With more and more people considering private medical insurance, the question ‘Can anyone buy private medical insurance?’ is often asked. For so long, people have perceived this to be a luxury purchase, but we no longer believe this is the case.
In the UK, the NHS does a great job. For accident and emergency treatment, in fact, there is no better solution, but what about non-urgent medical treatment? As we have all seen, NHS waiting lists have increased around the country and show no signs of recovery. The stats about waiting lists are reported on the news every single day and this is why consumers and businesses are actively looking for affordable alternatives.
Are you looking to buy private medical insurance in 2023?
If you are, then be warned: the options are seemingly endless. There are many UK health insurance providers and many different types of policy available, but the important message here is that almost everyone can buy private medical insurance. If you have a low budget, take a look at the reduced cost options such as Benenden Health and hospital treatment cover or a cash plan. Health insurance does not have to be a full-cover, comprehensive policy. As policies are generally modular, you can tailor a plan specifically to your own requirements.
Work with a specialist broker to help you find the right policy first time. Explain what you are looking for and be clear about the budget you have available.
Am I too old to buy private medical insurance?
Quite simply, the answer is no; regardless of your age there will be a policy available. The price for health insurance does increase as you get older, however, so you may need to look at different cover levels to achieve a premium you can afford. The insurance market does become more limited for the over 70’s market. If you do not currently have a policy in place, quotations may only be available from the larger providers.
What about pre-existing medical conditions?
If you have pre-existing medical conditions there is no guarantee that cover will be available for these conditions. Although, on a larger company basis, medical history disregarded underwriting is available, this is not the case for the consumer market. The two common types of underwriting are moratorium and full medical underwriting. There are pros and cons for both, and your choice of underwriting will very much depend on your medical history.
Do you think every pre-existing medical condition would be automatically excluded; this is not always the case. Depending on the underwriting you choose and how long ago you had the condition, you might be surprised that cover for it is available.
Discuss your medical history with your health insurance broker. No matter how insignificant you feel it may be, full disclosure is always the best way to buy private medical insurance.
Where can I buy private medical insurance?
You have a number of options available to you including:
- Specialist private medical insurance brokers
- Cost comparison websites
- Direct from the insurance company
- An independent financial adviser
The health insurance market is vast. Speaking to the insurers directly may seem like a good option but remember that they can only advise you on their own products and policies rather than give you an overview of the market. Speaking to a specialist broker will give you a better all-round picture of the plans and policies available.
Choose a broker to work with who has knowledge of the sector. This is easy to do if you refer to the list available to you on the AMII website (Association of Medical Insurers and Intermediaries) https://amii.org.uk/
I just want to buy private medical insurance for my children.
If you have cover through your employer but they don’t offer cover for your dependent children, this is not a problem. You can buy private medical insurance for your children as stand-alone cover. The premiums for child-only cover is low cost and affordable. You will still need to provide medical history and your home address and postcode. Quotations are easy to access for child-only policies.
Is 2023 the year that you buy private medical insurance for yourself, your family or for your business. Make sure that you know what is available for you. Ensure that you get the best policy on offer in your price range. Speak to an expert today and give yourself the peace of mind that the health of your loved ones is taken care of.