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Buying health insurance can be a tricky process – particularly if you live in the UK and you're used to receiving treatment through the NHS. If you've never purchased a health insurance policy before, think of it as being similar to home or car insurance. You have to pay a monthly fee – unlike travel insurance, which involves a one-off payment – and can make a claim should you receive a private medical service or treatment for which you are covered. If you're looking for health insurance, here are a few things to bear in mind before buying your policy.
First, consider how much you can afford to spend each month on health insurance. This allows you to narrow down your options, making your eventual decision simpler. Then think about what you actually want from health insurance. For instance, a standard health insurance policy will cover certain basics, like 24-hour medical advice through a dedicated helpline, access to the latest medicines and the ability to be treated in a clean and comfortable private hospital. Or if you suffer from a terminal illness, look for critical illness and life cover policies which offer an extensive range of care and treatment options and may pay out a lump sum to your beneficiaries in the event of your death. On the other hand, a simple health cash plan will help recoup the cost of ordinary healthcare expenses – like optical or dental treatment – for a nominal weekly fee and this may be a particularly cost-effective option for families.
Once you've found the health insurance policy that suits your needs, it's time to fill out your application form. The most important tip to remember when doing this is to be as honest as possible. Disclosing all your past and present medical problems means that you will avoid any potential future problems with your insurer, should you happen to make a claim for a treatment. This also applies to disclosing your lifestyle habits. For instance, if your policy application asks how many cigarettes you smoke or how many units of alcohol you consume in a week, it isn't in your best interests to deliberately underestimate these figures. Lying to your insurer could be construed as a form of fraud, even if your mistake is unintentional.
After your health insurance policy is in place, you may need to renew it every year, though you should check with your insurer about this. And when it's time for renewal, remember to shop around before you simply extend your current policy as a better deal may be available. Alternatively, check with your employer to see whether they offer a health insurance policy or cash plan that you can opt into. Or if you're looking for a new job, consider companies who offer health insurance as one of their employee benefits. Equally, if you're a business owner, you may want to consider offering healthcare to your employees. Many insurers offer a range of cover options for businesses, from small business health insurance to policies for multinational corporations.
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