Your health, your choice
Want to skip NHS waiting lists? Private health insurance may be right for you.
Health insurance can seem rather confusing, largely due to the vast number of types available. However, it could be worth getting to grips with as you may find private medical care preferable to treatment on the NHS.
Private medical insurance, which is also known as private health insurance, is designed to offer an extra layer of cover on top of what the NHS provides.
It may help you to avoid the long waiting lists commonly experienced by those being treated by the NHS and enable you to see a top specialist straight away.
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Research from the Association of British Insurers shows that, in 2010, some 5,841,000 people in the UK had this type of insurance.
The cost
The price of private medical insurance varies, depending on a number of factors, such as the applicant’s age, medical history, occupation and hobbies.
Some insurance companies require a medical exam to assess how healthy the person is and, therefore, how much of a risk there is that a claim will be made in the future.
There are different levels of cover and, unsurprisingly, the most extensive tend to be the most expensive.
Most private medical insurance policies are designed to cover the expense of surgery, specialist treatment, accommodation, medicine and nursing bills in private hospitals as well as private wards in NHS hospitals.
In many cases, those with private medical insurance will have a private room if they have to stay in hospital, which is often not the case for those being treated by the NHS.
Reducing premiums
People may pay cheaper premiums if they choose limited cover, but these policies may only cover major medical problems and not medical treatment on minor ailments.
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Those who can afford to pay to pay a higher excess may also see the cost of their private medical insurance come down. This, however, depends on the insurance provider and the type of package or policy taken out.
A no claims discount is very common in the realms of car insurance, however, it is starting to appear in private health insurance too. If a person doesn’t make a claim on their health insurance, their next year’s cover may be cheaper, but bear in mind, this isn't always the case.
There is also a chance that a person may get a discount on their next premium if they’ve only made small claims that don’t exceed a set amount.
If you’re hit by bad luck, insurance can cover anything from red wine spilled on a white carpet to sudden job loss. But if you don’t know what you’re doing, you could end up accidentally voiding your policy or paying for cover you don’t need.
Eligibility
Not everyone will be accepted for every health insurance policy and there are a number of reasons why they could be turned down.
Those who already have a health problem – also known as a pre-existing medical condition – may not be covered by many insurers as they’re seen as being more likely to make a claim on their insurance.
Some insurers may refuse to cover infertility treatment and cosmetic surgery and some won’t take on people who are over a certain age.
One thing to remember is that the older you are, the most expensive private medical insurance tends to be, which can leave many people stranded when they need help the most.
Make sure you read the small print on a policy before signing on the dotted line so that you’re certain of what you’re covered for and what you’re not.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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