Is health insurance worth it for freelancers?

If you’re a freelancer, self-employed or have a small business, health insurance may seem like an unnecessary expense.

However, being the sole person in your business or the key man actually makes having insurance even more critical.

Consider what you would do if you were unable to work even for a relatively short period, say two months, or if you needed to take time out of the business to make frequent visits to consultants and for energy-sapping treatments.

Do you have enough of a cash buffer to ensure you can get seen quickly and with a consultant of your choice, at a hospital of your choice?

If you are unlucky enough to require hospital treatment or critical care, would you and your family be sure you were getting the treatment you deserve?

Official government statistics show there are almost 5 million self-employed people in the UK, up from 3.3 million in 2001.

Around 1 in every 7 working people is now self-employed or freelancing (around 15%), making a considerable contribution to the economy and to their household income.

Get a policy designed for a freelancer

For some entrepreneurs, cash flow can be tight, but there are health policies specially designed for freelancers or small limited companies which offer cost effective and flexible insurance. The company I work for, WPA Healthcare has a range of policies suitable for personal, family and self-employed people as well as small businesses.

In fact, the Freelance UK site which offers “comprehensive resources for freelancers” highlights WPA as being particularly suitable for freelancers: https://www.freelanceuk.com/Insurance/index.shtml.

The WPA policies can also be tailored to your needs, not just covering the ‘worst case scenarios’ of critical illness but also offering options for optical and dental, for example. This can be particularly attractive as private dental work can easily reach £1000 or more for treatments such as root canal or crowns, and less straightforward glasses easily costing more than £500 every year or two.

Your family can also be added to your insurance, ensuring your loved ones will be well looked after should the unexpected happen.  

Claiming legitimate business expenses can also reduce your tax bill and your accountant may advise you to put your healthcare insurance through the business, depending on your circumstances.

Find out more

I appreciate private healthcare can seem daunting, which is why I ensure we can take the time to discuss any questions you may have and even run through the forms together, should you wish. Each of my clients has their own unique needs and plans for the future, and tailoring the policy to your and your family’s needs is all part of the service I offer.

Get in touch today via phone: 07919 480159 or email : Steve.Windaybank@hcp-plc.org.uk or look me up on www.wpa.org.uk/stevewindaybank