Don't buy cheap health insurance!


Aug 10, 2016
Don't buy cheap health insurance!

You might have very good reasons for buying health insurance:

 
  • to avoid the queues you are likely to face on the NHS (especially with some hospitals being given the green light for not meeting waiting time targets) and gain access to referrals and treatment as you need it, when you need it
  • to enjoy the prospect of a stay in a private hospital that has its own ensuite bathroom
  • to gain access to some of the country’s top specialists and consultants
  • to receive new treatments and drugs which might not have been made available on the NHS.   

So, there may be every reason for choosing to buy health insurance. In that case, what’s the danger in buying cheap health insurance?   

Changing your mind   

The Consumers’ Association’s Which? magazine givesone very good reason for avoiding what you believe to be cheap health insurance – and that is the difficulty in putting things right if you realise you might have made a mistake and chosen the wrong policy.   

Health insurance not only comes in many different packages, with varying levels of cover and at differently priced premiums, it is also quite unlike buying your home or motor insurance. In the latter cases, if you realise you have made a mistake in buying unsuitable insurance and spot a better deal elsewhere, it is easy enough to swap to an alternative insurer the next time your policy comes up for renewal – a process of “ditching and switching” Which? magazine calls it.  

 

Changing your health insurer, on the other hand, is likely to prove rather more difficult, because:

  • any illnesses or medical conditions you have developed whilst covered by your existing health insurer are unlikely to be covered by a replacement insurer – since these are going to be considered as pre-existing conditions
  • when making any switch, you are at least one year older – and age is especially critical when it comes to arranging health insurance.   

Getting it right first time   

There is a lot to be said, therefore, for getting it right first time. And, given the sheer range of packages and number of insurers competing for your business, that is precisely where the problem is likely to lie – making your choice of the appropriate insurance at a competitive price.   

That decision is likely to be made in two parts:

  1. what health cover do you need – it might be relatively basic and straight forward, especially if you have no or very few pre-existing medical conditions, or you might require a more elaborate form of cover and one that continues to extend cover after you have been free from any pre-existing conditions for a number of years
  2. what health insurance plans are available – it is here that you might be overwhelmed by the sheer number and range of different plans on offer.    

Matching those twin concerns about the cover most likely to suit your needs, and then identifying the insurers most likely to meet those needs might call for the type of specialist help we are able to provide here at Over 50 Choices.   

We understand how difficult it might be to make the appropriate choice to suit your particular health needs and to search for the most likely insurance provider. That’s why we make that search on your behalf – so that you don’t have to. Thanks to our panel of leading health insurance providers, we are able not only to find the cover most likely to meet your needs and circumstances, but also finding one with competitively priced premiums.   

Further reading: Do I need health insurance?

cheap health insurance


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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