The main reason for choosing health insurance comes down to peace of mind, with guarantees that you’ll receive medical treatment as soon as possible where you want to without having to worry about the length queues associated with the NHS.
The NHS almost always provide adequate treatment for medical issues but it’s difficult to pinpoint exactly how long you might have to wait for this treatment to become available to you. This is why many people decide to pursue private medical insurance, which can ultimately lead to a swift recovery.
There are different types of medical insurance available that take different forms, with most private medical insurance policies involving a monthly premium and the policy paying out up to specified cover limits. The policy pays out for any treatment that you might need during your cover. You can reduce the cost of your cover with some policies if you demonstrate that you are living a healthy lifestyle, which includes activities like going to the gym on a regular basis.
Other plans include health cash plans which contribute towards any routine healthcare costs that you have. These work by paying out a fixed cash sum every time you visit the dentist or medical practitioner, such as an optician or chiropractor. You can spend the cash sum spend on what you want.
In most cases the premiums for any medical insurance policy will be higher than most as you get older, although there are some expectations to this general rule. There are many policies that charge an excess that mean s a portion of the insurance policy you must pay yourself.
If you are looking for a more comprehensive form of cover, yet still intend on keeping the costs down as best you can, you’re best option is to choose a medical insurance policy that offers an extensive range of additional benefits but which allows you to choose a larger excess. What you need to remember about this is that you may end up paying for treatment for a long time without reaching the excess level.
You need to find out exactly what type of benefits your policy is going to pay out before you buy your cover. There are only a few benefits you will get from a reasonably low cost plan, such as hospital admission costs but not out-patient costs.
Only around one in five referrals by GPs lead to hospital admissions so policies without out-patient costs are likely to be not as usable as plans that do include these. It is absolutely that you read the small print whenever you are looking for a new health insurance policy. You can sue the small print to find out whether there are any particular illnesses and treatment that you won’t be covered for.
Article provided by Flexible Health, an independent, Financial Conduct Authority regulated broker – sourcing products from all of the major insurers with access to exclusive products