In a recession hit country, money is on everyone's mind. Nobody wants to spend more than they need to, particularly on insurance. However, private medical insurance is one product where cheaper is not always the best. When it comes to private medical insurance, it is about value rather than price.
With more and more comparison websites focusing only on price and gimmicky incentives, customers are being taught that quality and suitability should come second to the cost. Insurance products are often listed by price, with the lowest price featured at the top and the most expensive at the bottom. Whilst some cover like car insurance may not be hugely affected by price, this is not the case with private medical insurance.
Private medical insurance premiums will directly affect your level of cover. Whilst cheap health insurance plans may save you money in the short term, you may miss out on life-saving treatment in the future.
Before you compare health insurance quotes, it is important to know exactly what it is you want to be covered for on your policy. First, you need to think about what you want to get out of your health insurance. Would you be happy with just cover for diagnostics tests? If yes, you could get a budget health insurance policy that just covers diagnosis. But if you want to be covered for treatment as well, you may miss out in the long term with one of these basic plans.
Other cheap private medical insurance plans may have limits on the amount you can claim in a year for a particular condition. They may also have limits for outpatient cover. With an outpatient limit of £500 per annum, you will only be able to claim £500 a year for outpatient treatment, and meet the remaining costs yourself. Whilst some people may be happy with this, others may want a more comprehensive policy so it is worth keeping your eyes open for hidden limits.
Cancer cover is one reason a lot of people take out a private medical insurance policy. Comprehensive cancer cover will cover you for all stages of cancer with no limits, and will even fund drugs not available on the NHS. However, some budget cancer cover will have financial limitations- your policy may put a yearly price limit for treatment, like £30,000. This may mean that you have to pay out of pocket if you go over this sum. When you look for a private medical insurance policy with cancer cover make sure you are aware of the limits on the cheaper costs.
But whilst you should never buy a health insurance plan based on cost, it is also important to keep it within your monthly budget. That's why you should look out for discount schemes that can cut your premiums but maintain your level of cover. Discount schemes including adding an excess to your policy, reducing your hospital list, or adding a six week option. With a six week option you will be treated on the NHS if the waiting list is shorter than six weeks, but if it is not then you go private straight away.
So, when you compare health insurance policies online make sure you choose a policy based on quality and suitability, not simply on price. Don't be conditioned by gimmicks and false promises- not when it is your health that you are gambling with!
Chloe writes expert articles on health and the medical insurance industry for http://www.activequote.com/.
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