Health Insurance Cover Explained

An increasing number of us are investing in health insurance cover. Offering a quicker, higher quality alternative to NHS services, health insurance cover is being considered by more and more of us. Of course private hospitals will never replace NHS emergency wards, but your health insurance cover will enable you to receive high quality care when you need it, avoiding long NHS waiting lists.

How much do you need to pay for health insurance cover? This will depend on a number of factors. Who is being insured? What is the level of cover? Have you found the right insurer? Health insurance cover will vary greatly between each insurer as the level of care, no claims discount and excess fees are all considered when calculating your health insurance cover premium.

Types of health insurance cover

There are two main types of health insurance cover in the UK - private medical insurance and health cash plans. Private medical insurance will provide you with access to treatment with minimal delay and at no cost above your health insurance cover premium. On the other hand, health insurance cover through a cash plan requires you to pay a smaller premium into an account which is then used to provide cash payments towards the cost of your health treatments.

A few health insurance cover tips

• Be honest. Most health insurance cover providers require you to give details about pre-existing medical conditions. They may also ask for your GP's contact details. Honesty is crucial. If you don't tell your health insurance cover provider the truth, your claims could become invalid - at the worst time!
• Check the small print. Before you buy health insurance cover, remember to check what you're paying for. There may be exclusions for drug abuse, cosmetic surgery or pre-existing medical conditions. Look for a list of specified conditions or diseases which aren't covered. Are they refected in your family's medical history?
• Check the rate. Remember that your health insurance cover premiums may go up with inflation. Some health insurance companies offer fixed rate premiums for specified periods of time.
• It can be a perk. Some employers provide health insurance cover as a perk of the job, which is only taxable after a certain point. It's always worth looking into what level of health insurance cover is already provided for you before committing to a new policy.