Health Insurance UK : The Private Medical Insurance

More or less, everyone knows what health insurance does. It covers the surgical or other medical expenses of an individual if he/she has enrolled for it. Basically, it is like an agreement between the insured individual and the insurer. 

The insurer agrees to pay all the expenses towards the medical treatments of that individual. But that’s not for free. To claim the insurance, the individual has to pay the health premium to that particular insurer. 

Importance of Health Insurance

The expenses of medical treatment are really high these days. Day by day, it will become out of the budget and you might have to utilize the savings of your lifetime to pay the medical expenses. To skip such a situation, you can buy private medical insurance for yourself or everyone in your family.

The health insurance will help you to pay the medical bills. You can’t predict any unexpected accident or critical illness.  But, insurance can save you from the indebtedness. 

So, be ready for any medical emergency with health insurance from the right insurer. Additionally, some treatments are beyond the reach of numerous people. In that case, health insurance is unskippable.

Terms Related to Health Insurance

Almost every health insurance UK has similar terms when it comes to providing the benefits. If you are a newbie to the health insurance policies, then keep reading. Learn about the general terms mentioned in the insurance papers.

  • Survival Period:

Most critical insurance policies must have included this term in their health insurance. The term indicates that the policy-holder needs to survive at least 30 days after the medical illness has been diagnosed. Otherwise, the policy-holder can’t claim the insurance benefits.

  • Network Hospitals:

All the medical insurers issue an agreement with some hospitals of their choices. These hospitals are referred to as network hospitals. The names of these hospitals should reside in the agreement of the insurance.

  • Pre-Existing Diseases:

This refers to the illness that you are struggling with before you have claimed the policy. If you have some pre-existing illness, then you must go through the terms and conditions of the insurance provider. 

Most insurers don’t provide coverage for a previous illness or before the policy continues for four consecutive years. So, if you have completed four years with the same insurance provider, the provider has to pay the medical expenses for your pre-existing illness.

  • Waiting Period:

Waiting period refers to the time after which you can use the benefits of health insurance after claiming it. Although every health insurance provider has a definite waiting time, there are some exceptions. 

In case of some medical emergency, like road accidents, the policyholder can get benefit from the insurer. So, check the waiting period for which you are signing any health insurance.

  • Inclusions:

Inclusion defines what kind of advantage or plans are covered in your insurance policy. You can’t claim the advantages or benefits that stay out of the inclusions. 

  • Exclusions:

Whatever plans are not included within the policy, they are known as the exclusions of your private medical insurance. Some of the exclusions include self-injury, dental treatment, AIDS, etc. However, the exclusions may vary from one insurer to another.

Advantages of Health Insurance:

Along with emergency handling through medical insurance, you can get many more benefits. We have mentioned all the benefits or features of health insurance below.

  • Policy Renewal, Online:

You have to renew the policy every year. For this, you don’t have to visit the office of the policy provider in person. Moreover, you may renew the policy online. Most of the medical insurance providers permit the policy renewal on their official websites.

  • Day Care Treatment:

This is a special case where you might have to remain admitted to the hospital for 24 hours. Not all the insurers add this facility to their insurance agreement. Well, some insurers have not limited the overall time that has to be spent in the hospital to claim the payment.

  • Cashless Hospitalization:

This is one of the major advantages of enrolling in health insurance. You can go cashless when you seek medical treatment from any of the network hospitals mentioned in the policy. 

All you have to do is to show the insurance card provided by the insurer at the hospital. Unfortunately, this cashless feature does not apply to the non-network hospitals and you have to pay the hospital bills on your own. 

  • Grace Period:

You need to pay for insurance per year. If you miss the date in any year, there’s a time limit for which the policy is still active. The benefit of this grace period is to claim the policy when needed. Generally, the grace period is of 15 days for most health insurers.

  • Before and After Hospitalization:

Almost every medical insurer provides medical expenses for pre and post-hospitalization. The pre-hospitalization consists of 30 days and post-hospitalization is 60 days after treatment.  

  • Portable Policy:

You can upgrade your health insurance policy anytime. Also, you can switch to another medical insurance provider. 

For that, you need not lose the current health policy plan. You can only ask for switching at the time of policy renewal. Make sure that you initiate the process 45 days before the policy expires.

  • Claim Settlement:

Every insurer has a different procedure to settle claims. If you choose any health insurer, then be familiar with their claim settlement processes. That’s why you need to go through the agreement papers of your health insurance.

  • Complaint Correction:

You can complain about anything related to the insurance policy to the provider. Once you face the issue, you are requested to submit the complaint within 3 days of occurrence. 

  • Tax Benefit:

This is an additional benefit of health insurance. You can get a considerable rebate just by showing the papers of medical insurance while you are filing your income tax papers.

Different Types of Health Insurance:

You can choose from a variety of health insurance plans applicable to different medical insurance providers. Here we have provided the most common insurance policies. Hence, opt for the policy that suits you the best.

  • Individual Health Insurance:

If you are thinking to opt for health insurance for yourself only, then you have to select the individual health insurance policy.

  • Senior Citizen Health Insurance:

Senior citizens should choose this insurance policy. This kind of insurance policy covers a wide range of facilities for those who are more than 60-year-old.

  • Family Insurance:

This kind of insurance covers up the health insurance policies for all the members of the family. Well, there are some terms and conditions on the number of family members to include. Generally, the family insurance covers a family of 4, that too for 2 adults, and 2 kids.

  • Maternity Insurance:

The objective of this insurance is to deliver all the medical services to pregnant women uninterruptedly. Some policy providers even provide the benefits for the mother and the new-born babies as well.

  • Critical Illness:

If you have been diagnosed with some critical disease, then this insurance applies to you.

There are several other insurance policies available for individuals. So, ask your health insurance provider for a detailed description.