Contractor health insurance doesn't need to be complicated. Most insurance companies will treat you as if you are a company director or just self-employed.
However if you want to get the best deal on your health insurance as a contractor there are some little tips and tricks we can share with you.
Firstly many health insurance companies will offer special deals for certain occupations. They do this because using their data they've collected about claims over the years they've worked out that certain types of people such as company directors, contractors and professionals are less likely to make a claim so they are willing to offer you lower insurance premiums.
You can save a significant amount of money by finding out which insurance providers offer this type of cover. However that's a lot of work calling around every UK based health insurance provider...explaining your medical history...answering medical question after medical question.... and explaning what you want in a policy again and again....
However there is a much quicker, easier and probably lower cost way of getting the best contractor medical cover.
The better way is using a medical insurance specialist broker. They don't cost you any extra (they get their money from the health insurance company) and they do all the hard work comparing policies for you.
All you need to do is anwswer a few questions and they'll use their indepth market knowledge to know which policy provider offers the best cover at the best rate for contractors.
They will know all the factors that decide how much your health insurance will cost you and what will or won't be covered. Here are a few more reaons why so many peeple buy through medical brokers...
- Did you know some insurers will give you discounts if you are of a professional occupation? Brokers will know which ones and how much.
- Do you want to add children to your policy? Some insurance providers will add them for free. A broker can tell you how many children you can add and which providers
- Do you have a sports hobby that may invalidate your insurance policy? Or even an occupation? A broker will know this vital information.
- They'll patiently explain all the medical jargon saving you hours of research. Moratorium, policy exclusions, policy exemptions, underwriting, premiums, excess etc etc
- If you are a couple and one of you have claimed on your insurance policy this year would it be cheap to separate you both onto two different insurance policies?
- You've developed a medical condition and want to know which health insurer offers the best cover for it. A broker will know this instantly saving you huge amounts of time and effort.
Many brokers also have offers with medical insurers such a one or two months free, or a NCD (no claims discount) increase to lower your premium. Buying your policy through a medical insurance broker can actually be cheaper than buying it through the insurers themselves. Because brokers are paid up to 75% commission from the insurance providers when they sell you a policy they can often do what they call a commission sacrifice and give you some of the commission the insurer have paid them for your policy back to you in the form of a lower monthly premium or cash back direct into your bank account.
You can see there are advantages of using a broker and not really any disadvantages. So if you are a savvy contractor looking for a great deal on your medical cover and broker might be the best option for you.