Health insurance is an equally contentious subject. Many people don’t see the point in investing in a comprehensive health insurance policy although we think that is absolute madness considering the skyrocketing cost of healthcare, which is rising far ahead of inflation. Others have false ideas regarding what they are covered for or what the exclusions are. So in the interests of clarity, here are some truths about health insurance, some of which might come as a surprise to you.
- No one is too young for health insurance
- ‘I’m young, I don’t need it’ is the most common reason we hear for clients skipping on health insurance. We find this utterly baffling. It implies that illness, disease and accidents never affect the young which, sadly, simply isn’t true. You just never know when life will throw you a health curve ball but if and when it does, you’ll want timely access to the best possible healthcare. Even if you can afford initial treatment, costs soon mount up and could quickly place a heavy burden on your pocket.
- Consider too that it is financially prudent to buy health insurance when you are young and healthy and premiums are affordable. As you age and become more likely to make a claim, premiums inevitably rise.
- A company policy may not be enough
- A corporate plan is a great thing to have but it may not be enough. And don’t forget that once you leave the organisation you will no longer have cover under the policy which means it might not be the wisest idea to rely solely on your employer’s health policy. In many cases it is preferable to also have personal cover tailored to your individual needs and those of your family.
- All pre-existing conditions must be declared
- You might think your high blood pressure or cholesterol is not worth mentioning on your health insurance questionnaire but don’t be fooled. It is always a very bad idea not to declare any pre-existing condition because if anything undeclared comes to light in the event of a claim it could invalidate your policy. As with most things, honesty is the best policy. If in doubt, put it in. Some insurers offer Medical History Disregarded (MHD) policies if you or a member of your family does have a pre-existing condition.
- I’ve missed a payment, I’m no longer covered
- While it’s always advisable to pay your renewal on time we understand that mistakes Usually there is a grace period after the renewal date of around 30 days within which you can pay your policy without your cover being affected.
- I won’t be covered for outpatient treatment
- Many hospital interventions, including chemotherapy and minor surgery, which once required a hospital stay can now be done on outpatients with the patient leaving within a few hours of receiving treatments. Most policies will cover these.
- I will be refused cover because I smoke/drink
- Neither smoking nor drinking preclude you from getting health cover but the risks are higher for an insurer so logically the premiums will be higher and you may be asked to undergo a rigorous health check before a policy is issued.
- Health insurance will fully cover all my bills
- This is not necessarily true. Your policy will probably have deductibles to pay which is the amount of any claim which you have to cover out of your own pocket. Electing to pay nothing may be an option but premiums will be set accordingly.
- Your policy will also have maximum payout limits and a cap on certain items such as daily hospital room rates. Some consumable items such as bandages, oxygen masks and thermometers may be excluded from cover. As ever, the devil is in the detail which is why it often makes sense to buy insurance from a broker who can talk you through what a policy does and doesn’t cover and help you compare different offers.
- Maternity cover is never included
- The insurance market is evolving and while up until recently this was the case, some plans now do offer maternity cover as an add-on. What is often true is that there is a waiting period of 12 months or more before you can claim for maternity costs which means it is important for women and couples to think ahead when planning a family for the future. If maternity cover is relevant to you ensure that you fully understand any terms and conditions relating to this.
Most people don’t bat an eyelid about insuring their car and home because they are considered valuable assets. But do you know what your most valuable asset really is?
It’s your health, which gives you the ability to earn a living and provide for your family both now and in the future. Health problems can come out of the blue at any time and the treatment required can have an extremely damaging financial impact on your life. This can be mitigated by having a comprehensive health policy which covers your medical costs and means that you don’t have to dip into your savings to have access to the treatment you need to get well as quickly as possible. Health insurance really is one of the foundations upon which a sound financial plan is built.
If you’d like to build solid foundations to secure your financial future get in touch today for a personalised quote to suit your budget. Infinity has access to a wide range of policies with all the major providers and can get you the deal most suited to your requirements. The premium will be the same as if you go direct to an insurance company but we can offer independent advice, product comparisons, technical advice and ongoing service support. Get in touch today.
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