Have you heard of Private Medical Insurance?
There are multiple types of Health Insurance, which makes it very difficult for you to make sense of it all and choose the most suitable cover for you. So let’s break it down and find out what’s what …
1. What is private health insurance?
Private health insurance is often referred to as PMI ‘Private medical insurance’. PMI is a policy that offers instant access, throughout a range of hospitals, when you or a family member is ill.
2. How does private medical insurance work?
The health insurance provider will evaluate your current state of health and lifestyle to determine how much the policy will cost. Generally speaking:
· The healthier you are; the lower premiums are likely to be.
· The older you are; the less healthy you are; the higher the premiums are likely to be.
· If you’re a smoker; the higher premiums are going to be.
With an agreed premium comes a promise from the provider to pay the cost of private medical care treatment in ill circumstances. However, the costs of the treatment must be included within the terms and conditions of the policy. These Health insurance policies are intended to give you peace of mind that you receive treatment as and when you need it!
Tip: Be sure to double check what you’re covered for and not covered for before you apply.
Warning: Terms and conditions of health insurance policies can be complicated, be sure to get a trusted and knowledgeable financial advisor to check it over for you.
3. What YOU need to know about Private medical insurance?
· Can you afford the premiums? They’re likely to go up as you get older.
· Are there costs that aren’t covered by the policy? It’s important to know what these are in advance.
· Are there any limits on how much cover you’ll have?
· Will you have to wait at all, before you can claim for anything?
· Do you have to pay up front and then claim costs back or is everything paid directly by the insurance company?
· Do you need the policy, or does your company have a scheme you could ask about? Some companies run a scheme for senior members of staff only, but there’s sometimes a discount if you take a private policy out from the same provider.
4. What does health insurance policies cover?
Every policy is different. Everything that’s covered will be explained clearly in the insurance policy sales brochures and the terms and conditions. If you’re not sure about something – ask.
To ensure that you get the most suitable health insurance for you, contact Financial Foresight independent financial advisers today for a free consultation.