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What is health insurance?
How much does health insurance cost?
What types of health insurance are there?
What exclusions are there from health insurance coverage?
It’s one of life’s simple truths; we can all get sick and hurt at any moment. Hopefully these moments will be few and far between but when they happen we want the best of care. With the National Health Service being over so overburdened the average outpatient waits up to 7 weeks for an appointment leaving many people gritting their teeth and suffering as they wait for care. Sadly, for most people, the idea of private medical care seems far too expensive and out of reach to provide an alternative but that needn’t be the case.
Health insurance is a guarantee that medical care will be available for you the moment you need it and will provide it to you in the most convenient way for you.
Private medical insurance will cover the costs of medical treatments for short term medical conditions referred to as ‘acute conditions’. Top
The cost of health insurance varies depending on insurer, level of coverage, whether an individual or group are covered, and the health of the person looking to be insured.
The more comprehensive the cover, the higher the cost will be. If you want to be treated in the best private hospitals then the cost will also rise.
Your premium will also rise annual in line with medical inflation which tends to run at a faster rate than regular inflation. This is due to the relatively high turn over of new treatments being invented. Your age will also, inevitably, play a part in how much your insurance costs. Most insurers will bracket people into age groups of about 4 or 5 years and the older you are the costlier insurance will be.
You may also be offered a no claims discount, although this policy varies. Top
There are a variety of policies available with different levels of coverage, these include:
- Private Medical Insurance: provides funds for consultations, tests and operations you need. You should be able to choose where you would like to be treated and when.
- Critical Illness: covers patients who are suddenly diagnosed with a severe illness, who are paid a tax-free lump sum of money that can be used according to the patient’s wishes.
- Income Protection: pays up to 65% of the patient’s previous income should they become unable to work due to accident or sickness.
- The Health Trust Fund: is low cost cover, comprehensive access to medical facilities, no excess payments, no automatic premium increases and no age loading.
- Cash Plans: provide cash for the medical expenses. These can include dental, optical or nursing benefits.
- Ex-Pat Insurance: is intended for anyone planning to live or work abroad for an extended period of time.
- Travel Insurance: provides medical coverage for people making short trips or extended stays in another country.
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Unfortunately there are certain illnesses and conditions that are excluded from health insurance coverage. These exclusions vary from policy to policy but generally are:
- Any pre-existing condition – diagnosed or not before taking up the policy.
- Alcoholism or drug abuse
- Dental treatment
- GP Services
- HIV or AIDS – Not obtained through a blood transfusion.
- Hazardous Sports – Such as boxing, boxing, caving, climbing, horse-racing, jet skiing, martial arts, mountaineering, off-piste skiing, pot-holing, power-boat racing, under-water diving, yacht racing or any race, trial or timed motor sport.
- Infertility
- Normal Pregnancy
- Sterilisation
- Treatment overseas
- Cosmetic surgery
- Self-Inflicted injuries – Intentional only.
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