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✅   Top-notch affordable private health cover and more
✅  Avoid lengthy NHS waiting lists and get back on your feet quicker
✅  Underwritten by UK's leading insurers

Given the unprecedented public health crisis that has unfolded in the UK and around the world in previous few years, the importance of preparing for the unknown has never been more apparent. At WeCovr, we specialise in providing lasting peace of mind through a diverse range of insurance products.
For many businesses in the UK, investing in private health insurance has long been considered highly valuable. Despite recent adjustments made by some providers in response to the Covid-19 pandemic, private health insurance remains a prudent choice for the long term. However, questions regarding the tax implications of private medical insurance policies often lead to confusion, as is common with matters concerning HMRC.

Understanding Private Health Insurance

In essence, private health insurance encompasses any insurance policy covering the costs of medical treatments. Various levels of coverage are available through a wide range of insurance policies, with premiums reflecting different treatment types and associated costs.

Coverage Offered by Private Health Insurance

A standard private health insurance policy typically covers the costs of inpatient and outpatient treatments at private hospitals, along with accommodation, nursing care, and prescribed medications. Additional cover options can be added to policies for features such as private ambulances, parental accommodation in hospital, home care, psychiatric treatments, complementary therapies, and 24-hour helpline access.

Benefits of Private Health Insurance for Businesses

Private health insurance policies for employees prove to be an excellent investment for many types of businesses. Providing private healthcare ensures employees have prompt access to high-quality treatment in case of illness or injury, leading to fewer days off work, increased productivity, and greater long-term financial savings.
Moreover, private health insurance serves as an attractive benefit during the recruitment process, especially in workplaces that prioritise wellness and work-life balance. Non-financial incentives like private health insurance can sway job candidates to choose one offer over another, aiding in the recruitment and retention of top talent.

Reporting Private Health Insurance to HMRC

At the end of the financial year, businesses must complete a P11D form (expenses and benefits form) for each employee. This form itemises any benefits provided by the business, including health insurance if offered.

Tax Implications of Private Health Insurance in the UK

Private health insurance provided to employees is typically considered a 'benefit in kind.' Consequently, it is usually not tax deductible, and employees must pay tax on the insurance premiums as reported in the P11D.
However, certain exemptions may apply in specific circumstances. For instance, in small unincorporated businesses, private health insurance might be considered a valid business expense. Businesses should consult their insurance provider to determine if they qualify for such exemptions.

Taxation of Private Health Insurance in the UK

Generally, only expenses classified wholly as business expenses are tax deductible in the UK. Consequently, private health insurance premiums are typically not tax deductible.
However, certain tax-free health benefits may be provided to employees, such as annual health check-ups, eye tests for screen workers, and medical insurance costs when working abroad.

Private Health Insurance for Self-Employed Individuals

Private health insurance is a worthwhile investment for self-employed individuals as well. If you become ill, relying on statutory sick pay (SSP) to cover lost earnings can create pressure to return to work quickly. Private health insurance provides quick access to treatment, facilitating a faster return to work.

Tax Deductibility of Private Health Insurance for Self-Employed Individuals in the UK

Self-employed individuals may potentially classify their health insurance premiums as a business expense if the insurance is intended to facilitate a quicker return to work. To determine eligibility for this tax break, individuals should directly consult their insurance provider.

Why get private health insurance?

Health insurance allows you get back on your feet quicker:

✅ Avoid long NHS waiting lists of many weeks and get treated faster with private medical insurance, which can be really important for a successful recovery
✅ Get early diagnosis so you can get the treatment you need right away done privately
✅ Business owners can save on their tax bill with private medical insurance
✅ You are free to choose your surgeon or hospital to suit your needs by place and time
✅ You often get a private room with better facilities for your treatment or surgery
✅ With private medical health insurance you gain access to advanced treatments not available on the NHS

Benefits offered by private health insurance

Private medical health insurance is an insurance policy that covers the costs of private healthcare, from diagnosis to treatment. You just pay an affordable monthly premium that covers all or some of the cost of treatment for acute conditions that develop after your health insurance policy has begun.

Our mission is to put you in touch with not only the best, but the most suitable private medical health insurance companies. With even more risk on the rise for personal health today, it makes more sense than ever to have private medical health insurance cover.

👍 Many people are very thankful that they had their private medical health insurance cover in place before running into some serious health issues. Private medical health insurance is as important as life insurance for protecting your family's finances.

Important Fact!

Why increasing numbers of individuals and families opt for PMI insurance

👉 We insure our cars, houses, bicycles and even bags! Yet our health is one the most precious things we have.

People buy life, critical illness and private medical health insurance for a variety of reasons – easily one of the most important insurance purchases an individual or family can make in their lifetime. PMI insurance is still seen as a luxury in the UK. Indeed, only around 11% of the population has private medical insurance. However, an increasing number of people are taking out private medical insurance due to a number of reasons:
  • Avoid NHS waiting lists and be treated more quickly
  • Faster diagnosis (comprehensive cover)
  • More access to latest cancer drugs and treatments, some of which may be unavailable on the NHS
  • Greater choice over where and when your treatment takes place
  • Have a private room should you need treatment in hospital
Our award-winning FCA-authorised insurance partner experts are ready to provide you with a FREE Consultation.

👍 Simply get your affordable private medical health insurance plan in place for the necessary peace of mind! Just tap or click the button below to book a FREE call now! 👇

Compare private medical health insurance plans suitable for your circumstances from these insurers and more


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Any questions?

Do I need Private Medical Insurance if I have Life Insurance?

Life Insurance and Private Medical Insurance cover you for two different purposes, so you will need to assess your needs but may wish to consider holding the two policies. Private Medical Insurance covers you if you get sick or need treatment and want or need to go privately. Life Insurance covers you in the case of death, giving a payout to family/those left behind.

If you prefer to get straight into treatment in the private sector without the long waiting times with the NHS, or you just prefer the private sector anyway, without having to pay it all yourself, then you would need to have Private Medical Insurance to cover it. Sometimes treatments and drugs that are not covered by the NHS can be covered by Private Medical Insurance.

It's free to use WeCovr to find health insurance - we never charge you for quotes. Health or private medical insurance is an investment that can pay for itself the first time you might need medical treatment.

It depends on your personal choice and preferences. If you are prepared to limit yourself to NHS-covered treatments only and can or want to endure long waiting times to get into treatment, then yes, NHS might work for you. Your cover there is free. If you don't want to be exposed to long waiting times or if your treatment is not covered by the NHS, then you would benefit from Private Medical Insurance.

Private Medical Insurance is an important financial product that insurance companies take a lot of care and diligence so speaking to real human beings ensures that they understand your requirements fully so that you can get the right cover.

All of our partners are carefully vetted and authorised by the FCA, which means they are held to the highest standards that the FCA expects from them and treat all customers fairly!

Our insurance partners give us a few pounds when you take out a policy with one of their experts.


Who Are WeCovr?

WeCovr is an insurance specialist for people valuing their peace of mind and a great service.

👍 WeCovr will help you get your life insurance, critical illness insurance, private medical health insurance, over-50s funeral insurance and senior life insurance quote in no time thanks to our wonderful super-friendly expert partners ready to assist you every step of the way.

Just a quick and simple form and an easy conversation with our FCA-authorised life insurance, critical illness insurance and private medical insurance partner experts and your valuable insurance policy is in place for that needed peace of mind!