The good news is that in the UK you are able to benefit from the National Health Service and our welfare state.
The bad news is that there are some reasons you may still wish to insure your health.
Why You May Want Health Insurance
- NHS waiting times may be too long and you may personally want the option of receiving treatment quickly.
- You may prefer the choice and perceived standards that are available in a ‘Private Hospital’ with more bespoke comforts.
- You may want a personal choice of hospital and/or specialists
- If you need compensation for a period of ill health or to cover the extra costs of being treated even in an NHS environment then there are policies to compensate.
- The whole family may need to be allowed to bypass lengthy NHS waiting times and receive appointments and treatments quickly.
- Sporting injuries and homeopathic cures may be better provided for by insurance than the NHS.
- Dental accident insurance covers some of the risks to your teeth that an NHS practice will wish to charge for.
Types of Health Insurance
- Cover for private diagnosis, consultations, tests and scans, treatment and for aftercare is a full service health insurance package.
- Many providers offer a menu of choice from the above services. You may opt for consultations only or just treatment or variations depending on the insurer/service provider
- Group health cover is often provided by employers or companies to help motivate their staff and get them back to work quickly if they fall ill.
- Critical illness cover will be restricted to cover for listed illnesses and pay a lump sum of monthly income after confirmed diagnosis.
- Travel insurance generally has health insurance benefits for those who need to pay for treatments whilst abroad.
- Hospital funds are forms of saving that pay out lump sums for hospital stays or treatments such as dentures and glasses.
Saving Money on Health Insurance
- The biggest saving is by not spending anything on health insurance. Throw yourself on the NHS like 92% of the UK population.
- Second alternative is to self insure. This is to buy private treatment from your own funds when the need is urgent. This can work well for using ‘consultants’ and physiotherapists.
- The larger your agreed excess and the more the acceptable exclusions the cheaper your policy should be.
- Shop around there is a range of providers and products on offer. Match your likely needs and cover, try not to go for a high a spec policy.
- Joining your employers scheme can get the benefit of buying in bulk. If the employer is willing to foot the bill yo get away almost free except it is a taxable benefit in kind.
Our Comments on Health Insurance
- Providers include AXAPPP, Aviva, Bupa, Simplyhealth HSA, Healthcare, WPA, Benenden Healthcare and PruHealth.
- Policies can also be bought retail through brokers or companies such as Tesco.
- It is easy to over insure, paying for something you will not use even if needed. 999 emergency calls will most frequently be NHS
- All policies have exclusions, some are many and various and widely scoped.
- Many policies are provided by hospital groups that may restrict your treatment choices.
- See Insurance for the over 50′s
