Health insurance for self-employed
How to choose the right health cover when you work for yourself, so you can stay protected as your business grows.
What is health insurance for the self-employed?
As a self-employed person, your health is your responsibility. If you get sick or injured and need medical treatment, you may not have the same support network as employees with corporate health plans. This can leave you in a tricky spot, especially if you have to take time off work or need expensive medical treatment.
Having health insurance gives you peace of mind and means you can access the care you need without putting your business or finances at risk. Whether it's seeing a private doctor for a quick exam or getting specialist treatment for an injury, health insurance can help you avoid long waiting times and get back to work sooner.
Let's say you suffer from back pain that prevents you from working at your gardening business. Having private health insurance could give you quicker access to physiotherapy or a specialist. This way, you can recover faster and get back to earning money without a prolonged absence.
Types of health insurance for self-employed people
When it comes to health insurance, there are a few different types of cover you can choose from, depending on your needs and budget.
Private health insurance
Private health insurance is a popular option when you're self-employed. It gives you access to private medical treatment for conditions that may not be treated quickly on the NHS, such as non-urgent surgeries or certain specialist consultations. You can also avoid long waiting times and get access to more comfortable, private facilities.
If you need an MRI scan, for example, private healthcare cover could help you get an appointment much faster than through the NHS. This could be important if your health issue is affecting your ability to work, as quicker treatment could mean less time off.
Health cash plans
Health cash plans are an affordable option for self-employed people who want some health cover but don't need the full benefits of private health insurance. These plans typically cover the cost of everyday healthcare, such as dental check-ups, eye tests, and physiotherapy, and will refund you for these costs up to a certain limit.
While health cash plans don't cover more serious treatments like surgery, they're a great way to cover smaller health expenses and keep your overall costs down. If you're a freelance editor or writer who regularly needs optician visits, let's say, a health cash plan can help you save money on those services.
Critical illness insurance
Critical illness insurance isn't a replacement for health insurance, but it can be a valuable extra on your overall coverage. This type of insurance gives you a lump sum payout if you're diagnosed with a serious illness, such as cancer, heart disease, or stroke. A lump sum can help cover your living expenses while you focus on your recovery.
For example:
Let's say you're a freelancer or worker in the gig economy - a serious illness could have a major impact on your ability to work and earn money. Critical illness insurance can offer financial protection, so you don't have to worry about paying bills or maintaining your business while you get well.
Benefits of health insurance for the self-employed
There are several key benefits to having health insurance when you're your own boss.
Quicker access to treatment
One of the main benefits of health insurance is quicker access to medical treatment. The NHS is an excellent system, but it can sometimes be slow, especially for non-urgent conditions or specialist care. With health insurance, you can bypass long waiting lists and get the treatment you need, when you need it.
For example:
If you're a self-employed cycle courier and you injure your knee, private health insurance could give you access to an MRI scan within days, while the NHS might take weeks or even months to get you the same help. This can help you recover more quickly and get back to your deliveries in good time.
Flexibility and control
When you're self-employed, flexibility is key. Health insurance can give you more control over your treatment and healthcare options. With private health insurance, you can choose the specialists you want to see, the hospitals you want to visit, and when you want to be treated.
Tip: This is especially important if you need treatments that fall outside of the standard NHS offerings, such as elective surgery or alternative therapies.
Financial protection
As well as quicker access to care, health insurance also provides financial protection. Medical bills can quickly add up, especially if you need expensive treatment, like surgery or long-term therapy. Without insurance, you could be left with large bills that are difficult to pay, especially if you've taken time off work.
Health insurance can help cover these costs, so you don't have to worry about how you'll pay for treatment. It can also give you peace of mind, knowing that if something happens, you have support for your healthcare.
Summing up
If you're self-employed, health insurance could be an important investment in your well-being and your business. Whether you choose standard private health insurance, a health cash plan, or critical illness cover, it can give you peace of mind. It can also save you money in the long run by helping you avoid expensive healthcare bills and long waiting times.
When considering health insurance, think about what you need in terms of coverage, your budget, and the type of healthcare that's most important to you. Compare the options to find the best plan for your needs, and don't hesitate to reach out to an insurance provider or advisor for more information.
