Private health insurance is necessary either if your place of employment does not offer its employees health cover or because you would like to supplement the health cover that you are already receiving either from work or from the NHS. There are several health cover plans to choose from, each offering a different level of assurance to the policy owner; however, there is no standard for the health cover offered by different insurance companies. Each insurer decides what will be included in each of its packages and what the cover limit is, so it is wise to consult a number of companies before making your decision.
Some things to consider are what services you think you may use most frequently with your health cover (such as: prescriptions, therapies, pregnancy) and what services you simply could not afford (such as: chemotherapy, hospital charges, nursing at home) without insurance. To help you make this decision, consider some different categories of health cover.
First there are private medical insurance packages, in which the potential policy owner has a fixed range of cover, with few personal choices. Because this is a more 'off-the-peg' solution, it will often be cheaper because the insurer can spread the cost of underwriting the policy over a number of different policy holders. However, the risk here is that you will take out a policy that is too general, thereby preventing you from certain types of treatment that you need. Before you take out a policy, make a list of all the areas where you need cover and make sure that any quote you receive takes all these areas into consideration. The alternative, a popular option in the field of health insurance, is a more modular approach, whereby you pick and choose the elements of cover that suit you (and your family). Any rising costs will usually be cancelled out by the fact that you are getting rid of any areas where you do not necessarily need cover.
In order to lower your premiums, you can choose to pay a certain amount towards the cost of your treatment when you make a claim. This is known as an excess. These amounts range greatly, but they can be up to £1000. However, many policies will limit the amount of money that you would pay in one year. A variation on the shared risk policy is called shared responsibility. In such a policy, you would be asked to pay a percentage (usually between 25 per cent and 75 per cent) of the cost of each service, once again in return for lower premiums. Finally, there are special packages that cover, for example, the elderly, travel, or children, among others.
To begin, please fill out our short private health cover form and we will put you in contact with a qualified health insurance adviser that will find you the private medical insurance policy that best suits your needs. Your customised quote is completely free, and there are no obligations to proceed if you are not happy with the recommendation you are given.