As a self-employed business owner, the idea of having to have time off work due to ill health is even more concerning than to someone in full-time employment. As the centre of your business, you need to be fit and healthy. Health insurance for the self-employed gives you cover at an affordable price that is specifically focused on getting you diagnosed, treated, and recovered as soon as possible, should you fall ill.

BEST HEALTH INSURANCE FOR SELF EMPLOYED PEOPLE

Figures by auditors in the UK show that sick leave costs businesses in this country upwards of £29 billion per annum. On the flip side of this are the 5 million people who are self employed and don’t receive any statutory sick pay to help them cover the cost of living should they fall sick whilst working. This places self employed people under pressure to get back to work as soon as possible. Private health insurance can often be a boon in such situations.

For people who are self employed, private medical cover is a prudent option that gives peace of mind and takes some of the worry away from situations that are sometimes beyond our control. Private health insurance will offer the self employed worker quick access to medical professionals and prompt diagnosis and treatment of health conditions.

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COST OF HEALTH INSURANCE FOR SELF EMPLOYED PEOPLE

Of course, one of the main considerations of health insurance for self employed people is cost. Many will want to opt for the most inexpensive option, especially if they’re working on an unstable income or are not guaranteed a set pay cheque every month. The cheapest policies might seem tempting but they don’t always offer the right levels of cover. Take into consideration the kind of working life you have before you make any decision on the sort of cover you’d need.

Private medical cover will mean that should you fall ill, or need hospitalisation, you’ll quickly have access to a specialist. You may also want to consider a cash plan instead of private medical cover. This is useful if you need to have quick access to a range of medical professionals, such as the optician, dentist, psychiatrist, physiotherapist or a chiropractor. These plans ask for a monthly payment, and in return they offer you cash back to a specified annual limit to recoup the cost of everyday healthcare appointments.

PRIVATE MEDICAL COVER FOR THE SELF EMPLOYED

Private medical cover will mean that should you fall ill, or need hospitalisation, you’ll quickly have access to a specialist. You may also want to consider a cash plan instead of private medical cover. This is useful if you need to have quick access to a range of medical professionals, such as the optician, dentist, psychiatrist, physiotherapist or a chiropractor. These plans ask for a monthly payment, and in return they offer you cash back to a specified annual limit to recoup the cost of everyday healthcare appointments.

Self-employed workers need to know they’re covered in the event of illness, or injury and to have some form of protection if they suddenly find they can’t earn money for a period of time. A sound insurance policy will give a freelancer or self employed worker some flexibility to fit in with their working needs. However, it’s important that the flexibility must be represented in your policy upon purchase, so make sure you research wisely and choose your policy very carefully. Check to make sure there is plenty room for manoeuvre if needed.

POINTS TO TAKE INTO CONSIDERATION WHEN CHOOSING HEALTH INSURANCE

Generally speaking, there is no difference between opting for health insurance policies whether you’re self employed or employed by a company. However, there are some other points you might want to take into consideration especially if you’re self employed

You won’t get cover for sick days. So, for example if you’re struck down with a chest infection or flu, you’ll get treatment from your GP but your health insurance won’t pay anything out for it. It’s therefore recommended that self employed people also have a rainy day fund they can pay into, should every day sickness occur. There will always be standard exclusions to policies that still apply if you’re self employed. If you start to suffer from deafness, eyesight or developmental issues and they affect your ability to work, then you may not be covered. There are other standard exclusions like accident and emergency treatment, cosmetic treatment, and HIV or AIDS.

If you have a chronic condition, you might not be covered as insurers will not usually cover routine monitoring and maintenance costs. Consider this if your line of work means you might be more susceptible to certain conditions. You will still need to invest in income protection insurance. Health cover will put treatment and care in place to get you back to work as soon as possible. However, it won’t give you a salary if your health prevents you from working for a longer period of time, so it’s imperative you have some form of income protection in place too to make sure your everyday finances are protected.

HEALTH INSURANCE SELF EMPLOYED DEDUCTION

You can make a health insurance self-employed deduction for the full cost of your health insurance from your taxable income, providing your income is high enough. This means that getting health insurance whilst self-employed is a lot easier and more affordable than you might think. You may have to budget tightly and think that health insurance, while beneficial, is something that you cannot afford, but by deducting the cost from your taxable income, it becomes a very realistic prospect. You can deduct the cost of your private health insurance uk from your taxable income even if it covers your partner and your dependents.