Frequently Asked Questions
Are there tax benefits to private health insurance?
If you pay for personal health insurance, the premiums are typically not tax-deductible. On the other hand, if you choose business health insurance, where the insurance is taken out under your company, it might be possible to claim the premiums as a business expense, reducing your overall tax bill. Always check whether a private health insurance tax might apply to your situation.
Are there tax benefits to private health insurance?
If you pay for personal health insurance, the premiums are typically not tax-deductible. On the other hand, if you choose business health insurance, where the insurance is taken out under your company, it might be possible to claim the premiums as a business expense, reducing your overall tax bill. Always check whether a private health insurance tax might apply to your situation.
Are there tax benefits to private health insurance?
If you pay for personal health insurance, the premiums are typically not tax-deductible. On the other hand, if you choose business health insurance, where the insurance is taken out under your company, it might be possible to claim the premiums as a business expense, reducing your overall tax bill. Always check whether a private health insurance tax might apply to your situation.
Are there tax benefits to private health insurance?
If you pay for personal health insurance, the premiums are typically not tax-deductible. On the other hand, if you choose business health insurance, where the insurance is taken out under your company, it might be possible to claim the premiums as a business expense, reducing your overall tax bill. Always check whether a private health insurance tax might apply to your situation.
Does private medical insurance include mental health cover?
Yes, many private insurance plans include mental health cover, but it can vary depending on the provider and the level of cover you choose. Some plans offer access to therapy, counselling, and psychiatric treatment, while others may have limited mental health services. Check the details of your policy to see what's included.
Does private medical insurance include mental health cover?
Yes, many private insurance plans include mental health cover, but it can vary depending on the provider and the level of cover you choose. Some plans offer access to therapy, counselling, and psychiatric treatment, while others may have limited mental health services. Check the details of your policy to see what's included.
Does private medical insurance include mental health cover?
Yes, many private insurance plans include mental health cover, but it can vary depending on the provider and the level of cover you choose. Some plans offer access to therapy, counselling, and psychiatric treatment, while others may have limited mental health services. Check the details of your policy to see what's included.
Does private medical insurance include mental health cover?
Yes, many private insurance plans include mental health cover, but it can vary depending on the provider and the level of cover you choose. Some plans offer access to therapy, counselling, and psychiatric treatment, while others may have limited mental health services. Check the details of your policy to see what's included.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
How much does health insurance cost for the self-employed?
The cost of self-employed health insurance depends on factors like your medical history, your age, and the level of cover you choose. Private health insurance tends to be more expensive than a health cash plan, but it offers fuller coverage. Health cash plans are more affordable and can cover basic healthcare needs, while critical illness insurance is usually priced based on your health and age.
Can I get health insurance with a pre-existing condition?
Yes, many health insurance providers offer coverage for people with pre-existing conditions, although this can vary depending on the insurer. You may be asked to pay higher premiums, or certain conditions might not be included in your cover, so it's important to discuss your health history with the provider.
Can I get health insurance with a pre-existing condition?
Yes, many health insurance providers offer coverage for people with pre-existing conditions, although this can vary depending on the insurer. You may be asked to pay higher premiums, or certain conditions might not be included in your cover, so it's important to discuss your health history with the provider.
Can I get health insurance with a pre-existing condition?
Yes, many health insurance providers offer coverage for people with pre-existing conditions, although this can vary depending on the insurer. You may be asked to pay higher premiums, or certain conditions might not be included in your cover, so it's important to discuss your health history with the provider.
Can I get health insurance with a pre-existing condition?
Yes, many health insurance providers offer coverage for people with pre-existing conditions, although this can vary depending on the insurer. You may be asked to pay higher premiums, or certain conditions might not be included in your cover, so it's important to discuss your health history with the provider.
About the author
Lawrence Howlett
Lawrence Howlett brings a results-driven mindset to his writing, shaped by over a decade of experience across finance, legal, and energy sectors. As the founder of Moneysavingadvisors, he’s built a reputation for turning complex financial concepts into clear, actionable insights for consumers. His writing stands out for its clarity, structure, and focus on delivering value.
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