Although there are many advantages with having complete control of your working life it does mean you are responsible in entirety for your income. For most, when self-employed there is no-one to full back on, no sick pay, no-one to cover your outstanding work load which means if you need time off work due to illness or injury getting back on your feet as soon as possible is crucial.
In the insurance market today there are many protection products designed specifically for the self-employed. From payment protection to cover your monthly financial obligations if you are off work due to sickness or injury to affordable health insurance so you can get treatment quickly when you need limiting the time spent off work.
Take a tradesmen such as a carpenter. If the carpenter needs treatment, let us say he cannot work due to back problems, work stops, projects get delayed and money stops coming in. This can put a lot of strain on the finances, if he were to use the national health service he could be waiting a considerable time to receive treatment and spend a lot of time sat twiddling his thumbs. With a health insurance plan he can get diagnosed promptly and treated as quickly as possible, at a time convenient to him thus cutting down the amount of time off work and minimising the loss of income.
When searching for medical insurance it is important you review the whole market as some policies may appear well priced but have fixed cover and with little flexibility not allowing you to tailor it to your specific 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 specific requirements you may wish to consider covering.
Like any health insurance, those designed for the self employed have options to include outpatient treatment and additional benefit, such as cover for initial tests, consulting fees, hospital and accommodation charges. Some insurers will offer a no claims discounts structured similar to the no claims discounts found on car insurance whilst providing other specialist discounts such as gym and other club discounts.
There are a vast range of health insurance providers in the market offering a variety of products. As with any insurance, given the resources the internet holds before buying a policy you are best to research the market to and get quotes from a number of providers to compare both the quality of the product and the price.
Most insurance companies will allow a certain tailoring of policies and add in extras to compliment your medical plan, but do recognise, insurance is like any other product, the more extras you add the more expensive the premiums will be.
It is impossible to provide health cover rates due to the nature of how the product is priced and underwritten, especially for self employed. Premiums will vary depending on your circumstances such as age, location and occupation, if you have any existing conditions. It is best to get a quote online to get an estimate of your premiums.
With entrepreneurs and the self-employed having so much to think about, protection is rarely at the top of the list however it is so important given the lack of a safety net.
Copyright ?? by James P White of Drewberry Personal Health Insurance Brokers, specialist providers of information, advice and broking services in the self employed health insurance market.