Summary
In the second part of this article we continue with the various considerations for health care beyond the NHS. This is the second of two articles about the subject, the first being entitled "Health Insurance - Don't Break The Bank".
Avoid NHS Delays And Reduce Stress And Worry.
An alternative to health care insurance which you may like to consider is something like critical care insurance or maybe an income protection policy. This means that you can rely on the NHS for your care in general, but if you were to be diagnosed with a critical illness, you would have some back up via a cash sum or protection of your income should you be incapacitated due to illness.
The least comprehensive, but easiest on the pocket, insurance is the cash plan. They work by paying out a certain and modest amount each time you visit a health professional such as a dentist, physiotherapist, of hospital appointment. Private hospital care is not included but a payment per night for nights spent in an NHS hospital is covered. This type of plan ensures that you can afford treatment for minor conditions and can make going to the dentist a whole lot less painful on the purse-strings. These plans are available for little more than £1 per week.
For something higher up the scale, there are co-payment or shared-responsibility plans to think about. You can keep the monthly premiums much lower than with a fully comprehensive plan by agreeing to contribute a percentage of any claim you need to make.
There are two versions of the plan. With one the patient pays a quarter of the claim themselves, with a limit on claims being set at anything from £500 to £5,000 per annum. The higher the limit, the lower the premium is how they work it. The other version is very similar but includes a straight split (i.e. 50/50) The limit that the patient will be liable for is £10,000 and beyond this the insurer will settle the bill.
The only way to be absolutely certain that you'll be covered for all medical eventualities and emergencies is by taking out a fully comprehensive PMI (Private Medical Insurance) policy. These are expensive and can set you back by over £1,000 per year. It's possible to reduce this cost by introducing a heftier excess or excluding certain conditions from your policy. As always, double check the conditions of the policy and pay particular attention to the exclusions.
Remember, you won't be the only one to be affected if critical illness strikes. Very many people are treated for what was previously thought to be untreatable cancer, but treatment can be very hard on both patient and their family. The time span of treatment for leukemia, for example, can last for around 18 months, with repeated in-patient treatments. The costs can be enormous, both in lost earnings, child and domestic care and the stress of worrying about this is simply too much to cope with at a time when all your strength is needed to get through the illness.
Sort out your needs today, please. Then forget about it!
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