Should the self employed consider health insurance - With entrepreneurs and the self employed having so much to contend with when running their own enterprise financial protection is rarely on the agenda. Should protection be given higher priority, especially in the case of health insurance given it's abillity to minimise time off work and thus loss of income.
Should the self employed consider health insurance
By James P White
Feb 1, 2010 - 12:39:20 PM
There is no doubt when you are most people they would love
to be in complete control of their working life. Although in theory it is a
nice thought, self employment is an uphill struggle with a great deal of work
and pressure. The brave ones who make this leap will recognise this, they will
also be very aware that 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.
Fortunately in the health insurance market there are many
products which have been specifically designed for the needs of the self
employed. From payment protection insurance to cover your monthly financial
obligations should you be rendered unable to work due to illness or injury to
medical cover so you can get diagnosed and treated quickly should you require
it rendering you unable to work for the shortest possible time thus minimising
your loss of income.
Take a tradesmen such as a builder. If the builder has an
acute condition and needs treatment, for instance he is unable to work due to a
hip problem, work stops, houses do not get built and money stops coming in.
This can cause a lot of strain as the financial obligations the builder has to
meet do not stop. If he decides to use the national health service there could
well be a considerable waiting list before he receives any treatment, all the
time he is sat around waiting he could of been earning an income. With a
medical plan the builder can get diagnosed as soon as the problem occurs, he
can then receive treatment when and where he wants it, at a time convenient to
him thus cutting down the amount of time off work and minimising the loss of
income.
When looking around for affordable
health insurance it is important to consider the entire market,
different providers underwrite products in different ways which may mean a
certain provider sees you as lower risk and thus quotes lower rates based on
your scenario. With the vast number of resources on the internet it is a great
place to start, although do beware as some policies may appear cost effective
but have a set level of cover providing little flexibility allowing little if
any tailoring of the policy to fit your needs.
Like any medical plan, those designed for the self employed
have a range of options to either limit or increase the cover. From outpatient
treatment and additional benefit, such as cover for initial tests, consulting
fees, hospital and accommodation charges to alternative medicines and overseas
cover.
It is especially important with self employed policies to
see the additional extras that are provided specifically designed for a
business owner, some even provide a secretarial service during you period of
treatment notifying your clients and suppliers of your need for treatment and absence
from trade.
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, and the more extras you add the more expensive the
premiums will be.
Without understanding your circumstance it is all but
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 specific scenario;
certain factors will affect the pricing of your premiums 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. As mentioned before it is always
best to look around for the best rates, using an insurance broker can ensure
you get the product you require at the most competitive rates.
With entrepreneurs
and the self-employed having so much to do n a day to day business just to keep
their enterprise running, protection is rarely at the top of the list however
it is so important given the lack of a safety net.
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