Do’s and Don’ts buying private health insurance

Many people decide to take out private health insurance so that they have certainty that they can be treated, should they get ill, when and where they choose to without having to deal with NHS waiting lists. However, policies can vary widely. Here’s our list of things you need to consider when buying health insurance.

Do make sure you understand the excesses.

This is the part of a claim you have to pay yourself. Taking a higher excess is one way of reducing premiums, providing you can still afford to make a claim at all. Some policies have an excess on each claim, some only expect you to pay one excess per year. So, it is worth checking before you buy.

Do check what outpatient care is included.

Most policies have comprehensive care when you admitted to hospital, but there may restrictions on what you can claim as an outpatient. So, scans, blood tests and physiotherapy may all have limits depending on your level of cover. Does your policy come with a phone helpline?

Do understand what is excluded from the policy.

Some long-term conditions like Asthma or Diabetes may well be excluded from the cover. It is important to understand your, and your family’s, likely needs. Don’t forget none of us are getting any younger.

Do look at your local private hospitals.

You can save on premiums by restricting the hospitals you are prepared to use rather than paying to have access to hospitals across the country when you are unlikely to use them. Check you are happy with provision in your area before signing up with a provider based just on the premiums.

Don’t pay for central London hospitals unless you really need them.

The capital’s famous hospitals all attract an additional premium, so unless you expect to need their specialist services, or live in central London then exclude them from your policy.

Don’t wait until there is something wrong before you buy.

Many policies will exclude pre-existing conditions, at least for a period of time, maybe as long as two or three years. Setting up your cover while in good health means that it will still support you if your circumstances change.

Don’t forget to confirm what additional benefits are included.

Dental and eye care are expensive and you may want to look for a policy that includes them. If applicable, check if your policy includes complications during pregnancy.

Private health insurance can be a valuable asset to your family, so it is worth taking time to investigate the options available to you.

Please note that at Spot On Mortgages we do not advise on all types of private health insurance, so, Get in touch to discuss your specific circumstances and we can assess and advise you further.

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