Answered by Tom Conner
Good question Tim, unfortunately there is no straightforward answer. There are a whole host of different insurers and products on the market which can vary wildly in terms of cover provided, quality and premium.
How comprehensive do you want the cover to be?
It is important to understand where the importance lies in terms of the cover provided, questions such as ‘Do you wish to receive treatment privately for more serious conditions only or do you require cover for diagnostic tests, consultations and scans so you can ensure quick diagnosis?’
As you can imagine the premiums can vary considerably depending on a number of factors including your own personal demographics, level of cover you require and also on the insurers themselves.
Comparing insurers is very important
Insurers all underwrite and price their products in a different manner so one insurer may provide more competitive terms for a 40 year old smoker while another insurer might provide better terms for someone in their late twenties, this is partly why it is so important to shop around and get options from a range of insurers.
Understanding your options…
Putting the things you can’t affect to one side such as your age, postcode and the insurers underwriting we are left with the medical insurance cover itself. Like with most things in life it is a case of you get what you pay for, plans can range from a very basic option which will only provide cover for treatment where a stay in hospital is required while others have all the trimmings and would provide you with cover for private treatment in a whole host of other situations.
With health insurance it is important to build up a picture of the options available, get an understanding of the extent of cover provided, any nuances that inevitably exist from insurer to insurer and most importantly set a budget.
Once you have both a good understanding of what type of health insurance plans are available and you a budget you are in a position to align the two and select a product which is firstly in budget and secondly meets your requirements.
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