When health insurance is crucial – and how to reduce costs
PLANNING to get sick may sound strange, but it makes perfect sense. It's something most of us fear, but we'll be extremely lucky if we don't need medical treatment at some point.
With that in mind, spending a few dollars on health insurance can prove to be a great investment in yourself.
- Get a quote from Howden Insurance today – click here
Let's face it: it can take a long time to recover from an illness or injury, especially if you're reliant on NHS appointments and longer waiting lists.
But if you have private health insurance (PMI), also called private health insurance, you don't have to worry about waiting for the right treatment after an illness or accident.
PMI is an insurance policy designed to cover some or all of the costs of private medical treatment.
It is a policy that renews every year and the premium is based on where you live, your age and your medical history. It is also called private health insurance, PMI and health insurance.
PMI gives you faster access to a dedicated consultant or surgeon.
It can prove to be a real lifesaver if you fall prey to any disease. It can include everything from diagnosis such as scans and tests to treatment such as surgery where you can even get your own private room in an NHS hospital.
You can usually also insure yourself, your children and your partner.
The policy doesn't cover pre-existing conditions, so it won't pay if you've been recently diagnosed or are currently experiencing symptoms and are looking for immediate treatment.
Policyholders must pay for an annually renewable policy and the premium is based on your location, age and medical history.
Some policies offer ways to reduce the cost of cover by demonstrating that you lead a healthy lifestyle, such as regularly going to the gym.
- Get a quote from Howden Insurance today – click here
How does private health insurance work?
PMI works with two different elements: diagnosis and treatment. A policy is primarily based on which of these, or both, are important to you.
Diagnosis covers the cost of things like scans, tests and consultations, while treatment cover covers the costs of surgery, radiotherapy, specialist fees, hospital costs and so on.
With average premiums of around £1,000 per year, PMI is often considered a luxury purchase and only for those on high incomes, especially as the NHS is free to use.
But if you look at it as an investment in yourself, it may be worth seriously considering paying for it, as long as you can afford it.
Typically, PMI works well for seniors who have paid off their mortgage. That's because as you get older, it becomes more important, and so it can make sense to spend money on your health.
PMI also works well for families with children, with many insurance companies offering child options on their policies.
It can be crucial for the self-employed and business owners, as an illness or injury could mean they are forced to take costly time away from their business while they wait for necessary NHS treatment.
Nearly 70,000 patients are waiting more than 18 weeks for treatment, according to NHS figures. The waiting period starts from the moment the hospital or medical service receives your referral.
PMI not only helps you avoid long waiting lists, but also offers you many attractive benefits. These include private hospital rooms, waiting rooms, a dedicated consultant or surgeon and generally a higher standard of care.
Because there are a wide range of companies offering PMI, there is a wide range of costs, meaning you may very well find an affordable policy.
Some insurance providers are well known, such as Bupa, Vitality, Aviva, Axa PP, but there are many more to choose from.
You can find the right policy for your needs at Hats.
According to HatsPremiums vary from about ten euros per month for basic coverage to thousands of euros for more expensive insurance.
The average monthly cost is €104, but this depends on your age, location and any existing health conditions.
Some policies allow you to reduce the cost of cover by demonstrating that you lead a healthy lifestyle through regular exercise.
However, the cost of health insurance increases every year for several reasons. This is mainly because as we get older the risk of health problems increases, as does the cost of medicines, doctors, hospitals and treatments.
But instead of paying higher premiums, switching to another provider or changing your policy can save you a lot of money.
In fact, if you switch policies at the end of each year, you could save £644,854 a year, or 29 per cent of costs*, according to Howdens, by shopping around for the best PMI deals.
- Get a quote from Howden Insurance today – click here
*Customers saved an average of 29% by switching insurers through Howden Life & Health. The average saving was £644.85 per year. These figures are based on a survey among 157 clients who switched to a comparable or better policy. (May 2023)