Private health insurance, also known as private medical insurance, allows you to receive private medical treatment instead of having to wait for treatment on the NHS. Private health insurance policies are complicated and it’s essential that you shop around to save money and make sure you compare policies to find the right one for you at the right price.
How to Compare Private Health Insurance?
It’s essential when you shop around for private health insurance that you compare like-with-like. Cheaper policies may not offer the same cover or choice of hospitals as more expensive policies. However by shopping around you should be able to save a significant amount of money instead of choosing the first policy you come across.
There are several ways to compare private health insurance:
Price - How much you pay for private health insurance depends on your age, sex and if you have pre-existing illnesses. Although you can save money shopping around it’s important you choose a policy that gives you the right cover at the right price.
Cover - It is important that you choose the right policy taking into account what each covers. Most providers of health insurance have different levels of cover. Generally the more expensive the policy the more it will cover.
Treatments - You need to compare the medical treatments each policy covers. For example, some policies will only cover inpatient treatment, but others will also cover outpatient appointments.
Hospitals - How many hospitals you can be treated in will depend on each policy. The most expensive policies will give you access to more than 400 private and NHS hospitals.
Discounts - Some private health insurance policies give discounts if you don’t make claims or have a healthy lifestyle.
Moratorium vs Underwritten policies - You can choose a private health insurance policy, which is fully underwritten – this means the illness cover takes account of your medical history and you know exactly what's covered and what's excluded when you take out the policy. A moratorium policy doesn't take into account your medical history and you won't be covered for illnesses you have been affected by in a certain number of years before taking out the policy. This can mean the premium is cheaper, but you may not find out you aren't covered for a previous illness until you try and make a claim. With both moratorium and underwritten illness cover pre-existing illnesses aren't covered initially, but may be included at a later date.
Check What Cover you Have Already
You or your partner may have cover from your employer or another policy that will cover you if you need private medical treatment. You may also be able to save money if you switch provider if you have cover already. It makes sense to review your insurance needs every couple of years – changes in your life, like, getting married or changing jobs, could mean your insurance needs change.
If you want to switch private health insurance provider to save money make sure you get quotes and find out what is covered before cancelling your existing policy. Otherwise you risk being left without cover – this is especially important as you get older and it is more likely that you will need to claim and also have pre-existing illnesses.
Get Advice When You Buy Private Health Insurance
Choosing the right medical insurance policy is very complicated and you should get advice if possible. If you buy with advice the adviser has to make sure the policy is suitable. However if you buy medical insurance without advice then you need to make sure it is suitable. Whichever way you buy it you need to make sure that you understand what is and isn’t covered. You should also read the terms and conditions and also tell your family what you are doing.
How to Find the right Private Health Insurance
Private medical insurance is complicated and it's essential that you choose the right policy. We specialise in medical insurance cover and will search the market and help you find the right cover at the best price available. Quotes for medical insurance are free and you are under no obligation.