We explain the different types of health insurance available and why it may be benefit you and your family.
Health insurance is designed to supplement rather than replace treatment on the NHS, enabling those covered to receive swift treatment for ailments typically associated with long waiting lists. For this reason health insurance plans provide varying 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.
There are several major types of health insurance, 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. This means you spend less time feeling unwell and due to the swift diagnosis and treatment offered, can result in a better prognosis.
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, ensuite rooms to ensure you can rehabilitate comfortable, 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 the level of comprehensiveness of a private medical plan features such as maternity bonuses, counselling services, home nursing, complementary therapies and cashback for time spent in an NHS hospital may also be offered. By comparing the features and benefits that each PMI plan offers 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.
Critical illness cover is an additional form of health insurance and is 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). The associated monthly premium will depend 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 so as 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 prefer plans that cover only the most common forms of critical illness at a reduced premium.
Cashback plans are a supplementary form of health insurance designed to help towards the cost of common health care 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. They are also likely to provide maternity benefits and cashback for each night of a hospital stay. 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.
Each type of health insurance offered is likely to be split into a number of levels with more comprehensive levels attracting a higher premium due to the increased benefits offered. Before committing to any health insurance plan it is important to check that the benefits offered within a specified level are in line with both your own and your family's health care requirements.
By choosing a sufficient level of health insurance 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.
