Invest in your Health: how to choose the best health insurance for you.
Millions of people in the UK are covered by some form of private health insurance – also known as private medical insurance, or PMI.
At its most basic, private health insurance pays out for private treatment if you fall ill. However, private health insurance doesn’t cover you for everything and differs from provider to provider. The product is designed to pay for private treatment of medical conditions that respond quickly to treatment (usually called ‘acute’ conditions), as well as elective surgery and medical tests.
Types of cover
Fully underwritten policies
If you choose fully underwritten private health insurance, you will have to give your provider your full medical history.
Moratorium policies
With a moratorium plan, you will only need to give limited information to your insurer. Purchasing a moratorium policy is more convenient than going through your extensive medical history with your insurer - but fully underwritten plans can actually be cheaper and you'll know from day one which conditions you're covered and not covered for.
Costs
Like many other types of insurance, the costs of private health insurance vary depending on your circumstances and the specifics of the cover bought.
Also the place where you live can have a dramatic effect on costs of treatment – and consequently, on the premium you'll pay.
Inevitably premiums also rise with age. On average, customers under 65 reported paying £1,200 yearly; meanwhile, those aged 65 and over were paying £2,000 on average.
If you want to find a cheap private health insurance, speak to a broker; to find one, just check out the Association of Medical Insurers and Intermediaries.
Best UK helath insurance agency of 2020:
- AXA PPP - Personal Health
- Health-on-Line - Health for You
- WPA - Flexible Health - Premier and Elite or Multi-Family Healthcare
- Aviva - Healthier Solutions
- Freedom Health Insurance - Elite (Individual and family cover)
- Bupa - Comprehensive
- Saga - Health Plan Super and Health Plan Super 4
- CS Healthcare - Your Choice
- Vitality - Personal Healthcare
This list was created combining ratings from reviewcentre.com with financial researches and awards.
Health policies can be flexible so tailor the cover to your needs when getting a quote and make sure it is within your budget.
Think about whether you want:
- Access to quicker diagnosis
- Better or more convenient hospitals and treatments
- Cover for specific illnesses or drugs
Invest in your health.