Types of Private Health Insurance
There are a number of options available when it comes to choosing private health insurance. This means comparing different insurers as well as understanding the different types of insurance in general.
Private Medical Insurance: This usually covers consultations in private medical institutions as well as any tests and operations. This means that you will not have to wait on a list as in NHS treatment, and you will also be entitled to a private room. This also means you will be able to choose when and where to be treated. However, you should always check your individual insurance plan to see which hospitals are specifically covered.
When taking out this kind of insurance it is often available as an individual, for married couples, or families. This will influence the cost, as well as your age.
Income Protection: This is a specific type of private health insurance for those who are self-employed. Instead of covering your medical costs in the event of any illness or injury, it covers your income should you become incapacitated and unable to work. This means you will be covered for up to 65% of your gross income, rather than the standard £60.20 that is offered by the government without this kind of protection.
Critical Illness: This kind of insurance is for those who find themselves diagnosed with a severe illness. This insurance will give you a lump sum which can be used however the patient may wish.
Cash Plans: These provide cash that can cover medical expenses. This can be a cheaper option of insurance.
Health Trust Fund: This is based on trust fund laws in the UK, and is a type of low cost cover, though these types of plan are not regulated by the Financial Services Authority.
Pre-Existing Conditions: There are a number of exclusions when it comes to private health insurance. Some insurance providers will simply refuse cover in a certain number of situations, for example with diseases and conditions such as pregnancy, infertility, cosmetic surgery and others.
These pre-existing conditions will have been diagnosed and known about before the attempt has been made to take out private health insurance. Most insurers have a policy whereby conditions will be excluded if diagnosed within the last five years. If there is a recurring incurable disease this will also not usually be covered.
Factors to Bear in Mind
When it comes to choosing your private health insurance plan, you will need to research into the options that suit you and any medical conditions you will have. Whilst those above are standard insurance plans, each provider will differ in exactly what they cover.
Diseases and treatments normally excluded from health insurance policies include:
- Cosmetic surgery,
- Drug abuse,
- Rehabilitation,
- Dangerous sports and hobbies,
- Kidney dialysis,
- Treatment outside of the UK (except emergencies),
- Sex changes,
- Cosmetic dentistry,
- Injuries that were self inflicted,
- HIV/AIDS,
- Alcohol abuse,
- Organ transplants,
- Infertility,
- Aids for mobility,
- Risks in war,
- Experimental treatments.