5 benefits of Private Medical Insurance (PMI) for contractors

Most contractors at some point during their career will become unwell while working, whether this is with a minor illness or ending up in the hospital and needing surgery. This could put you out of work for weeks leaving you with no income and no one to run your business while you recover. By securing healthcare insurance for any future incidents, contractors can be put at ease when it comes to being looked after and can get back to work promptly.

Some of the benefits of having Medical Insurance for contractors include:

1. Avoid waiting lists and get back to work

If you are a contractor that has been referred to a specialist or require surgery, you could be looking at a few months before you are seen. NHS Guidelines of up to 18 weeks waiting time for a non-urgent consultation referral and a 2-week waiting time for any urgent cancer consultations means that you’ll be delaying yourself getting back to your full fitness and excelling at work.

Having PMI means that you can avoid NHS waiting lists; this is vital as a contractor as you don’t want to lose any clients or income, or if a medical matter has become urgent you can be treated quicker. As contractors do not get sick pay, income is affected when they are not working, therefore securing prompt access to diagnosis and treatment enables you to get back to business as soon as possible and reduces the loss of income.

2. Treated at a time and place that suits you

As a contractor, you may work varied hours each day so you have time to run errands and live without restrictions while maintaining a work/social life balance. It is therefore likely that you can work outside normal working hours, unlike many permanent employees. With PMI, you can ensure that any appointments work around you.  It may also be that there is a quieter time of year where any non-emergency treatment would be more preferred – medical insurance provides you with the ability to plan treatment around your needs.

An added important benefit is the ability to choose who and where your treatment takes place. It may be that you would like to see a specific specialist or be treated in a hospital that you have been recommended to – PMI enables you to have this freedom of choice.

3. Tailored Insurance

Having the ability to build a policy to suit your personal circumstances is another advantage of PMI.  Most policies provide a base level of cover and you are then able to select from a wide range of options to include benefits that are relevant for you.  This also enables you to have control over your monthly premiums.

Hospital treatment is generally fully covered and you can then select the level of out-patient treatment that you would like to include.  Further options include physiotherapy and alternative medicines, emergency worldwide cover and tangible benefits that you can utilise every year such as optical and dental treatment.

4. Access to Remote Services

Included in most PMI policies are a variety of remote benefits.  These are beneficial services such as remote GP services and health & wellbeing helplines. 

With access to a GP never more difficult, the remote GP service provides you and your family with access to a private GP, at a convenient time – either by phone or video, depending on which you prefer or is most appropriate. 

Health and wellbeing helplines provide 24/7 support and include a variety of different areas. These include structured counselling, online computerised Cognitive Behaviour Therapy (cCBT), debt and money information and support and legal information.

5. Include your family or employees

Lastly, another advantage of contractors having medical insurance is that families and employees could also benefit from it.  Policies can be tailored to suit the requirements of each family member that is included.  Where discounted rates are included family members can also benefit from these.

Contractors will have to take into consideration what is covered in the medical insurance policy that they choose, tailoring it to what will suit their needs. But it is undeniable that PMI provides many benefits, in particular flexible appointment times and avoiding NHS waiting lists, which are key priorities when working as a contractor.

Find out more about Private Medical Insurance here.