long waiting lists mean you could be subjected to months of waiting before you’re seen by a professional.
However, private health insurance covers you for various illnesses and treatments, depending on the cover you choose, as well as enabling you to be treated in a private hospital at a time that suits you. NHS resources are limited, and ongoing funding issues mean that there is considerable stress on the service.
As a result, many people are opting for private treatments as a way of saving time and getting a quicker treatment. Contractors place a greater importance on time and, as such, health insurance could be a great option to provide peace of mind.
How Does It Work?
Private health cover allows you to claim for the cost of private medical care, rather than paying for it yourself or using a public service like the NHS.
When you visit your GP to have your health problem assess, you should let them know if you have private cover so that, if required, they can refer you to a specialist – you can then choose private hospitals or specialists that may not be available on the NHS.
Afterwards, you need to claim via your insurance provider, and they will confirm if the treatment you need it covered by your policy and, if so, pick up the cost of your claim.
What Does It Cover?
Different insurance plans and policies cover different illnesses, injuries and treatments, so it varies from provider to provider.
However, most insurance plans cover inpatient and day-patient treatments in full, as well as hospital fees such as accommodation costs and the staff fees involved in your care.
The best policies will also cover outpatient treatment, which involves diagnostic tests, physiotherapy or treatments where a bed or overnight stay isn’t required.
Which Health Insurance Should I Choose?
As with any form of insurance, it’s vital that you know the details of what you’re taking out and to fully understand what is and isn’t covered by your policy. It’s often possible to tailor the policy to meet the specific needs of your family, so look into the ways that you
may be able to personalise the policy you choose.
Most policies cover diagnostic tests, access to consultants and in-patient care. But for out-patient treatment, you may need to choose a more comprehensive health insurance plan. It’s also worth noting that if your policy specifies certain hospitals, you should
check whether they accept children as well, as not all hospitals or treatment centres do.
Get insurance quotes from different providers and run through the different factors for each so you can assess them thoroughly. This will allow you to check for any exclusion clauses and consider which provider can offer the best care for your family.
How Much Is Health Insurance For Independent Contractors?
There is no one-size-fits-all when it comes to the cost of a medical insurance policy. The fee varies depending on a host of factors, from your personal circumstances to your age and where you live.
The older you are, the higher your premiums will be as health problems become more of a common occurrence. The rates of private hospitals will also vary depending on location, so your address can actually impact the cost as well – those living in London, for example, will likely have higher costs than elsewhere in the country.
If you’re a smoker, your insurance fees will be higher, due to the health risks associated with this, and your medical history can also play an important role.
However, if you’re a contractor working through your own limited company, your business can pay for your
insurance. Paying for your health insurance through your limited company is considered a P11D benefit, so
you will be taxed as an individual accordingly.
If you choose to pay your contractor insurance yourself, you can do so out of post-tax income and there will be no tax considerations to worry about if you do this. It’s worth discussing the different options with your accountant to ensure you’re aware of all the tax implications before choosing a health insurance policy.
What Is The Process For Getting Health
Insurance As An Independent Contractor?
Anyone can apply for private health insurance, providing you are over the age of 18 and taking the policy out in your own name, and there are different insurance products to suit individual needs, so it’s well worth researching the different options available to you as an independent contractor before choosing one. You can either pay a monthly cost or an annual one, and there are optional extras that you can
add onto your policy as well to tailor it further to your needs.
As with any product, the cheapest options is not always the best – try to find a balance between what is affordable and what provides the best level of medical protection. When choosing private medical insurance, there are usually three types of cover: basic cover, which pays for treatment and associated costs if you’re admitted to hospital; medium cover which provides the basic cover as well as outpatient support; and comprehensive cover, which also includes physiotherapy and mental health treatment costs.
When comparing insurance providers, you can ask for a quote based on your circumstances – this requires informing the company about yourself, your lifestyle and any pre existing conditions, so that they can create a quote based around your requirements. You will be provided with an estimate of the cost of each tier and from there, you can choose the policy that offers the best level of medical protection.
The Importance of Insurance
The benefits of business health insurance go far beyond just making healthcare cheaper for your staff – it’s also beneficial for you as an employer. The availability of health cover can encourage employee retention, boost staff well being and foster a more productive workplace environment. Private medical insurance is one of the highest-valued benefits an employer can offer.
If you'd like a quote for company health insurance to enable a provision of healthcare cover for your employees or if you need any help with your insurance query simply fill out our contact form and one of our healthcare cover insurance specialists will be in touch.
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