There are no guarantees in life. From one day to the next, health conditions could drastically change. This is the main reason why health insurance is arguably the most type of insurance that we can own. These policies are intended to provide us with the financial protection required and to offer our families with the peace of mind in knowing that they will taken care of in the event of a long-term illness or even a death. Let's look at the mechanics behind this type of insurance, the top providers and the different plans that are available to consumers.
How do Health Insurance Plans Function?
Health insurance is simply another form of financial protection offered by an independent provider. The client will pay monthly premiums and as a result, he or she is able to enjoy a financial buffer. What is interesting to note about the majority of health insurance policies is that they can normally be used to ordinary purposes such as a check-up at a local doctor as well. Depending upon the premiums that are being paid, these plans can offer cover into the tens of thousands of pounds or more. Of course, there are different options to choose from. Let us now take a quick look at the most common health insurance variants to choose from.
Categories of Health Insurance
There are generally two types of health insurance available within the United Kingdom besides the coverage offered by the NHS. These are:
- Fully underwritten policies
- Moratorium policies
In regards to the first type, you will likely to be able to receive a much more comprehensive package. This could include dental care as well as standard medical options. However, the trade-off with any fully underwritten plan is that the insurer will need to be provided with a detailed medical history. While this not be an issues for healthy individuals, those with pre-existing conditions could very well be denied coverage. Additionally, these plans tend to be somewhat expensive.
Moratorium policies are much more basic in their nature as well as the types of events that they cover. They are also associated with blanket restrictions for those with underlying conditions (such as COPD or a heart problem). Still, moratorium policies are the more economical choices.
The Top Providers
Some of the top healthcare providers in the UK today include:
- Aviva
- Vitality
- AXA
- Freedom Health Insurance
- WPA
- Bupa
Finding the best policy will involve your current state of health, your age and how much money you can afford to spend in regards to premiums. Also, there can be certain instances when you will be able to mix and match addenda to suit your needs. Health insurance is a worthwhile investment and by appreciating the available choices, you can remain confident that you will be taken care of when the time arises.
