Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

What do self-employed people need to know about health insurance?

By Andrew Low Subscribe to RSS | February 10th 2012 | Views:
loading
 
  



Being self-employed can be hugely rewarding: many people love the opportunity to work for themselves and have full control over their working lives. However, there are some downsides to self-employment as it means you miss out on many of the benefits that are enjoyed by people in regular employment. For example, you need to take care of your own tax and NI, you don’t get sick pay, holiday pay and you need to sort out your own pension.

It also means that if you are unable to work for some reason, you don’t get paid – and millions of self-employed people have tales of dragging themselves to work even when they’d much rather let themselves be ill in bed. This is why some self-employed people consider the issue of health insurance – here are some of the things you need to know about it.

The UK is different to the US

It might sound extremely obvious, but if you are a self-employed person investigating the issue of health insurance, you need to be aware that the system in the UK is very different to the system in America. However, much of the information on the internet relates to the American system and so you need to be careful when researching the issue or else you might end up misinformed.

An example of this is in relation to tax deductible health insurance. Whereas in the US, you are generally able to offset your insurance costs against the profits of your business, this is not allowed in the UK because the tax and health systems are very different. Essentially, in the UK you are allowed to offset business expenses against your tax, but health insurance is not seen as an essential expense.

Instead, it is seen as a perk, and so if you are self-employed and want to take out health insurance, you will most likely have to sort it all out and pay for all the premiums yourself.

Health insurance options

This means that in the UK, you need to think carefully before taking out private health insurance. For instance, do you really need private health insurance or would other forms of insurance cover be enough for you? Many forms of business insurance provide cover if you are unable to work in specific circumstances, such as if you have an accident or a long-term illness. You can also get cover for your employees in case they need to take time off work for any reason.

This means that it can be worth talking to your current insurer to see what medical cover they are able to offer you before taking out a specific health insurance policy. It is also worth speaking to an expert on health insurance if you want to take out this kind of cover so you know exactly what you are getting and you know precisely how it relates to your tax.

Conclusion

Overall, if you are self-employed then it is very unlikely that you will be able to claim back your health insurance costs against your tax. However, it can still be a useful type of cover and there are also other types of insurance available that you might like to consider in order to protect you in the event of your being unable to work.

Andrew Low - About Author:
This article was supplied by Andrew Low, director at the leading firm of Irish health insurance brokers, Robertson Low, established in 1995 and the only Irish incorporated 'Lloyd’s broker'.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/insurance-articles/what-do-self-employed-people-need-to-know-about-health-insurance.htm

Related Insurance Articles Subscribe to RSS

Seeking car insurance for the first time- We can help you
Published by Carinsurence on December 8th 2011 | Insurance
If you have a newly purchased car and are seeking for the right type of auto insurance then this art...
 
How to find cheaper van insurance quotes
Published by Robmarshall on April 17th 2012 | Insurance
No matter for what purpose you own a van whether for a commercial or personal use, an individual has...
 
Where to find cheap van insurance?
Published by Carleson on December 8th 2011 | Insurance
Is finding suitable as well as cheap van insurance driving you crazy? Don’t worry, this article ma...
 
Hold unexpected situations with ease, obtain business interruption insurance
Published by Andrew Edwards on February 20th 2012 | Insurance
Fix your business issues quite generously as it is quite important to keep a hold on unexpected situ...
 
Private Hire Taxi Insurance will provide you best insurance
Published by Atif Saleem on December 10th 2011 | Insurance
If you have taxi driver and want to get batter taxi insurance with a driver, you can get information...
 
Business insurance guide for young capitalists
Published by Andrew Edwards on December 16th 2011 | Insurance
Starting up a business is not that big deal now, lots of options we have that will make it quite eas...
 
My cheap car insurance can save you more money
Published by Harrisonford on March 29th 2012 | Insurance
These days, people are looking for ways to save some amount wherever possible....
 
Getting the right amount of insurance excess when applying for auto insurance
Published by Jerry on March 14th 2012 | Insurance
When you are looking to get auto insurance, you may become confused about all the variables that you...
 
The best insurance packages live in Maryland
Published by Insuranceindian Aauto on March 5th 2012 | Finance
Auto insurance is something that any motorist in Maryland needs to have. Many people would try to ov...
 
Buying term insurance online - a way to save premiums
Published by Chris Luke on April 26th 2012 | Insurance
Term insurance is a commonly purchased policy in current times as it is the most suitable plan that ...
 
Why should we compare car insurance?
Published by Jenymorison on December 9th 2011 | Insurance
Are you a homemaker? If your answer is yes then surely your family is dependent upon your spouse’s...
 
Business insurance rates: determining factor while establishment as trading agency
Published by Andrew Edwards on May 15th 2012 | Insurance
There is vast variety of concepts applied while looking to establish trade business...
 
My cheap car insurance – ways to find car insurance for young drivers
Published by Harrisonford on March 29th 2012 | Insurance
If you are looking for car insurance for your son or daughter, you may be a little anxious how to fi...
 
Know more about cheap car insurance
Published by Anneshirley on April 12th 2012 | Insurance
It is not a tough thing to find car insurance, but yes it is very hard to find the classic car insur...
 
Life insurance leads
Published by Sushil on July 23rd 2012 | Insurance
If you are in the Life insurance business, you always need to procure quality life insurance leads f...
 
Different types of insurance to keep you and your family free and secure in Dubai
Published by Andy Robert on November 29th 2011 | Insurance
Insurance policy provides protection against uncertain losses. In Life insurance policy insurer prov...
 
Taxi Insurance Broker Quote will give you help to get a company insurance
Published by Atif Saleem on December 10th 2011 | Insurance
There are many companies that are serving to the costumers but there is also a way to wasting your t...
 
A Different type of life insurance
Published by Jack Travis on December 9th 2011 | Insurance
Disadvantage of this type of life insurance is that it will be automatically terminated once the per...
 
Assess your business insurance plan for better returns
Published by Andrew Edwards on February 21st 2012 | Insurance
While running business enterprise we have to look in plans which are suitable and make everything or...
 
Professional indemnity insurance- secure your profession
Published by TimHarris on January 4th 2012 | Insurance
Being a professional is not a kid’s play. One has to serve untiringly to please the customers. But...