What You Should Know about Private Health Insurance for Self Employed

If you are self-employed, your finances are closely tied to the amount of work you can do. You are your business. As such, you want to avoid getting sick or hurt as much as possible. Unfortunately, getting sick or hurt is an inevitable part of life. This is where private health insurance for self employed can help.

If you have private health insurance, you can not only bypass excessive waiting lists but access expensive private treatment that couldn’t otherwise. This allows you to recover faster and thus, be back in business as soon as possible.

In this post, we tell you what you should know about private health insurance in UK. We tell you what it is, why you should consider it, the type of coverage private health insurance policies offer, how much it costs, and more.

What Is Private Health Insurance?


To put it simply, private health insurance is a type of insurance that covers all your medical bills if you are treated privately. Private health insurance provides you with a choice in the level of care you get, when, and how it is provided.

Similar to other types of insurance, the coverage you get from private health insurance depends on the policy and where you buy it from. We tell you more about this in the levels of coverage section.

As for what it doesn’t cover, private health insurance typically won’t cover

  • pre-existing medical conditions
  • normal pregnancy and childbirth costs
  • organ transplants
  • cosmetic surgery
  • chronic illnesses (such as diabetes, hypertension, epilepsy, and HIV/AIDS-related illnesses)
  • injuries related to dangerous sports

Some policies cover sports-related injuries, mental health, and depression.

Why Should You Consider Private Health Insurance for Self Employed?


You might wonder why you should get private health insurance. After all, most residents in the UK are entitled to free healthcare from the NHS. Why should you get private health insurance for self employed?

Here are the reasons why:

  • It saves time. If you have private health insurance, you won’t have to deal with waiting lists on the NHS. The average waiting time is more than 18 weeks. With private health insurance, your waiting times are much shorter.
  • Private health insurance for self employed also grants you access to private health facilities and treatment as well as private accommodation in a clinic or hospital.
  • More importantly, you may be given access to more advanced treatments and medications that are not available on the NHS.

Levels of Coverage


When it comes to the type of policies, there are so many out there. What you should keep an eye on is the levels of coverage that policies offer.

In UK, private health insurance policies have three levels of coverage:

1. Basic

Basic insurance policies cover inpatient treatment and the cost of your hospital stay.

2. Medium

Medium insurance policies cover what basic insurance policies cover plus outpatient treatments.

3. Comprehensive

Comprehensive insurance policies cover inpatient and outpatient care as well as additional treatments such as physiotherapy, complementary therapies, or mental health support.

Before you pay for private health insurance, be sure of the level of coverage you want. The more an insurance plan covers, the more money you will spend on it.

Note that these levels of coverage are not set in stone. Some insurance companies offer adaptable policies, which allow policyholders to tailor their insurance plan to suit their needs, cut out what they don’t need, and choose an insurance plan that is compatible with their lifestyle and working life.

If you want flexibility in your private health insurance for self employed, ask the companies whether they offer adaptable policies or not.

How Much Does Private Health Insurance Cost?


Unfortunately, we can’t provide you with an exact price of private health insurance for self employed. The price of policies varies widely. Not to mention there are a lot of factors at play, too. For example,

1. The level of coverage

The more coverage is provided, the more expensive the policy.

2. Age

The younger your age, the cheaper the price is likely to be.

3. Lifestyle

If you live a healthy lifestyle (regular exercise, no drinking or smoking, etc.), you are more likely to pay less for your private health insurance. Conversely, if you smoke or drink and don’t exercise, you are more likely to pay more.

Medical history

That is, whether you have any pre-existing conditions.

4. Where you live

The cost of medical treatment varies from one area to another.

Things to Consider When Applying for Private Health Insurance


If you are self-employed, private health insurance is surely worth applying for. That being said, there are things to consider before paying for a private health insurance policy such as

  • Private health insurance for self employed does not cover sick days.
  • There may be limits to the costs of treatment. If that is the case, you won’t get full compensation.
  • Exclusions may arise in the future.
  • The private health insurance for self employed coverage might be limited for chronic conditions.
  • Sometimes, a policyholder can’t opt for a pick-and-mix approach to treatment.

Is Private Health Insurance for Self Employed Tax Deductible?


Keep in mind that health insurance is considered a personal benefit for sole traders. In general, you can’t eliminate it from taxes. That being said, you may be eligible for tax relief if you are able to prove that you received medical care solely for the sake of your job.

If you want to do so, consider getting assistance from an expert to avoid getting fined for submitting the wrong amount of tax.

As a self-employed individual, having private health insurance for self employed brings a lot of benefits. With a private health insurance policy, you will be able to bypass excessive waiting lists and have access to health specialists. Thus, enabling you to be back in business faster.

When shopping around for private health insurance for self employed, make sure to get quotes from multiple insurers. Try to get quotes from at least 4 insurers. Doing so will get you an idea of how much it will cost and what kinds of coverage you will get.