Why medical insurance is a good investment for your health business


Being your own boss has its benefits, but what happens if you’re unfit to work? There are many options on the market when it comes to medical insurance – it’s not a one-size-fits-all solution, but if you’re interested in getting Private Medical Insurance (PMI) to help mitigate the impact of your ill health on your practice, then Drewberry is a great place to start as you can compare quotes from different providers. Below is a blog post from Drewberry on PMI…
We all love the NHS, but it’s currently under unprecedented strain from a funding squeeze and the spiralling costs of treating an older population. As NHS waiting lists lengthen, this is time many contractors, small business owners and the self-employed simply don’t have to spare. The longer you’re too ill to work, the greater the impact on you and your practice.
Sickbed of roses
Employed workers generally get employer or government sick pay while off work waiting for medical treatment, but those who work for themselves don’t.
As a result, many such workers are choosing Private Medical Insurance (PMI) to speed up diagnosis and treatment of eligible conditions so they’re back on their feet and at work again as quickly as possible.
Private facilities have far more amenities than NHS hospitals, such as Internet access, private en-suite rooms and round-the-clock visiting hours. That means you could keep an eye on your health business from the privacy and comfort of your own hospital room – if you were feeling up to it, of course.
Cover to cover
There’s a wide array of options you can add or remove to tailor PMI plans to your needs and budget, such as cover for psychiatric conditions or overseas travel. Adjusting these benefits could make PMI more affordable than you perhaps thought.
The cheapest plans cover inpatient treatment only, which means paying for you to occupy a private hospital bed for an operation. NHS operation waiting lists are the major concern for most people, so if cost is the driving factor inpatient-only plans often provide sufficient peace of mind.
However, without outpatient cover you will usually need to wait for NHS diagnostic tests and scans, and these also have a waiting list. So if time is important to you and your health business, choosing a more comprehensive inpatient and outpatient plan might be better to get you up and running again in much less time.
Team building
If you have a small team in your practice, then it’s not just your health you have to worry about. In these cases, it may be worth looking into health insurance for businesses, comprehensive plans that can step in to offer prompt healthcare for both you and your employees to safeguard your health business.
If you’re considering taking out PMI for you and your employees through your company, it’s vital to have a conversation with your accountant to check the ins and outs as it will be a taxable benefit in kind for the recipients and employers’ National Insurance contributions are due on the benefit. However, you can offset the premiums against your corporation tax bill so it’s worth looking into.
Although it comes at an extra cost, employees feel employer-provided healthcare is a valued benefit. Moreover, providing staff with prompt access to medical care will benefit your company. Every cog in a small team is vital, so getting them treated promptly can cut employee absences and ensure they’re back at work faster, all turning together again to drive your business forward.
To find out more about the different options available to your practice, visit Drewberry’s price comparison website.