Private healthcare insurance will compensate you for any private medical treatment you undergo which is related to illnesses covered by the policy. According to various estimates, more than 5 million people in the UK have some form of private health insurance. And if you are planning to take one, then the below information will help you to know the basics of high quality private healthcare policies.
What Is Included And Not Included
The first thing to understand is what is included and what is not included in the policy. All private healthcare insurance will include coverage for inpatient and outpatient treatment. And in case you have to spend a few days at the hospital, all expenses related to it will also be covered. Plus, the policy will also reimburse you for all expenses related to buying drugs which have been approved by the National Institute for Health and Care Excellence. You can also expect to be compensated for ambulance, home nursing, therapy costs that you incur during treatment. One area that will create confusion is psychiatric treatment. This mostly happens since psychiatric treatment cannot be fully brought under the policy’s definition of ‘curable illnesses. However, there are some policies that cover such mental issues too.
When it comes to what is excluded from the policy, medical conditions that require long-term treatment and care will not usually be covered. So, if you have asthma or have to do kidney dialysis, then you shouldn’t bet too much on the healthcare policy covering for you. Things like pregnancy, drug abuse, cosmetic surgeries, infertility etc. are also usually excluded from the coverage. Most insurers will exclude any pre-existing medical condition you are suffering from. However, if you are willing to pay a higher premium amount, you might find a few insurers who might be willing to provide you a policy that includes full coverage for your pre-existing medical conditions.
High quality private healthcare policies will inevitably charge you higher premiums. However, you can cut down the cost by compensating on a few things. For example, all insurance companies will give you a list of hospitals covered under the policy. If you are willing to shorten that list, you should be able to shave off a few bucks from the premium amount. Similarly, if you opt out of outpatient coverage, you can again reduce the premium to a good extent. Another way to cut down the premiums is by remaining as healthy as possible. Insurance companies do provide discounts on premiums if the person taking the policy is very fit and healthy.
Switching To New Policy
Unlike a home or a car insurance, ditching an existing policy and taking a new one will not bring you any significant benefits. In fact, the opposite is true. If you go for a new policy, then the company will be less willing to cover your pre-existing illnesses. But if you opt to continue with the current policy, all your pre-existing illnesses will already be covered by default. So, think very well when you feel the need to switch policies.