To figure out how much your private health insurance would cost, you’d have to enter details such as your postcode, age and some simple lifestyle and health questions. To give you an idea of the average prices on the market today, we got quotes for a 30-year-old, female, non-smoker, living in the Essex area. The prices given to us ranged from £12.50 to £82.89 per month, with different options that will alter the price slightly. These quotes are significantly lower than the quotes you would receive for high cover options or for family cover. The average premium for private health insurance in the UK is £1349 per year but as stated above, that price can fluctuate depending on your specific needs and policies.
One of the major factors that have an influence on how much you are going to pay for your insurance policy is the cover options that are available. As with any type of insurance, you must research the market thoroughly to determine the exact level of cover that you require. Once you have selected the standard of health insurance that you require, for example, low, mid, or high coverage, you will then be able to tailor your policy to suit your specific needs. This means adding on or removing different products that will alter your level of cover based on your requirements. Some of the different options that are available are as follows –
As you can see, you will be able to add different products based on your needs. One person may deem dental cover important to them, whereas another may not be interested in adding this to their policy. Therefore, it all depends on your individual wants. Of course, for every add-on to your policy, it will increase the overall cost. Therefore, you need to carefully consider what is important to you and what isn't. You could opt to provide employees with a standard cover and then they can add on extras if they wish.
It is also worth pointing out that they are waiting periods in place for certain insurance products. For example, if you are thinking about starting a family, it is important that you take out maternity cover before you start trying for a baby. The vast majority of medical insurance policies that are in place today will have a nine-month or 10-month waiting period when it comes to maternity care. This is to stop individuals from simply taking out an insurance policy once they have fallen pregnant. As soon as you are thinking about starting a family, you should look to add on maternity cover.
Another factor that you will really need to think about is the level of excess that you are going to set on your policy. For those who are unaware, excess refers to the sum of money that you will need to pay before the insurer pays out. Therefore, if you set your excess at £100, and you need to have a liver transplant. This means that you will need to pay a hundred pounds towards the treatment and then your insurance provider will cover the rest of the cost. It is important that you carefully consider what level you are going to set your excess at. The higher you set your excess, the lower your monthly premiums will become. However, while it can be tempting to increase the excess by a significant degree so that you only have a small amount to pay every month, is imperative that the excess is set at an amount that you will comfortably be able to afford if you do need to make a claim on your medical insurance policy. If you set the excess too high and you are unable to pay it, you are essentially rendering your medical insurance plan ineffective.
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If you have private medical insurance in place, you can organise fast private treatment in just a few steps. These are as follows:
Generally speaking, there are three different types of policies that are available. These are as follows – budget, mid range, and comprehensive. Budget policies represent the cheapest form of private medical insurance. They will typically only cover day patient treatment and inpatient treatment with limits on the amount that you are able to claim. The vast majority of mid range health insurance policies will cover both day treatment and inpatient treatment, as well as a selection of outpatient treatments. Mid range policies are ideal for individuals that want the benefits of private healthcare at an affordable price. Finally, comprehensive healthcare policies are the most expensive but this is because they provide the greatest level of cover. You can expect full outpatient, day patient, and inpatient coverage. There are also a number of other benefits, for example, you could have complementary therapy and psychiatric cover included. It is important to mention that healthcare plans today are highly customisable and this means that you can easily create a plan to suit your needs.
The hospitals that you are able to use will depend on your cover. Every medical plan will come with a list of approved hospitals, and hospitals that are featured on this list will depend on the insurer and your insurance premiums.
There are a number of different factors that will have an influence on how much you pay for your health insurance. Firstly, your age and your general health will have an impact on the premiums that you are quoted. For example, someone elderly can expect to pay a lot more than someone who is young. Moreover, smokers will generally be quoted a higher rate than non-smokers. Aside from this, the specifics of your policy will also play a role. For example, comprehensive cover is much more expensive than basic cover. You will also pay more if your excess is set at a very low rate. Also, the hospitals that are listed as approved in your insurance policy can also have an impact on how much you are going to pay.