Medical insurance: a sound policy
The global pandemic caused by Covid-19 has truly left its mark on both the UK financial climate and to a greater extent, our health system. It soon became apparent that, with the overwhelming number of cases that put immense pressure on the NHS hospitals, the private sector would have to step in and offer its services and facilities. Through this difficult period, many private patients had seen delays in treatment paths and initial diagnosis timescales. This put both clients and insurers in a quandary, as the insurance premiums needed to be paid, however the treatment paths were put on hold.
Healthcare insurers have faced challenges in the pandemic and have had to react fast and in the best interest of the client. New services have been designed and proposed where treatments have been deferred. Payment holiday breaks, renewals pushed back a few months and annual rebates, to name a few options, were made available.
WHAT NEXT?
While we continue to face difficult times, with Covid-19 still very much keeping things from the norm, the private sector is almost back to its pre-pandemic service levels and there has been an influx of people taking out private medical insurance on an individual and SME (small/ medium-sized enterprise) basis.
With the media showing NHS waiting lists at more than 12 months in some cases, and backlogs causing a logistical nightmare, medical insurance offers the peace of mind that you and your family will be seen promptly.
The pandemic has made us all realise the importance of health and health insurance. It has highlighted how crucial it is to remain financially shielded, as emergencies, especially medical emergencies, come without warning and can result in financial strain and emotional grief.
However, when purchasing health insurance, it is important to check the coverage of the plan. For instance, does your plan provide benefits for pre and post hospitalisation, in-patient and out-patient treatment?
COSTS
It is difficult to say exactly how much a typical health insurance policy costs, as not everyone will choose the same cover. It is entirely down to your personal circumstances and priorities.
However, major factors that can affect the cost of your health insurance are your age, location and your chosen cover (aspects such as level of cover selected, level of excess you want to pay, who you are choosing to cover, hospital choice, underwriting method and any out-patient restrictions).
When looking at health insurance either as an individual, a business, or a large corporate entity, you should shop around to ensure you are getting the best value for money and for the benefits you require.
Medical insurance provides you with the power to decide who treats you, where they treat you, and better still, when they treat you. So, if you have prior commitments, plans or your job to work around, this gives you flexibility — which will alleviate any further worries you may have about the treatment path you require.
The question of whether you should buy health insurance depends on many factors including individual need, family need, financial ability and access. Because healthcare costs have risen and continue to rise, securing health insurance can help you and your family enjoy the comfort and security of being covered in the event of medical necessity.
The key thing to bear in mind is that the value of health insurance remains true — and after the pandemic subsides, there will be a greater challenge in the catch-up period and backlog of postponed care in the NHS for the foreseeable future. Although the private sector will have its own agenda, private healthcare will be accessible in private and NHS hospitals now they are able to open their doors again.
If you are interested in looking further into the benefits of private medical insurance and how it would work best for you, we highly recommend you speak with a whole-of-market and independent insurance broker.