Health insurance In UK, health insurance is the type of insurance which covers medical expenses of the insured person. some of the medical expenses may arise due to accidents, illness or mother health issues that may arise at any time within the insured person life. or it may be for specific tenure . depending on the type an individual applied for.
During this period, if an insured meets with an accident or is diagnosed with a severe ailment, the expenses incurred for treatment purposes are borne by the insurance provider. checkout all the categories of insurance in UK
You can also enjoy several add-on benefits, extended with health insurance policies, which are discussed in detail in the following sections.
Before you buy a health insurance plan, analyze your insurance expectations and compare various insurance plans that fulfil your insurance expectations.
You can also compare Mediclaim insurance and buy the most suitable plan according to your needs.
whether Mediclaim or health insurance Simply put, Mediclaim and health insurance are 2 instruments of mitigating health-related risks. Both exist to fulfil the insurance needs of the buyers.
How Health insurance In UK Works
Following are some of the features of health insurance in UK
- Coverage – Health insurance plan offers comprehensive insurance coverage, including critical illness cover for up to 30 plus illnesses.
- Note – A critical illness isn’t a part of a basic health plan; it’s a rider that can be opted for as an additional cover.
- Renewal Discounts – Generally, health insurance comes with a benefit upon the time of renewal after the end of a claim-free year. This benefit is known as No Claim Bonus.
- Co-payment – A few health insurance policies come with an option of co-payment. It helps to decrease the insurance premium as a particular percentage of the treatment expense is paid by the insured and the remaining balance is paid by the insurance company.
- tax in most countries health insurance comes with tax benefit that cover the insured person .
Like every kind of insurance policy, health insurance also helps you deal with the financial repercussions of an accident or emergency.
Let’s take a look at how health insurance actually works.
The process starts when you apply to purchase a plan. Depending on your age, medical background, sum insured required and the type of plan you’ve selected, you will be provided with premium quotes.
In some cases, you might be asked to do a few medical tests before the insurance provider decides whether they’d like to provide you with the required cover.
Once the terms and conditions are finalized, you will be provided with a policy. Each policy comes with a few waiting periods.
The initial waiting period is only for a few weeks or a month. During this time, you will not be able to make any non-emergency claims.
Let’s say that you require some kind of surgery after the waiting period. If you’re able to get the treatment in a network hospital, you can let us know about the surgery,
And we’ll get in touch with the hospital directly to settle all the payments.
When you’re discharged from the hospital, you will only have to pay for additional expenses that are not covered and the voluntary co-pay amount, if any.
If you’re getting treatment in a non-network hospital, you can make all the payments and then file for a reimbursement claim.
Either way, you can get the treatment you require without fretting about burning a hole through your pocket.
Types of Health insurance In UK
There are two basic types of health insurance:
1. Mediclaim Plans
Mediclaim or hospitalization plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to the hospital.
The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover the entire family up to a certain limit. you may also like life insurance in UK
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific life-threatening diseases.
These diseases could require prolonged treatment or even change in lifestyle.
Unlike hospitalization plans, the payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital.
The cover gives the flexibility to use the monies for changing lifestyle and medicines. Also it’s a substitute for income for the time you could not resume work due to illness.
Payout under these plans are made on the diagnosis of the disease for which the original medical bills are not required.
Should I buy Health insurance In UK a Mediclaim plan or a Critical Illness Insurance plan?
A Mediclaim plan will either reimburse all your hospitalization expenses or settle the hospital bills via a cashless facility.
With a Critical Illness Insurance plan, you will receive a lump-sum payout on the detection of a critical illness. You don’t have to be hospitalized for the same.
If you are unable to work because of the illness, then you can use the amount as a substitute for your monthly income.
You can even use the money to cover expenses for doctor visits, medicine purchases, medical tests or any other expense that might arise during this time.
That is why you need both a Mediclaim plan to cover your hospitalization expenses and a Critical Illness Insurance plan to cover your loss of income and other expenses that arise due to an illness.
How to choose a good health insurance plan?
Anybody who has a health insurance policy will tell you that buying one is one of the smartest financial decisions by any earning individual. you may like to know all insurance companies in UK
Now, that you have decided to buy a health insurance policy, you need to know how to select a good health insurance plan that will take care of all your needs.
Here is a list of benefits any good health insurance plan should offer you:
- Protection against a large number of critical illnesses
- Flexibility to choose your health cover
- No increase in premiums during the policy term even if your health condition changes
- Long policy term that covers you even in your old age
- Large hospital network for easy access to medical treatment