Self-Employed: A Practical Guide To Private Health Insurance In The UK *

*Collaborative Post.

The UK has thousands of entrepreneurs, from sole traders to freelancers and business owners, enjoying the freedom to work how they want and in their own time. While there are many benefits when you are self-employed, there are some stresses that you might face, such as sickness and loss of earnings as a result of being unable to work. When faced with an unexpected illness or injury, it can be challenging to get treatment quickly in order to get back to work which is why many people who work for themselves have chosen to invest in private health insurance to ensure that they get the best care without having to wait.

Our practical guide will cover what you need to know about health insurance and why it is a wise investment for anyone who is self-employed.

What Does Health Insurance Cover?

If you’re self-employed, you won’t receive statutory sick pay to keep yourself afloat if you experience expected medical needs. This could be detrimental to your business and is why private health insurance plays a pivotal role in your financial strategy. Health insurance provides you with access to treatments faster than if you were to go through the NHS and offers many treatments that are not available on the NHS in order to get you back to work more quickly when you’re recovering from any illnesses or injuries. 

What your policy covers depends on the plan you take out, and you can choose from a range of options to tailor your policy to your needs. Common options for health insurance cover typical include:

• Shorter waiting times
• Inpatient cover
• Outpatient cover
• Access to specialists
• Choose your preferred hospitals
• Cancer cover
• Heart-related conditions

If you’re interested in finding out more or want health insurance quotes, check out Switch Health, where you can get expert advice when finding health insurance quotes.

Investing In Income Protection

It is essential to remember that your health insurance will not cover your loss of earnings, which is why many people who are self-employed choose to invest in income protection alongside their private health insurance. Income protection insurance is a fantastic asset to have alongside your health insurance as it can provide a monthly income in the event that you are unable to work for any period of time, which allows you to focus on recovery and not if you can afford any upcoming bills. 

Private Health Insurance And Tax

Depending on the business you have, you may be able to deduct the tax from private health insurance as a business expense. In some cases, you will also be able to deduct the costs from your tax if the treatment you need is due to business-related reasons.

• Limited Company Director: If you offer private healthcare to your employees, this is classified as a business expense, and you are eligible to claim tax relief.
• Sole Trader With Employees: As a sole trader with employees, you are eligible to deduct health insurance from your taxes as a business expense.
• Sole Trader With No Employees: When you are a sole trader without any employees, your health insurance would be classified as a personal expense, and you would not be able to claim tax relief.
• Freelancers: As with sole trader without employees, your health insurance would be classified as a personal expense which means you cannot claim tax relief.