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Private Health Insurance
Private Medical Insurance
Private Medical Insurance is used by people to supplement the service they receive from the NHS. The advantages of private medical insurance are that users can receive treatment without a lengthy wait, treatments that may not be available on the NHS can be offered and private hospitals tend to have more and potentially better equipped facilities.
Private medical insurance can be bought by individuals, families, or group cover may be provided by an employer. There are different types of cover available depending on how extensive you want your cover to be and what your budget is. Even the most extensive policy will not cover every medical procedure and common exclusions are emergency admissions, normal pregnancy, pre-existing conditions and cosmetic surgery.
Full Medical History or a Moratorium Policy
Quotes for private medical insurance are provided on one of two bases, full medical history or moratorium. Under a full medical history cover, the insurer is given your complete medical history. Pre-existing conditions will be exempt and you will be given a full list of what the policy covers. With a moratorium policy you do not have to give a full medical history, but you won't be covered for any medical you have had in a certain time period prior to the policy starting. If you remain free of the condition for a set time, then you may be covered for it in the future.
How to Find a Quote
To obtain a quote for private medical insurance, the customer will need to contact the health insurance provider. There are comparison sites available to help customers compare costs, but these figures may fluctuate when you contact the insurer with more detailed information. The cost will vary depending upon your age, occupation, medical history and gender. Full medical insurance can be costly but there are ways to reduce the price by tailoring packages.
Firstly make sure the cover doesn't include anything that is not relevant, e.g. cover for children may not be required for a single person. Consider shared risk policies, where the insurer pays a percentage of the cost and you cover the rest. Opting for a higher excess on your policy will also help reduce the monthly premium. Some insurers offer a waiting list policy whereby if the treatment is available on the NHS within six weeks they will not cover it, so this can also reduce monthly premiums. Other ways of obtaining discounts include purchasing the policy online, paying annually rather than monthly and paying by debit card instead of credit card.
Health Cash Plan
A lower cost alternative to medical insurance is the health cash plan. These plans pay cash sums towards a range of treatments such as dental care, optical care and stays in hospital. Health cash plans sometimes also include critical illness insurance or accidental death benefits. Many health cash plans include cover for alternative therapies such as acupuncture or homeopathy. A health cash plan will not require a medical before someone joins it and premiums do not increase with age or gender. Almost all cash plans have a waiting time of between three and six months before you can make your first claim.