There are huge benefits of working for yourself which is why so many people are ditching the traditional 9 to 5 and opting to become self-employed. However, there are some perks that you might miss out on including sick pay and extra perks such as private health insurance. If you are running your own limited company and contracting, or being paid via an umbrella company - it’s highly recommended that you take out private health insurance.
Here, we will look at five main reasons why a contractor should take out private health insurance and how it can be incredibly beneficial to do so.
1. Put your private health insurance through your limited company
There are two options when it comes to paying for your private health insurance policy. You can do this either by paying through your limited company or with your personal finances. There are a number of factors to take into consideration when it comes to the best way to pay for your health insurance, this article explains if it's tax-efficient to pay for you to put your private health insurance though your limited company. The greatest benefit is that, depending on your circumstance, paying via your limited company could work out cheaper. However if you are contracting via an umbrella company you can still pay for private health insurance from your personal finances.
2. With the current climate, waiting times in the NHS are longer than ever before
When you are self-employed you don’t have the advantage of an employer paying for your sick leave should you become unwell. Getting private health insurance ensures that you are looked after as soon as possible so you can get back to work. In the current climate, the waiting times for NHS services are getting longer, and they may delay any treatment you might need urgently. Therefore, private health insurance can be an investment and will likely help you save money (or make money) in the long term.
3. No employer benefits or corporate healthcare schemes
When you’re working for a company, you may be offered perks such as free private healthcare, this again is something that you will not be offered if you work for yourself. However, if you’re self-employed it’s even more important that you invest in it. Invest in yourself by investing in private healthcare to ensure that you are looked after when you need it the most.
4. Private health insurance offers flexibility
Another huge benefit of private health insurance is that you have the flexibility to have your appointments when they suit you. When you’re booking appointments through the NHS, you may find it more difficult to find appointment times that cater to your schedule. You may have to sacrifice a whole billing day to attend an appointment via the NHS - your private health insurance will allow you to have appointments on a more flexible basis – potentially around your work schedule.
5. Private health insurance cover for family members
When it comes to getting private health insurance, you should look at the benefits each provider has to offer. A lot of private health insurance providers are offering policies that also covers your family which can give you extra peace of mind and provide security for your immediate family.
There a great number of benefits of investing in private health insurance so if you are contracting it’s something you need to seriously take into consideration.
If you would like a quote and to find out more, please visit ContractorUK for information on private health insurance for contractors.