Buying Medical Insurance... ?

• Are you concerned about NHS waiting lists ?
• Are you concerned about MRSA and similar hospital infections ?
• Has a family member recently suffered an illness or injury ?
• Is there a specific hospital or clinic you would like to access ?
• Does the idea of Consultant and Hospital choice appeal to you ?
• Are you looking for a 'safety net' policy - just in case ?
• Are you an employer looking at providing a valuable staff benefit ?

Affordable options...

The cost of Medical Insurance is regularly debated and receives much press attention. However, premiums vary considerably from provider to provider. If you feel that you are possibly paying too much for your cover, you might be over insured. In most cases, if you have not reviewed your insurance policy within the last five years, then it is likely to be over-priced. As new insurers and providers compete for a market share, premiums and plans have become more competitive. It is highly likely that you could both save money and increase your cover! So speak to a policy adviser now and see what you could be saving...

Medical Factors in Insurance...

When buying Medical Insurance, you will need to be 'assessed' to determine any adverse risk. This is commonly referred to as 'underwriting'. There are two forms of underwriting commonly used today; Moratorium and Full Medical Assessment. The Moratorium is popular due to its ease at application as the member only needs to sign to say that they understand it. The policy is effectively underwritten at the point of claim, when the insurer can determine whether the condition existed prior to joining the plan.
The Full Medical Assessment option requires the applicant to provide a medical history through the application process. Dependant on what is disclosed, the insurer may exclude or limit a condition / benefit.

Speak to your adviser to determine which option is best for you...
The ABI and BMA (British Medical Association) have produced an excellent and impartial guide about the way Medical Factors can affect your policy. Additionally, it describes the measures to protect your medical notes.
Click here to download a copy of Medical Factors in Insurance
   

NHS 'vs.' Private...

In recent years we have witnessed massive investment into our National Health Service (NHS), however given the volume of people using the service, some delays have become inevitable.
The NHS puts much of its focus on Emergency Treatment and Maternity, therefore minor, less urgent procedures will experience a degree of waiting. How long you might expect to wait can vary upon where about you live.

There are in essence, two waiting lists. The first is to see a Specialist (Out-patient) to determine exactly what your condition is, the second is to be admitted into hospital for treatment or care.
The NHS Waiting Lists are regularly monitored by the office of statistics, the published data is made publicly available. Click here to learn more...

Many larger NHS Hospitals also offer their own Private Patients Units (PPU's). This is an oasis of private care within a NHS Hospital, providing the best of both worlds... as some private hospitals are not equipped to perform more serious medical procedures.
Some insurers offer special plans and terms for utilising the NHS' Private Sector, if you would be happy to use NHS Private Units' substantial savings can be made on your premium - ask your adviser for details.

   

When is an excess a good idea...

Increasingly policy-holders are being asked to contribute toward the cost of their claim using an 'excess'. By agreeing to pay the first part or a share of the claim, the insurer will discount the premiums to reflect this.
It is always worth considering whether an excess would be useful for you, and if you would be happy to pay more at the point of need.

Excess options are more common with the 50+ market as they have sufficient savings to assist at the point of need and in return they can maintain their medical insurance should something serious happen?

Geographic coverage... home and away...

This is a key area to consider when buying any medical insurance plan. Is your local private hospital included as standard or does the insurer request an additional premium. Also, you should sometimes consider those hospitals further away from home, as you might be visiting friends / family when illness strikes.

Additionally, does your policy cover key centres of excellence should they become necessary. Specialist Cancer centres and Cardiac facilities being included only adds to the reassurance.
If you travel regularly, live or work abroad for a large part of the year ? You might be better considering International Medical Insurance to cover you whilst overseas and visiting home.
Speak to your adviser about hospital choice to ensure that you are not inconvenienced when you need to claim.
   

No Claims Discounts... the pros and cons

Many insurers offer discounts to those who do not make a claim. No different than your car insurance, a no claims discount can make a huge difference to the cost of your plan for all those years you do not need to claim.
However, unlike your car, you cannot simply 'patch up' minor claims yourself, and when it comes to your health, nothing is more important. This might mean that at your next renewal, your premium has increased substantially due to loosing the no claims discount.
If you envisage using your policy at least every couple of years, then a No Claims Discount probably isn't for you.
Some insurers have taken this approach and changed it slightly to simply reward those non-claiming years, whereas other still penalise you by removing the discount. Speak to your adviser about which option is better for you...