HEALTH INSURANCE FOR THE SELF EMPLOYED

Just in case

HEALTH INSURANCE FOR THE SELF EMPLOYED

Just in case

What is Health Insurance?

Health insurance is a type of insurance policy that is designed to cover the cost of treatment in case of illness or injury. Policyholders pay a premium to be covered each month. When they need treatment from a private provider, the insurance covers the cost. It is designed to be used for acute conditions, rather than long-term care.

What are the Benefits of Health Insurance?

The primary benefit of health insurance is that it covers the cost of private treatment, reducing wait times, which can sometimes be lengthy when receiving treatment from the NHS. This is especially beneficial for self-employed people, as it aims allow them to recover from their illness or injury more quickly and get back to work.

Self-employed health insurance won’t cover the costs of missed income, but rather reduces the amount of time that the worker spends out of work. Wait times for surgery procedures, for example, can be much shorter when compared to the NHS. Having health insurance means the worker won’t need to pay out of their own pocket for treatment.

What to Look For in a Health Insurance Policy?

When looking for a health insurance policy, it’s important to pay close attention to what the policy covers. Cheaper policies will have lower monthly premiums, but the number of treatments that the insurer will pay for will be less than those of more costly policies. Some health insurance providers allow the policyholder to pick and choose what they’re covered against. Before deciding on a policy, it’s important to figure out what conditions and treatments you want to be protected against.

What are the Different Types of Health Insurance?

There are primary types of health insurance: moratorium underwriting and full medical underwriting. For the first, only basic information is required to get a policy. For the second, a medical will be required. They differ in how comprehensive they are, and how much they cost. A full medical policy will cover more conditions but will also be more expensive.

What Affects the Cost of a Health Insurance Policy?

There are many things that affect how much a health insurance policy will cost. Everyone’s price will be different. Your age, occupation, and where you live will all be factored in, as will your lifestyle (for example, the number of units of alcohol you drink each week, if you smoke, and so on). On the non-personal side of things, how much you pay will depend on how extensive the coverage is.

Health insurance provides an extra buffer against illness and injuries and may be suitable if you’re a self-employed worker who needs to be healthy and active in order to earn an income.

If you are looking for health insurance and your are Self Employed, then the Active Mortgage team are able to help. Please get in touch to speak to an adviser by calling 01245 850165 or contact us here.

These articles are for information only and no advice should be conferred from the content within. Please seek independent financial advice prior to taking any action.

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