Many people are now considering health insurance as a necessity instead of the luxury it was once considered to be. It has become far more competitively priced and increasingly flexible in the type of cover available. You can buy insurance to cover all of your medical costs, or you can opt for a level of cover that supplements treatment available from the National Health Service.
Basic medical insurance will generally cover hospital treatments, such as tests and surgery. Some policies may cover outpatient treatments and costs of appointments with consultants. We all will require medical treatment at some point during our lifetime and having insurance means that you can get prompt attention when you need it.
Some people choose to have medical insurance because they prefer to avoid NHS hospitals and the sometimes lengthy waiting times for treatment. Using a private hospital provides you with your own room which gives you more comfortable surroundings and privacy.
There is a range of treatment you would receive more quickly with private medical insurance. For example, being referred by your doctor to a consultant, receiving scans, or even being prescribed medicines that may not be available on the NHS because of their cost.
Whilst most people accept the likelihood of needing hospital treatment at some time in their lives, many do not like to think that they may be subject to a sudden illness such as a heart attack or have a life changing accident. Let’s face it; it’s not something we want to have to worry about. Unfortunately, the consequences can be financially, as well as physically life changing.
Critical illness insurance differs from medical insurance. It is a policy that pays out a lump sum for an illness or accidental injury. This means you don’t have to worry about paying your mortgage or debts should you suddenly become ill or have a major accident. The policy only makes one payment, which can be a very large sum, depending on the amount of cover you have taken out. You need to consider carefully the amount you want to insure. It is possible this money may have to last you a long time. Some employers provide this type of cover for its employees, but the majority do not. Critical illness insurance can also provide money for alterations to your home. For example, if you should need to use a wheelchair as a result of an illness or accident, the payment may help fund the changes needed to make improvements to the access to your property, such as widening the doorways, or installing a ramp.
Whenever you take out an insurance policy, it makes good sense to read it through carefully, including the small print. Make sure you understand exactly what the policy covers, and more importantly what it doesn’t cover. Not having to worry about your financial situation can be a great relief both to you and your family, at a time when you may all be under considerable stress.
Micheal is blogging enthusiast with a special interst in health and money saving tips.
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