We explain the different types of health insurance on the market and why they may be of benefit to you and your family.
Health insurance is designed to supplement rather than replace treatment on the NHS, but with long public sector waiting lists, having private health cover can offer you swift treatment for a variety of ailments.
For this reason health insurance companies offer a range of different plans and levels of cover for acute illnesses which tend to respond well to surgery or treatment, rather than ongoing illnesses and those which require emergency treatment.
Private Medical Insurance
There are several major types of private medical cover, the most comprehensive of which tends to be Private Medical Insurance (PMI).
PMI plans cover the diagnosis and treatment of a whole range of health problems. One of the major advantages of taking out a PMI plan is that when you require treatment you will be subject to minimal waiting times and able to undertake it as soon as it is convenient for you to do so.
After referral from your GP you are often able to choose both the specialist who will carry out your treatment and the hospital in which it will take place.
The majority of private hospitals offer single occupant en suite rooms to ensure you can rehabilitate comfortably, private ambulances to transport you to and from the hospital if you are unable to drive yourself, and a varied and freshly prepared menu to choose from.
Depending on your level of cover, your private medical plan may include incentives such as maternity bonuses, counselling services, home nursing, complementary therapies and cashback for time spent in an NHS hospital.
By comparing private medical insurance providers and the features and benefits of their PMI plans you should be able to choose a sufficient level of cover to provide you and your family with the peace of mind that, should you need treatment, you won't have to wait.
It is important to get as many health insurance quotes as you can so you won’t pay over the odds for your private health cover.
Critical Illness Cover
Critical illness cover is an additional form of private health care insurance, designed to provide you with a lump sum payment if you contract one of the critical illnesses specified on the policy (i.e. cancer or heart disease).
Health insurance companies require you to pay a monthly premium dependant on several factors including age, sex, whether you smoke, the health of direct family members and the level of cover you choose.
Many people choose a level sufficient to pay the remainder of their mortgage and cover other living expenses to protect their home in case they are unable to work.
When choosing a critical illness plan it is important to check which critical conditions are covered as this varies greatly between providers.
Although a more comprehensive plan which covers a wide range of critical illnesses will provide better insurance it is also likely to come at an increased cost. For this reason some people choose private medical cover that specifies only the most common forms of critical illness – but at a reduced premium.
Weigh up the level of critical illness cover you need for peace of mind and look for the cheapest policy that offers the cover you and your family need.
Cashback Health Insurance
Cashback plans are a supplementary form of health insurance designed to help towards the cost of common healthcare treatments.
For a small monthly premium they include benefits such as cashback when you take a trip to the dentist, visit an optician, require physiotherapy or undertake other forms of complementary therapy.
This type of plan is also likely to provide maternity benefits and cashback for every night you have to stay in hospital.
A good cashback plan can provide an affordable way for you and your family to receive private treatment for the health services you are likely to use most.
Choosing the best level of cover
Each type of health insurance is likely to be split into a number of levels with more comprehensive policies attracting a higher premium due to the increased benefits they offer.
Before committing to any private healthcare insurance it is important to check that the benefits they offer within a specified level are in line with both your own and your family's health care requirements.
By choosing a sufficient level of private health cover for your needs you will have the reassurance in place that, should the unexpected happen, you have the protection in place to ensure that you can receive the best treatment when you need it.
