Self Employed Health Insurance

Who Needs Self Employed Health Insurance?

Self employment offers many rewards and challenges, but your business can come to a standstill when you get sick. NHS entitlements offer basic protection, but when you work for yourself, swift diagnoses and treatments of ailments can make critical differences in business success. NHS appointments often require long waiting periods that business owners simply cannot risk.

Private medical insurance cover offers key benefits for anyone who operates a business or trade. The extra insurance works in tandem with NHS to give comprehensive cover for all contingencies. Chronic conditions, emergency service, or treatments for physical injuries require admission to NHS Accident and Emergency care. Barristers, doctors, physical therapists, accountants, architects, and interior decorators number among the many self employed people who need the benefits of private medical cover.

Three Levels of Cover

You can choose bespoke policies from many carriers that offer different insurance packages to suit your specific health care needs. Cost comparisons and investigating the particular benefits of a variety of policies will help you make an informed choice. You can choose among three major categories of cover.

  1. Basic Cover
  2. Mid-range plans
  3. Comprehensive plans

Basic Insurance Cover

All plans cover inpatient services at hospitals, clinics, and other treatment venues. Insurance pays for scans, diagnostic testing, room fees, consultations with specialists, hospital fees, surgery, and treatment options while admitted for care. Basic plans might offer some additional benefits for home or nursing care afterward.

Mid-Range Protection

Mid-level plans offer expanded cover for outpatient services, and some policies might allow limited specialist consultations. Mid-range cover usually takes care of any radiotherapy or chemotherapy regimens, which medical facilities administer on an outpatient basis.

Comprehensive Protection

Business owners need to get back on their feet quickly to keep their organizations competitive. If you want the best protection, then you should investigate more comprehensive insurance plans. Top-tier plans include such benefits as medical care abroad, physical therapy, recuperative care, cancer cover, specialist consultations, and advanced diagnostic testing. You will enjoy access to a wide variety of outpatient services designed to keep you active so you can conduct limited business operations during your illness. Some advanced plans might include dental cover, optical benefits, or hearing-loss treatments.

Discounts for Self Employed Principals

Principal business owners face a lot of expenses to keep their businesses running smoothly, and you should look for any chances to save money you can find. You can reduce your private insurance premiums by exercising due diligence to investigate the price differences among insurance companies and taking advantage of any applicable discounts.

General Discount Options

All business owners can reduce their premiums through application of the following strategies.

  • Six-week waiting list. You may choose basic cover for catastrophic illness protection, and insurance companies offer a six-week waiting option that significantly reduces your premiums. When you exercise this option, you must agree to NHS treatment if its waiting time is shorter than six weeks.
  • Limited hospital list. Limiting your hospital choices to a few NHS facilities can save on premiums. Excluding overworked London hospitals entirely offers substantial insurance savings up to 35 percent.
  • Add an excess. Excesses are the amount you agree to pay out of your own pocket before insurance claims activate. The higher the excess, the greater the discount will be. You can save from 5 to 35 percent by adding an excess option to your policy.
  • Group self employment cover. You might be able to buy insurance cover through a trade association, local chamber of commerce, or other professional group. Group rates for medical insurance offer financial benefits over individual policy rates.

Micro Business Discounts

Business challenges for very small business owners can be extraordinary. Insurance companies help struggling entrepreneurs by offering discounts for self employed individuals or businesses with only a few employees.

  • You must be registered as self employed with the HMRC in order to qualify.
  • Directors of limited companies with five or fewer employees qualify for substantial insurance premium discounts.
  • One business partner is allowed, but you must employ no more than five salaried workers to meet the requirements.

Why Consider Private Medical Insurance Cover?

Business owners can find many deals for medial insurance cover, but you might question whether you need any private insurance, since the UK offers universal cover as a basic entitlement to all its citizens. Statistics from the Department for Health Commissioner show that more than 133,000 people waited 10 weeks or longer for NHS medical appointments. Delays in diagnosis and treatment could have a devastating effect on your business.

  • Almost three-quarters of a million people currently wait for inpatient service.
  • In one month, nearly a million people must wait for outpatient services.
  • Patients waiting for outpatient care routinely wait 10 weeks or longer.

Self Employed People Lack Support

People who are self employed lack traditional support structure. Entrepreneurs have no employers, so they do not qualify for any employer health benefits. If you cannot work, then your income comes to a halt. You probably cannot afford to take time off for a lengthy diagnosis and treatment, and your absence could impact your future business success.

Private medical insurance cover could solve many potential problems. Quicker care means you might be able to continue to run your business without interruption. If your work requires travel abroad, then you really need the security comprehensive medical insurance provides.


Long hours spent in front of a computer screen or intense manual labour could cause a number of stress-related conditions, requiring physical therapies. The right insurance cover will pay for various outpatient therapeutic treatments, psychiatric care, or alternative medicines to relieve the pressures that negatively affect work performance.

Regardless of your job or family situation, you need the security of adequate medical insurance cover. You should take the time to investigate your options thoroughly, and compare insurance packages from a variety of providers to find the best option to supplement NHS care.

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