Pros and Cons of Medical Insurance

The Cons

It can be expensive
Its worth shopping around if you are over 50, a woman, a smoker or a moderate to heavy drinker. If you fall into any of these categories you will often have to pay higher premiums for health insurance.

Pre-existing conditions will be excluded from your policy
If you already have a medical condition, or even symptoms that later lead to a medical condition, you will not be covered under a new health insurance policy for this condition until two symptom-free years have passed.

Unintentional Non-disclosure can invalidate your claim
When you apply for health insurance you will be asked a series of medical questions. If you do not reveal everything in your medical history when you come to make a claim it may be invalidated. This is called non-disclosure. Even though the industry (Institute of British Insurers) has put measures in place to protect customers and make sure that insurers are being fair, care must be taken when filling out health insurance forms, which are actually legally binding documents.

If you never use your policy
If you remain in good health you may never or hardly ever have reason to use your health insurance. This can be a frustrating experience if you think about the money you could have saved instead.

Choosing can be complicated
Health insurance policies vary in what they offer. It can be complicated to choose the right policy for you without doing an awful lot of research. Some policies for example offer psychiatric treatment, others do not, some insurers, such as PruHealth offer discounts if you maintain a healthy life style. The main advise is to seek out as much private health insurance information as you can before committing yourself to any particular policy.


The Pros

Saving Money as you go
Many people want the benefits of private medical care but are unable to lay their hands on the cash when they do get ill. Having a medical insurance plan enables you to pay in instalments and reap the rewards if you do become ill. It helps you to manage your money and allows you to get the best care if the time comes.

Getting seen quickly
The NHS has reduced its waiting times but they are still very long compared to private health care (18 weeks). When you are ill you want to be seen as quickly as possible, it reduces your stress and very importantly enables things to be nipped in the bud before they become more serious.

Get back to work quicker
If you become ill your job will be affected. Statutory sick pay will only cover you for a certain number of weeks and company schemes vary. If your illness is protracted then you may develop money problems. Being able to receive quicker treatment means you will be able to get back to work quicker and maintain your standard of living.

Security for your family
Very often people are happy to wait on NHS waiting lists until their children become ill and then they feel very differently. There are even health insurance policies which are just for children. Axa PPP, for example have, First Healthcare which is just for children.

A safe and comfortable environment
Private health care institutions provide a safe and comfortable environment. High standards of hygiene in private hospitals was the top reason why people preferred to have medical insurance. Additionally the comfort of a private room and the good catering services make private hospital care a more psychologically positive experience.