Self Employed Health Insurance

If you work for yourself and are self employed then you should ensure you have some type of affordable health insurance plan from a leading insurance company.

Health insurance is vital if you have an accident, are on long term sick leave or get a disability at all because you still need a steady financial income to support you, your family and your everyday living expenses.

Why Have Health Insurance ?

If you work on your own then what would happen if you fall ill ? Medical insurance can ensure you and your family continue to have an income as you are the business and you won't be able to continue your work. Health care plans come in many forms and can cover you against loss of earnings, get fast diagnoses of health issues in private hospitals with prompt access to the best treatment and your choice of hospital where appropriate

Health insurance may come in many forms and cover critical illness, disability, hospital plans and other cover such as dental plans.

Choosing the Right Cover

When searching for medical insurance it's important to do your homework as some policies may appear cheap but have fixed cover and you can't adapt it to fit your requirements. Although no one can really predict what may happen but your lifestyle, type of business and the work you undertake may provide you with some of the options you may wish to consider insuring for.

These may include what costs you want to be covered such as initial tests, consulting fees, hospital and accommodation charges. Whether you will want home nursing, alternative therapies, pregnancy consultations, GP fees, advice lines. Some insurers offer no claims discounts and other specialist discounts such as health clubs.

Most insurance companies will allow a certain tailoring of policies and add in extras to compliment your health cover. Get quotes and when completing your application form ensure you put down any existing conditions otherwise you may find the insurance doesn't pay out at a later date.

Health Insurance Providers

Some of the companies that offer health insurance may surprise you as they now include supermarkets like Tesco ! The major companies to look for are AXA, PPP, HSA and Saga for the over 50s. Others include PruHealth, Norwich Union, Standard Life, Bupa and Prudential. As before, get quotes and look for the latest deals. It's best to shop online rather than use a financial advisor as they will take a huge chunk of your premium and you won't get the best rate. (Just ask your advisor if you must, if you actually need health insurance in the first place)

Typical Rates

It's impossible to provide rates because health insurance especially for self employed varies according to your circumstances such as age, where you live, your occupation, if you have any pre-existing conditions, but suffice to say you should be able to get medical cover for a family for less than £100 per month for all people. If you want to look at critical illness cover as well this will be more expensive and again depends upon your circumstances but also the level of income you are expecting if you fall ill and can not work. These policies may also start at £100 per month for £2-3,000 level of income per month for the rest of your life. Check policy wording because some will not pay out in the first 1 or 2 years. If in any doubt please speak to an independent financial advisor about your self employed health insurance before taking cover out.