We all want to help our parents as they get older and working out exactly what insurance cover is available can be hard work. When they ask for your help to find the Best health insurance where on earth do you start? As your parents have got older and maybe reached retirement they are hopefully beginning to enjoy life to the full. This may have changed what they want from a Health Insurance policy. The easiest way for you to find the best health insurance for your parents is to help them to obtain a full market comparison.
Working with a broker to find the Best Health Insurance for your parents
If you appoint an independent specialist health insurance broker to help you, this can save you both time and money. Maybe your parents are not confident with using the internet and would prefer to speak to a real human about the cover they want. If you want to deal with the whole set up of the policy, your parents can give authorisation for you to deal with it on their behalf. You can then be confident in the policy that is put in place. It’s also possible that you might want to pay for the policy too. If you do, then we can advise you which insurer will allow a third party payment to be set up.
A simple way to Compare Health Insurance policies for your parents
We would recommend that everyone has a full market review when they are buying a health insurance policy. It doesn’t matter whether you are 18 or 80, a market review is the simplest way to ensure you are getting a great deal. Whether your parents have a policy in place or are new to health insurance a market review lets you know what is available.
You need to think about what cover they now want for a start. Most health insurance policies are modular and therefore can really be tailored to what cover your parents want to have. There is no reason that they (or you) should pay to cover something they will never use.
How a UK Health Insurance policy is generally structured
When you start to look at health insurance on an individual basis, most policies start with Core Cover. This provides cover for eligible in-patient and day-patient treatment, surgeons and anaesthetist fees, hospital charges as a minimum. Quite often cover for private ambulance, home nursing and telephone helplines are covered in the core cover of a policy.
Once you have the core cover in place you can then start thinking about the other options available:
- Do your parents want full cover for out-patients treatment and diagnostic tests?
- Can they afford to self-fund treatment for therapies such as physiotherapy?
- Would they be happy to have a higher excess which means the premium will be lower?
- Is mental health a benefit that they would want to have cover for?
- Hospital coverage – do they have specific hospitals that they know they would want to use?
By assessing what is actually required, you can really start to build a policy that is appropriate for their needs.
Do your parents have any Pre-existing conditions that they need to have cover for?
If your parents have pre-existing conditions and want cover in place for them, there are a number of things to consider. New health insurance policies may not cover for pre-existing conditions and it will depend on the underwriting they choose and what the pre-existing conditions are. For people who already have health insurance in place with no exclusions for pre-existing conditions then you can stay with your current provider and re-assess the benefit levels or look at alternative providers. If your parents are able to sign the switch declaration of the recommended insurer then it is possible there would be no further exclusions added.
When you are looking for a good health insurance policy for your parents, it is important to take all of their concerns into consideration.
Can you add your parents to your Company Health Insurance policy?
If you own your own business you may want to add your parents on to the policy and pay for it through the business. Be aware however, to be eligible for cover under a company health insurance policy then your parents must be employees. If they are shareholders or directors of the business this would also be considered a legitimate business relationship. If your parents have no affiliation to your business at all, then you would not be able to add them to the policy. Both parents do not have to work for the company, if one is employed then the other can be covered as their dependent.
When SMP Healthcare provide a market review, what can you expect to see?
- Confirmation of everyone to be covered on the policy
- Personal information such as home address and dates of birth
- Medical history as confirmed within the initial fact finding conversation
- Cover levels and excess options
- A table showing you all the premiums available from our panel of health insurers
- Our recommendation based on the statement of demands and needs
- A benefit comparison table as a guide when a switch of provider is recommended
- Full explanation of what the next steps are
- Our terms of business
- The literature from the recommended health insurance provider
When we have sent the market review to either you or your parents, we give you time to review the information we provide. Once you are ready to discuss the options available, we can then discuss them in more detail. If your parents want to change anything we can provide re-quotes. We want all of our clients to be happy with the policy they buy to ensure they have the peace of mind that the private medical insurance policy they have bought is right for them. By completing a market review, we can help you find the best health insurance cover for your parents.
How much does it cost to search for the Best Health Insurance for your parents using SMP Healthcare as your broker?
As a specialist health insurance broker we do not charge fees for our services. We are paid by the insurer at the start or the renewal of a health insurance policy. As members of AMII and BIBA we are confident in the services we offer you as a client. There is nothing to hide when it comes to commission payments either, if you want to know how much we will earn from setting up the policy for your parents, we are happy to tell you.
Please remember we are not only interested in the sale of a private medical insurance policy. Our team will provide the following services every year:
- A full market review
- Administration for any changes made
- Guidance when you want to make a claim
- Assistance with claims queries and any problems when your parents are speaking to their insurer.
Authorisation has to be given for an insurer to be able to discuss any claims information.
If you would like our help to find the best health insurance for your parents, please get in touch. You can also find answers to your questions on our Health Insurance FAQ’s page.
Telephone 01245 929129 / 0800 047 0127