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The importance of health insurance for offering financial protection and security has never been more critical, with rising health care costs and the closure of many public hospitals putting a greater strain on people needing emergency treatments and other services.
Health insurance may be offered by employers as part of employee benefits packages, but more individuals are now choosing to arrange insurance themselves, to ensure both them and their dependents will be covered for a wide range of situations. It’s generally recommended to get quotes from several providers before you make your decision over which insurance option to choose, but you should make this decision based on more than just price, as there can be major differences between health care plans.
The most important aspect to check is what is and isn’t covered by health insurance plans, as different levels of cover are better suited to different customers. If you or someone in your family has an existing medical condition this could mean you require a specific type of insurance, and you should also check that your health cover extends to routine health care costs such as dental and optical work.
Standard health insurance typically covers out-patient treatments, prescriptions and emergency services, but may not extend to overnight stays in hospitals, visits to specialists or certain aspects of health care, such as psychiatry. Upgrading to a more comprehensive insurance policy will extend the range of services covered, which may include alternative treatments.
There are several functions of health insurance that should be taken into account when comparing products. Good health insurance should minimise the financial cost of medical care by picking up the bill for up to 100 per cent of costs, though you can choose to save money on monthly premiums by agreeing to subsidise part of these costs yourself. Most financial experts recommend taking out as much insurance cover as you can comfortably afford, but if you’re not certain how much to take out, you should speak to an impartial adviser.
Another function of health insurance is to offer a higher level of medical care than is generally available at public hospitals, so it can be worth researching the quality and conditions of health care centres before applying. Health insurance can be arranged directly with insurance companies or through brokers. If your employer offers health insurance, you should check the features and benefits of this policy and speak to your employer if you are not satisfied with the level of cover provided.
The author of this article is a part of a digital marketing agency that works with brands like Bupa. . The views and opinions expressed within this article belong to the writer and any reference or summary of Bupa Health Information Factsheets is that of the writers and does not represent Bupa or the information contained within the Bupa website. The contents of this article are of a general nature only and do not constitute specific advice. This article does not take into account your circumstances or needs and must not be relied upon in place of appropriate professional advice.
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