Last Updated on Dec 23, 2019 by James W
Whilst health insurance isn’t a necessity in the UK, thanks to the wonderful NHS, it can certainly bring great benefits to those who choose to purchase it. There are shorter waiting times for one, meaning that you can be seen by a doctor sooner and start receiving treatment as soon as possible. Health insurance also allows you to be more proactive in your healthcare thanks to health check-ups that are usually included as part of your plan. Read our guide to finding the best health insurance plan for your needs and see how having that extra piece of mind could benefit you.
Types of Health Insurance Plans
In the UK health insurance is usually referred to as Private Medical Insurance (PMI). This type of insurance tends to cover diagnosis and treatment in a private medical centre of any previously undiagnosed conditions. They are about getting the best treatment in the fastest time possible. Cash plans are also available. These are plans that you pay into on a monthly basis that help you reclaim a percentage of your treatment costs as they occur. Take a look at a comparison of these two products online to help you decide which is right for you.
Other Ways to Pay for Services
Luckily in the UK, you do have access to the National Health Service to cover treatment costs if necessary. Alternatively, you can also pay for private treatment as and when, although this might end up being rather costly. Have a look at our guide to trauma insurance. This is another product that is often available that pays out a lump sum if you were to be diagnosed with an illness such as cancer. It allows you to fund your own treatment or use the money to cover you taking time off work.
How and Where to Get the Best Quotes
Just like you can head to moneyexpert.com for cheaper life insurance, you can also go there to find out your best options for health coverage. Have a play about with your requirements until you find a balance between your needs and the cost.
Understanding HMOs and PPOs
HMO insurance tends to be more restrictive than PPO. with HMO you can choose, for instance, which medical professional to visit but it has to be within the network offered by your particular insurer. If you visit anyone outside of the network, your insurer will not pay. PPO insurance, however, allows you to choose who you would like to see from a broader range of healthcare professionals. Take a look at an online comparison between the two for more information.
Fee for Service Plans
Fee for service plans are all about you sourcing your medical care directly, paying the bill and then claiming back the cost from your insurer. They are great in the way that they allow you full flexibility in choosing your healthcare provider but they do mean that you need to have access to money to pay for your bill. You also need to be in a position that means you can wait for that money back before all the paperwork is in order.
