Health insurance – understanding the market

Whether you’re thinking about taking out health insurance for the first time, or you’re considering changing providers, the more you know about the health insurance market, the more comfortable you will be making your choices. The health insurance market, like all other insurances, is regulated by the Financial Services Authority, which means you should be able to get access to fair and reasonable information and advice about any policy you’re thinking about taking out.

Types of health insurance

You can find a wide range of health insurance policies on the market. Health insurance is a growing sector, so there is a lot of competition for customers. You need to know what sort of cover you’re looking for, and how you want to pay for it:

Private Medical Insurance

Many people choose private medical insurance schemes because they allow you to pay monthly and give you a range of benefits that include private treatment, a private room, quick access to consultants and a choice of hospitals. Private medical insurance doesn’t have to break the bank. You can lower your premiums by opting to pay an excess each time you use the health insurance, or by choosing a budget option rather than full coverage. Usually, you can contact your private medical insurer once you have been referred by your GP for further treatment. The insurer will let you know whether they are prepared to cover the costs of your treatment in a private hospital and then give you the authorisation to go ahead.

Cash Plans

Cash plans also allow you to pay monthly, but instead of giving you access to faster medical treatment, the money you pay is invested or held by the health insurer until you need it. If you have an accident or a medical problem and you have expenses to meet, you can access the cash you have paid to help you cover your bills. You can take out a general cash plan, or a six week cash plan, which is available to people on an NHS waiting list that exceeds six weeks. Every cash plan works differently and you should check the policy carefully to see what’s covered and what’s excluded.

Although these two types of policy account for most of the health insurance market, there are other products available to you. Before you commit to a health insurance product, however, it makes sense to get some advice that helps you to choose wisely. Not all products will cover you for certain illnesses or circumstances. Some may only offer to pay a certain percentage of your costs, whilst others may require an excess payment from you in addition to their own contributions. You need to be sure that you know exactly what you’re paying for before you take out the policy.

Right to Health is a leading UK health insurance intermediary, helping individuals and corporations find the best private health insurance cover. With access to the UK’s top health insurance companies, Right to Health has advised thousands of clients and can help you to get great health coverage for a competitive premium. Right to Health is authorised and regulated by the Financial Services Authority, which means that you can be confident that the recommendations you are given really are in your best interests. To find out more or to get a review of your current health insurance, call 08000 753 999 or click the Free Online Quote button at the top of the page.

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