Finding the Best Health Insurance Policy for You |

Finding the best health insurance policy for you

Having a health insurance policy in place can help ensure you receive speedy and effective care should you or a loved one becomes ill. Whilst the NHS provides amazing care for all of us, having health insurance in place could mean that you don’t have to wait for important tests, treatment or operations.


What’s the best policy for my needs?

There are a number of different types of health insurance policies – which is the best for you depends on your circumstances. It is important to decide who you want to cover, just yourself, or do you want family cover, so the rest of your family are included too?

Whilst most policies will typically cover essential treatments as standard, you could have the option to pay extra to secure specialist therapies or complimentary medicines.

Be aware also that typically healthcare policies have a tiered pricing level. This means for example that access to London hospitals, which are often in the highest tier, are sometimes more expensive. Would you be willing to travel for treatment to keep costs down a little?

Let’s look at Chris’s experience:

Chris’s case study **

Chris is in his forties and lives in London with his wife and his two small children with the youngest being 2 years old.  He was worried about reports in the media about the NHS and looking for peace of mind that should he or his family need medical help, they would have access to the very best of care.

After looking at options, Chris opted for a policy ensuring that his family would have access to consultations, scans and tests without waiting on the NHS, and cover to pay for any treatment costs for operations in a private hospital, with a private room, at a date and time convenient to them. 

It was important to Chris that he got cover from a provider that had the widest list of private hospitals in the UK including Central London.  

What other things should you consider when choosing a policy?

Perhaps most importantly before buying cover, always read the details and make sure you understand exactly what’s covered and what the policy will pay out for.

If you opt for the most basic, low cost, then the chances are you may only be covered for hospital admission costs, and not out-patient treatment costs.
As about 80% of GP referrals don’t lead to hospital admissions, but rather to other forms of treatment, you may find that only being covered for hospital care could be very limiting.

Finally, excess is important when it comes to health insurance policies too. The more that you are prepared to pay towards the healthcare costs before your policy kicks in, typically the cheaper the cover will likely be.

Let’s look at Mark’s experience:

Mark’s case study **

Mark is 31 and lives in the Midlands with his partner and their young son. Mark has his own business and wanted to take out private medical insurance for him and his family. As a small business owner, he cannot afford to be away from the business whilst awaiting diagnosis and/or treatment for any condition, so speed and access to private treatment was essential to him.

He was happy to pay what he needed to in order to get a great policy that would cover his family for as much as possible.

Mark decided to take out a comprehensive policy that included all additional therapies. As Mark could afford it, he also decided to pay higher monthly premiums in return for having zero excess.

Shopping around for health cover

Policies differ but so too does the price of cover. It’s important to compare policies to make sure you have the best health insurance policy for your needs - at the best possible price. Let’s look at what happened to Sarah and how she was helped:

Sarah’s case study **

Sarah is in her sixties and lives in the South East of England.  She already had private medical insurance but had over the previous year been suffering from health problems which had seen her premiums increase substantially.  Sarah needed to find more affordable cover.

Sarah decided to look around and was surprised at her options. She was able to find a policy which offered her access to twice as many private hospitals as her current policy, as well as covering her for more diagnostic tests and GP referred therapies. 

The new policy premium also worked out at 40% lower which meant that Sarah now has a far more comprehensive policy at a more reasonable price.

Want to know more?

As you can see, there’s no one size fits all when it comes to health insurance. If you’ve got any questions regarding health insurance, visit our health insurance page where you can find out more.

Our friendly advisers at Assured Futures understand that health insurance can sometimes be complicated, which is why they’re at the end of the phone waiting to help. Just call Freephone 0808 1411334.

But if you know what you want then why not compare prices and get a quote today?

**These are representative examples, sourced in November 2016