Health Insurance Policies
What does the policy cover? Typically you should be looking for all fees (including private hospital, specialist’s and consultation), the costs of diagnostic tests (X-rays, scans, ECG, MRI, CT, etc…), radiography and chemotherapy, specialist referred physiotherapy, osteopathy and chiropractic and extensive cancer cover.
What are the exclusions? For the most part this will concentrate on pre-existing conditions. So if you’ve a history of a specific and serious illness having presented previously, or have a family history of a particular condition – then the chances are you’ll be refused a health insurance policy. Plus there’ll often be other highlighted conditions or specialist treatments which will be excluded.
What level of cover is right considering my circumstances? Individual choices of health insurance policy differ from person to person and require a cross-section of aspects to be factored in. These more normally include your budget, whether you would like an excess, the decision to encompass an outpatient add-on (to cover X-rays and blood tests, etc), as well as earmarking any particular hospitals or clinics you would wish to attend. Remember, you can boost existing cover as and when required, with the inclusion of excesses and six-week wait clauses being among the most popular.
Is there a compulsory or voluntary excess? Compulsory is the figure set by the health insurance policies provider which is an immovable object, whereas an excess is dictated by the policyholder and works along similar lines to the excess referred to with other types of insurance such as motor, home, travel, etc. The reality is, the greater the figure that you agree to contribute in the first instance in the event of filing a claim against your insurance (and subsequently being successful), the lower the annual premium as a direct result.
Does this policy build up a no-claims discount? Many do, however be warned that unlike their other insurance type counterparts, the policyholder could potentially come a little unstuck by opting to have this written into their bespoke package. For the simple reason that should you make a claim you automatically drop down a few rungs on the NCD ladder and your premium rises when it comes to renewal time. However, should you look to switch your health insurance at this juncture to an alternate one offering a better deal on paper, remember that in any new insurer’s eyes you now have a pre-existing condition which you’ve claimed on. Which, hypothetically risks making you un-insurable.
Should I go for a moratorium or a fully-underwritten policy? By choosing moratorium underwriting this means that you can avoid disclosing any previous health conditions (suffered during the 5 years leading up to this point) to a new insurance provider, compared to the more conventional fully-underwritten policy which has the right to decline anyone on the ground of a pre-existing condition as we’ve alluded to above. Although quicker to set up and potentially affording the policyholder to figure in cover for pre-existing conditions after a 2 year standoff period, moratorium fails to deliver peace of mind and certainty when it comes to conditional cover for a variety of future health implications.
Is home-nursing included? You may well one day need to convalesce after a major medical procedure and not wish to spend a lengthy passage of time in a hospital environment. Therefore opting for home-nursing add-ons will enable you to recuperate in the comfort and familiarity of your own home, courtesy of regular visits from qualified and experience health visitors able to perpetuate your recovery remotely.
Is dental and optical care part of the health insurance policy? Always worthwhile considering having these two options, as unforeseen and complex dental procedures can often require hospitalisation, whilst a number of optical treatments also call for attendance in a broader clinical surround on occasion. What’s more, this feature can be used to cover any routine dental check-ups and optical fees that you have during your policy period; although you may be liable to pay an excess.
What – if any – cancer drugs and treatments are funded by this cover? Certain health insurance plans might afford the policyholder access to what’s colloquially described as ‘proven eligible cancer drugs and treatments’, providing that there’s good quality clinical evidence to support its administering and is fully licensed by the European Medicines Agency in connection with a specific condition, in addition to being included on the health insurance company’s list of advanced therapies and specialist drugs.
Will this cover provide financial assistance towards the costs of medical investigations and initial diagnosis? Again, a very important aspect of health insurance which needs determining from the outset so you know exactly where you are going forward.
Which hospital networks do you offer? Due to the well-documented postcode lottery which affects what some health authorities can and can’t fund, it’s possible to earmark certain hospitals as part of the more far-reaching health insurance packages, while availability and waiting lists for procedures also can work in a policyholder’s favour by being given the power to select a destination albeit from a governed choice.
Can I add other family members to my health insurance policy? As discussed above, there are various types of health insurance policy to choose from, some more geared up towards couples and families.
Will I be covered while I’m abroad? A key factor for many, it’s imperative that you discuss the likelihood of you being offered medical treatment abroad – free of charge – as part of a potential health insurance policy. Again, the spiralling costs associated with seeking healthcare overseas has been widely published in recent years and so to guard against being exposed to this it’s worthwhile to secure a plan which envelopes this type of proactive feature.
Does it have a six-week wait feature? An interesting add-on to mull over, as it effectively means that if the NHS waiting list is less than six weeks in duration for a specific treatment, you could have it done on the NHS; whilst conversely if the period exceeds this sex week benchmark, then the policyholder will be covered privately as an alternative.
[Source: http://www.bobatoo.co.uk/blog/factors-to-consider-when-choosing-a-health-insurancepolicy/]