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Self Employed
Health Insurance
Running your own business and being your own boss is great when things are going well.
But if you get sick or injured, it can cause losses in your income and limit your ability to do your job, particularly if you work alone.
To compare policies and get a personalised self employed health insurance quote, fill in the form and a specialist health insurance broker will be in touch to discuss options.
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Protecting Your Health
Working for yourself means each day that you are not able to work is another day of income lost.
When you're self employed, health insurance can help provide peace of mind that you will be able to receive a diagnosis and treatment quicker than if you rely solely on the NHS, allowing you to return to work faster.
Four in ten self-employed people without health insurance believe that cover is not a financial priority, yet three quarters of these business owners have no employees and no-one to cover them if they are unable to work.
In this guide, we’ll go through the benefits of a self employed health insurance policy, what to consider and the cost of health cover as a self employed person.
What Is Self Employed Health Insurance?
An insurance policy provides those who work for themselves with access to private health care.
With the number of people working for themselves increasing year by year, either as sole traders or as directors of their own company, the need for self employed health insurance is higher than ever.
Self employed people rarely get sick pay and it’s more difficult for them to take time off of work, as it can lead to a loss in earnings, so when they do become unwell or injured, they need to be able to get back to work quickly.
With the long waiting times that care via the NHS can have, private cover is often the only way to get treated quickly.
How Does Health Insurance Work?
Private medical insurance is typically based on two types of cover: Inpatient and Outpatient.
Inpatient cover is for situations where you’re admitted to hospital and have to occupy a bed for at least one night, such as in the case of having surgery, and this type of cover is usually included on most health insurance policies.
Outpatient cover is typically an additional option that covers diagnostic tests and procedures which don’t require the use of a hospital bed, such as x-rays.
These two options define the type of treatments you will be able to claim for with your policy – surgical procedures, for example, would be included in inpatient cover, whereas a blood test would fall under outpatient care.
When assessing medical conditions, these tend to be defined as either acute or chronic.
Acute conditions develop quickly and have distinctive symptoms – they are usually treated quickly and disappear after treatment.
A chronic condition is slower to develop and often progresses over a period of time. Chronic conditions are usually managed with medication or treatment, rather than being cured.
Chronic conditions are usually managed with medication or treatment, rather than being cured.
With most health insurance policies, acute conditions will be covered as long as they are not pre-existing, while chronic conditions are not included.
What Is Not Covered By Self Employed Health Insurance?
Private health insurance can provide individuals with quick and reliable access to certain healthcare treatments, but there are some things that are not usually covered.
These include sick days, statutory sick pay or SSP, cosmetic procedures, chronic conditions, eyesight problems,
deafness and developmental issues.
Some policies may have capped amounts for the lifespan of the policy too, so it is worth checking the terms and conditions of each policy thoroughly before purchasing to ensure that it meets your expectations and requirements.
Benefits Of Self Employed Insurance
It’s estimated that around 4.86 million people are self employed in the UK, yet 93% of independent workers have no insurance cover. As a self employed person, you’re unable to make the most of employee benefits such as health insurance.
So, in the event that you fall ill or get injured, you are unable to work and have to rely on statutory sick pay until you’re well again.
This can put a lot of stress and pressure on people to go back to work before they are fully well in order to minimise the loss of earnings. A major benefit of private health insurance is that you can gain quicker access to medical treatment and specialist care, to help you get back to full health quicker and return to work as soon as possible.
In addition to shorter waiting times to receive care, compared to the average 18 week wait that comes with an NHS referral, health cover also provides access to private facilities, greater convenience in terms of where and when you’re treated,
and private accommodation in a hospital or clinic.
Some private health insurance policies can also provide you with the opportunity to gain access to more advanced
treatments or medications that are not available on the NHS.
What Is The Difference Between Income Protection And Health Insurance?
There are some similarities between income protection and health cover in terms of how they are claimed for, but there are distinct differences in terms of what these types of insurance cover.
Income protection is designed to replace earnings lost from your salary in the event that you can’t work, so you can maintain payments for bills and outgoings.
Health insurance, however, is designed specifically to pay for treatments and expenses associated with a medical condition.
What Is The Best Health Insurance For Self Employed People?
It’s important to choose a company that is authorised and regulated by the Financial Conduct Authority (FCA), as this protects you against any issues with the business in the future.
As with any insurance policy, there are inclusions and exclusions that you need to consider before choosing a plan. When considering your options for self employed health insurance, there are a few options to take into account.
These include a continuation of work policy, which means that you may have the option of staying covered from your previous employer if you were covered by company-wide health insurance, as well as outpatient cover and any additional cover, such as complementary therapies or dental care.
You may also need your policy to include critical illness cover to pay out a single lump sum in the event of you becoming critically ill.
What Is The Average Cost Of Self Employed Health Insurance?
The cost of health cover varies depending on the policy you choose, the provider and your personal circumstances.
Some aspects of your personal details you will be unable to control, such as your age or location, whereas others such as whether you’re a smoker, you can change, and this will also affect the cost of your insurance.
The cost of a policy will depend on your medical history and whether you have made claims before, your smoker status, your address and your age. Similarly, the level of cover you choose, whether you add an excess, the number of hospitals included on your hospital list, and any additional cover options such as dental cover, will change the overall cost.
Can I Write Off Health Insurance If Self Employed?
You may be able to write off health insurance, depending on how you’re set up as a self-employed person.
If you work for yourself as a sole trader, without a limited company, then it is unlikely that you will be able to write off your health insurance as a business expense.
In order for health insurance to be an allowable expense, there needs to be a company vehicle to own and pay for the premiums.
Self employed individuals can still get private health cover, but they would need to pay for it themselves rather than through the business.
However, if you work via a limited company, such as a company director or a contractor, then health insurance can be claimed as a business expense and written off against corporation tax.
What Qualifies for Self Employed Health Insurance Deduction?
In most cases, private medical insurance is not tax deductible and employees will need to pay tax on any insurance premiums.
But there are some tax-free health benefits that can be provided for employees.
These include annual health check-ups, eye tests and the cost of medical insurance when working abroad.
The Importance Of Insurance
A self employed private health insurance policy is a great way of protecting yourself and your business from the negative impact of illness or injury, in ways that income protection cannot.
As a self employed individual, you don’t have the security of health insurance or protection through your employer, so it can be beneficial to cover yourself against unforeseen medical costs or treatments through private medical cover.
It’s a good idea to compare self employment insurance providers and policies thoroughly before choosing the plan for your needs, to ensure that you’re completely aware of what is and is not covered by the policy you choose.
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