What is self-employed health insurance?

Self-employed health insurance is private medical cover that helps protect you and your business. It could offer faster access to medical treatment if you fall ill, and get you back into work sooner.

When you are self-employed it is essential you receive medical treatment as quickly as possible if you become ill. Self-employed health insurance offers you quick access to first class healthcare when you need it the most.

Why do I need self-employed health insurance cover?

When you are self-employed, every day at work is important. A health insurance policy helps reducing time off from work because of ill health, minimising the cost to you and your business as a result.

There are approximately 4.37 million self-employed people in the UK all of which don’t receive statutory sick pay (SSP) to keep them afloat if they are ill. Recent research showed that more than half are believed to have no life insurance, private medical insurance, critical illness cover or income protection should they find themselves unable to work due to illness or injury.

This means that self-employed people are often under great pressure to get well and back to work as quickly as possible, which is where self-employed health insurance can help.

What are the benefits of self-employed health insurance cover?

Private self-employed health insurance gives you peace of mind that if you were to fall ill, you would receive prompt healthcare from a leading specialist, helping you get back to work as soon as possible.

Taking out the right self-employed health insurance policy could offer the following benefits:

• Shorter waiting times - currently the average waiting time for an NHS referral is more than 18 weeks.
• Access to private health facilities and treatment at a time to suit you.
• Private accommodation in a hospital or clinic.
• Possible access to more advanced treatments and medications not available on the NHS.

Reasons to consider self-employed health insurance

When you are self-employed, every day at work is important. A health insurance policy can form an essential part of your plan for reducing time off from work because of ill health. Benefits of having self-employed medical insurance include:

• Quick diagnosis and treatment
• Convenient appointment times that suit your schedule
• 200+ private hospitals to choose from
• Recovery in an ensuite room with home comforts
• Access to new drugs and medical technology

Private medical insurance gives you peace of mind that if you were to fall ill, you would receive prompt healthcare from a leading specialist, helping you get back to work as soon as possible.

How much does self-employed health insurance cost?

When choosing health insurance for the self-employed there are many options to consider. Broadly speaking there are three different types of health insurance - budget, mid-range and comprehensive.

Budget policies are the cheapest option, and offer limited levels of cover. Mid-range policies are usually considered the best type of self-employed medical insurance, because they offer a good level of cover at an affordable price. Comprehensive policies are the most expensive, but have the highest level of cover.

Work out exactly what you want in terms of self-employed health insurance cover and then see which plans work best for you. Always read the policies in detail so you know exactly what is and isn’t covered before you buy.

Self-employed medical insurance plans

When choosing medical insurance for the self-employed there are many options to consider. Traditionally there have been three different types of health insurance- budget, mid-range and comprehensive.

Budget policies are the cheapest option, and offer limited levels of cover. Mid-range policies are usually considered the best type of self-employed medical insurance, because they offer a good level of cover at an affordable price. Comprehensive policies are the most expensive, but have the highest level of cover.

In addition, insurers are starting to offer adaptable policies which you can tailor to suit your own needs and budget. If you are self-employed this type of private health insurance may be an appealing option.

How can I bring down the costs of self-employed health insurance cover?

There are many ways you can lower the cost of your private medical insurance policy without losing out on cover. Some of these may be more suitable than others, depending on your individual situation.

Adding an excess is a popular way to reduce your premium, which means you volunteer to pay the first part of any claim up to an amount agreed between you and the insurer at the outset.

Reducing the number of private hospitals you are covered for treatment at can also help reduce your overall premium too. This can significantly reduce the cost of self-employed medical insurance, and works well if you live and work in a set area and there are only a few private hospitals you would wish to be treated in.

You could also consider a six-week option. You agree that if the NHS can treat you within six weeks you will go through the NHS, but if the waiting list is longer than that you get to go private straight away. This type of discount may not be ideal for all self-employed workers, but is does dramatically reduce the cost of a health insurance policy for those who are in a position to manage in the short-term until they can get treatment either way.

Some insurers are now also starting to offer adaptable policies which you can tailor to suit your own needs and budget. If you are self-employed, this type of health insurance in particular may appeal.

Self-employed health insurance can also be classed as a business expense for tax purposes. It’s also worth shopping around as some health insurance providers offer discounts for self-employed people too.

Finding the best private health insurance quote

Buying a policy is made easy with ActiveQuote.com. Our comparison website offers self-employed medical insurance plans from the leading UK insurers, so you can compare the market online in just a few minutes. Benefits of using us include:

• Self-employed health insurance quotes online in less than two minutes
• Compare leading UK insurers including AXA PPP and Aviva
• Buy your policy online

What is the difference between self-employed health insurance and income protection?

While they can be claimed for under similar conditions, income protection and health insurance for the self-employed are two very different types of pay-out.

Income protection replaces your earnings in the event that you’re unable to work. Accident, Sickness and Unemployment policies are available for people who are self-employed and are designed to cover your living costs in the event you can’t work due to illness or injury.

Health insurance is there to pay for medical treatment and any other related expenses you may face in the event you are unwell, getting you the treatment you need as quickly as possible in the process. The amount is usually paid directly to those it’s needed for, meaning you won’t receive any funds to help with other costs you may face but your medical bills will be covered, and you get back to work sooner rather than later too.