What is the definition of cheap? Surely one mans “expensive” would be another man’s bargain so how can you establish whether there actually is such a thing as cheap private medical insurance?
Does the low premium reflect the cover you have?
There are policies in the health insurance market that appear to be very cost effective for the consumer however, these policies will often remove cover for some of the more expensive medical treatments. Conditions such as cancer, heart disease and psychiatric cover is often not available when you look at the real budget cover types. It is essential that you discuss or read through the policy benefits prior to purchasing any type of policy to ensure you have the right cover in place.
Is the premium low because of a high excess/ co-payment?
An excess or co-payment is the amount you agree to pay towards a claim should it arise. If you have a £0 excess on your policy then the monthly premium will be more expensive than if you were to apply a £1000 excess. Make sure you can afford to pay any excess or co-payment that is applicable to your policy. It is also worth establishing whether the excess is payable per policy year or per claim.
What hospitals can you get treatment in?
Cheaper private medical insurance policies may have a restricted hospital coverage compared to other options. If you have a specific hospital that you know you would like access to , ensure that you can have any eligible treatment there prior to taking out the policy.
Is it actually insurance?
There are policies available for under £10 per month per person however, this may not actually be “insurance”. Claims on this type of policy are for non-urgent surgical procedures and treatment is not guaranteed. Your treatment is assessed on a case by case basis and it is a discretionary benefit.
Is there a waiting period prior to treatment being available?
When you have your policy in place, do you have any restrictions on how long you have to have the policy prior to being able to make a claim? Do you have to pay in to a policy for 6 months before you would be eligible to register a claim?
If you would like to find out whether you can find a low cost private medical insurance policy then the Medigest Business Directory will be able to help you find a specialist healthcare broker in your area or contact details for the insurance provider directly. For more information visit: https://www.medigest.uk/directory/