How to Buy Private Medical InsuranceWritten on July 30, 2015 by Kirk Rice LLP
Financial Services QuestionsThe Question:
I was made redundant and no longer have private medical cover for my family. Is it easy to obtain the same cover again? The insurer does not provide personal plans.
Kirk Rice LLP answers:
There are many website comparisons for providers of private medical insurance and you’ll easily find a plan at a price that you like. However, each insurer offers numerous versions of its own plans and the actual cover for a specific illness can differ widely between them which can make it difficult to compare plans. Most benefits have a claims limit which varies according to the overall price of a plan within the same insurer. Some plans include optical and dental work, whereas others do not offer any cover. An insurer might pay you if you stay overnight in an NHS hospital, perhaps as a result of an emergency, another might insist you take treatment on the NHS if it can be arranged within 6 weeks. Cancer treatment is one of the most common concerns and there can be limits to the value and period of a claim. It is essential you understand any limitations from the outset.
Perhaps you can look at the benefits you lost with redundancy and decide which are essential to you and your family. Then consider whether you want a private ward, whatever happens and whether the insurer has arrangements with hospitals that are convenient to you. Another useful feature would be the ability to avoid having to see your own GP first for an open referral.
Do you intend to travel abroad for work or leisure? If so it may be appropriate to add full travel cover to the plan, but not all insurers offer this extension. Another option, especially if you need to reduce costs, could be a plan that pays only for a diagnosis rather than the treatment itself.
The type of application also affects the cover you have and the cost of the insurance. If you disclose full medical history the insurer will tell you from the outset if there are any conditions they will not meet claims for. Or, if you choose not to disclose any medical history – the insurer will not meet claims for any condition that you experienced in the previous 5 years (or other period the insurer states) until you have held insurance with them for at least 2 years. You may also be able to obtain a no claims discount on your plan from the outset based on your previous claims history too.
With all insurance applications fully answer any questions, providing as much information as you can to ensure the insurer can meet your expectations in the event of a claim.
If you would like more advice regarding this issue or any other financial services matter, please contact us.
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Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. Information is based on our current understanding of taxation legislation and regulation. Any level and bases of, and reliefs from taxation, are subject to change
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