Is it time to consider health insurance?

With the NHS sadly lacking sufficient funding to support our ageing population now could be the right time to take a look at private health insurance.

health insuranceA misconception is that health insurance is expensive and not an affordable option for most of us. However, insurance providers now offer some innovative plans that give you the choice to select the level of cover that suits your budget.

Most companies now give you the option to choose the level of excess you wish to pay which will significantly reduce your monthly premiums and when you consider the cost of some treatments and hospital stays will run into many £000’s an excess of £500 could be a price worth paying to protect you and your family against the more hefty bills.

Additional options to reduce your premiums include excluding some treatments, such as, physiotherapy and or other outpatient treatments.

One of the biggest impacts on your monthly costs can be to choose to put a 6 week waiting condition on your plan – this means that if the NHS can see and treat you within 6 weeks your health insurance plan isn’t used, but should the NHS be unable to confirm at the point of diagnosis that you will be treated within 6 weeks your private health insurance plan will kick in.

Some people are lucky enough to have health insurance given to them as a perk as part of their overall remuneration package, but if aren’t one of them you can compare health insurance plans and costs at one of the many comparison sites.

These sites will provide you with health insurance quotes from the leading companies and other companies that you may not have previously heard of but specialise in health insurance plans.

 You will be asked for your basic personal details and then whether you want health cover for just you, yourself and partner and or your family; as you would expect the greater the number of people the more expensive it will be.

The results of your comparison search will see a list of providers and plans sorted in order of monthly costs, but take care as the cheapest is also likely to offer the lowest amount of cover, which is fine if this is what you are seeking.

You will see a range of plans from basic to comprehensive and diagnostic.

The options can be a minefield and without spending many hours comparing the finer details and even then not fully understanding the extent of cover; you should consider telephoning the number on the comparison site screen and asking for their help.

They will be happy to advise you on your options and those important costs, which will save you time, ensure you get the level of cover you need and save you money.