Around 13% of the UK working population is recognised as self-employed but the majority I speak to don’t have any health insurance or critical illness cover. The most common reason for this is because any expense can seem like an inconvenience when you’re self-employed. But just think about what you would do if you became ill. That’s exactly where private medical cover comes in and I’m here to show you why it’s an investment not an expense.
What does self-employed health insurance cover?
Just like standard health insurance, self-employed health insurance helps to pay for private treatment if you become sick or injured. It isn’t there to replace your income if you can’t work. But it does mean you can avoid NHS waiting times and access treatment quicker, with the aim of getting back to work quicker. This can prove essential for self-employed professionals who ultimately don’t earn money if they don’t work.
Different providers will cover for different types of illness so it’s important to weigh up your options. But typically, you’ll receive cover for a range of health conditions, including some existing and chronic, private GP appointments, hospital visits, and maybe cancer and mental health treatment, amongst a few other things.
The benefits of health insurance for self-employed individuals
As mentioned, if you’re self-employed and are unable to work because of illness, it’s likely that you’ll want to get treated as quickly as possible. Private health insurance provides access to private medical care, which is often much more efficient compared to the NHS.
As well as shorter waiting lists, private hospitals are also renowned for their personalised care. You may also be able to access new medication and advanced treatments which can help you to return to work faster. Not to mention, you can choose where you’re treated, when and who by – all of which can make the experience less stressful.
Is health insurance tax deductible for self-employed individuals?
If you’re a sole trader, you can claim any expenses associated with insurance as tax-deductible. If you have a question about your own set-up, don’t hesitate to get in touch and our team can advise.
Alternative types of insurance for the self-employed
Private health insurance isn’t the only available cover. Many of my self-employed clients take out income protection (which pays a regular income if you’re unable to work due to illness or injury) and life insurance (which provides your loved ones with a lump sum if you were to die).
The best thing about any type of insurance is that you can find a policy that works for you – and together we can even cut out what you don’t need and instead choose a plan that suits your lifestyle and working requirements.
It might not cost as much as you think either. While there are various factors that determine the premium you’ll pay, including age, lifestyle, and medical history, I work with several providers and will try to get your policy within budget. Some of my clients even pay as little as £5 per month!
Invest in yourself as a self-employed professional
Over the past 20 years, I’ve worked with all types of individuals to find the right level of cover for them, and this includes many self-employed professionals who previously had nothing in place. There’s no fee payable when you get in touch, and I can even take care of renewals if you already have insurance but want to get it cheaper. So, in short, there really is nothing to lose.
Moore Health & Protection Ltd is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.