Why invest in private health insurance?
There are many advantages to working for yourself. Record numbers of people are setting up on their own. Most are self-employed individuals, frequently working from home. Others set up partnerships or limited companies to allow several people to work together.
When you work for yourself, all the benefits that a major employer provides vanish. This includes private health insurance for you and your family.
When self-employed, there is no-one to cover for you or do your work when you are ill or getting treatment .The last thing you need is to be hanging around all day in the hope that the doctor or hospital will see you quickly.
Self-employed people want to be able to choose when and where they get medical care, and to get back to work as quickly as possible. If you'renot fully fit it affects both work and income, so getting treated quickly is vital.
A few insurers allow people leaving a company to continue cover on an individual basis, but you get little choice on cover and price. Many insurers accept individual self-employed people on individual private health insurance plans. An increasing number offer specific private medical care insurance covers for the individual self-employed. Many insurers offer "group/corporate plans" for as few as two or three people.
Cover can include family members. It is usually treated as a legitimate business expense. You do not have to cover every employee, cover can be limited to named people or just directors.
Several policies have extra benefits to keep you healthy. These may include health screening, eye tests and a range of helplines.
Take a look at the types of private medical care insurance cover available for small businesses and the self employed. Under each type of cover you will find listings of products which are aimed at the self employed and small business.
Self employed v small business v corporate cover
A surprisingly large number of insurers now offer specific covers for the small business sector. There are differentiated as follows.
Self employed cover
This is for self employed individuals. The policy is in an individual name .It can usually be extended to include partner and children.
Small business cover
This is for people in small and medium sized businesses.
Policies are in the company name.
They are very flexible.
Cover is for named individuals, and often for their partners and children too
Less often, the cover is by title of the person e.g. director, managing director.
Premiums are based on the individuals insured
You do not have to cover every employee, cover can be limited to named people or just directors.
On most policies you have to select cover and options that apply to all people insured . On a small number of policies, insurers will allow you to vary some covers, but not all, between the people insured.
Several policies have extra benefits to keep you health. These may include health screening, medicals, eye tests and discounts on membership of health clubs.
These are private medical care insurance plans where companies want to cover 50 or more people. Although insurers have standard corporate products, these can often be amended on cover and price to suit the needs of the business. For corporate cover we suggest that you use the services of an insurance broker who can negotiate with insurers on your behalf and has access to those insurers who will not deal direct with businesses on corporate cover.
Where such businesses are arranging cover, there can be tax implications for the company and employees, as an employee benefit it is vital that any insurance covering private health, dovetails with covers arranged on pensions, life, accident and travel policies; to avoid duplications or gaps in cover