The best private health insurance plan really depends on your needs so will vary from person to person. Determined by age, lifestyle, budget and medical history, our requirements will be specific to our individual needs but as health insurance plans vary and are usually quite flexible, they can be tailored to suit.
The most important thing to do is compare health insurance plans and quotes before you buy as prices and levels of service can be quite different. By using a comparison service like the one we provide at Over50choices, you can see at a glance what the UKs leading providers offer, then if you want you can call for more information or advice on how to get the best health insurance for you.
When choosing the right plan it is important to understand a number of key things so the following checklist will help you compare health plans and make the right choice:
• Think about the things that are more important to you and read the small print to ensure the policy provides that level of cover.
• Go through the exclusions with a fine tooth comb.
• Decide on the level of cover you are comfortable with both in terms of budget and the service it gives you.
• Look at the total excess to see if it is payable per claim or per policy year. Also consider whether you would want to increase the amount of excess you pay in order to reduce your monthly premiums.
With some private medical insurance plans you are also able to agree to pay a certain percentage of each treatment again with the aim of reducing the price you pay each month:
• Check if there are any monetary limits to the cover you receive and if so that you are happy with these.
• Verify whether there are limits for certain drug treatments or conditions such as cancer.
• See if there is the option to reduce you premiums by agreeing to be treated by the NHS if it is within a certain time frame, i.e. 6 weeks.
• Check whether the plan allows you to build up a no claims bonus that will help with the cost of future health insurance. Don’t let this be a reason not to claim on your health insurance though otherwise what would be the use of having it if you don’t use it when necessary.
• Decide on whether you prefer a moratorium plan that covers you for everything after an initial waiting period or an underwritten plan that excludes pre-existing conditions.
• Establish whether you can choose to be treated in a range of private hospitals. Some plans give you the option to reduce your monthly premiums by agreeing to be treated in a selected list of private hospitals but this may mean you need to travel further for treatment.
This is just a quick list to point you in the right direction so if you would like to understand more about how private medical insurance works, take a look at our guide.
Alternatively if you would like to get a feel for the level of cover and prices on offer with the UKs leading health insurance companies and are ready to compare health insurance quotes, click here.