PRIVATE HEALTH INSURANCE IN UK

Private health Insurance in UK is an Insurance Policy that covers the costs of private healthcare. Its coverage is right from diagnosis to treatment. However, you will usually pay a certain amount on a monthly basis. And in return, make claims for any eligible medical care you receive. Moreover, depending on your agreement with your insurer, your insurance policy will cover some or all the cost of private cares. And may give you cash benefits.

In order words, you will pay a monthly premium that covers all or some of the cost of treatment for acute medical conditions that develop after the commencement of your health insurance policy. You may take out health insurance as it gives you quick access to medical treatment.

In the United Kingdom, Private health insurance policy represents an alternative for those unable to access the NHS (NATIONAL HEALTH INSURANCE SERVICE) or those who want an enlarged choice of healthcare treatments.

HEALTHCARE SYSTEM IN THE UNITED KINGDOM

The United Kingdom operates a mixed system of health care, with most Residents getting health coverage from the NHS funded by the state. While about 10.6% of the population use private healthcare made available by their private health insurance policies.

Similarly, Public healthcare in the United Kingdom is different from that in many other European countries as its funding is from tax and for residents only rather than through public health insurance. All residents can access most NHS health care services free of charge and don’t need any kind of insurance plan.

PRIVATE HEALTH INSURANCE IN THE UNITED KINGDOM

Due to the availability of free health care in the United Kingdom through the NHS and people can access free healthcare, there is no compulsory requirement for health insurance. Therefore, many residents don’t bother buying medical insurance in the UK.

However, private health insurance is available as an option for those who wish to access private medical treatment. These extra treatments t is usually those not available through the NHS. For instance, some dental procedures are not done on the NHS.

WHO SHOULD GET PRIVATE HEALTH INSURANCE IN THE UK?

Individual Health Insurance in the United Kingdom is for anyone who doesn’t have access to employer-sponsored or government-run health coverage. This includes people who are employed by a small business that doesn’t provide health benefits, people who are self-employed, and people who retire before they’re eligible for Medicare and have to get their own personal health coverage until they reach age 65.

THE BENEFITS OF GETTING HEALTH INSURANCE IN THE UK

The National Health Insurance Service (NHS) is a worldwide healthcare provider. Its demand for health care service is enormous. And as a result, it does struggle to meet its services demands. Furthermore, the quality of facilities can vary across different regions. Because of this, some people prefer to take out health insurance and go private.

BENEFITS OF PRIVATE HEALTH INSURANCE IN THE UNITED KINGDOM INCLUDE:

1. greater choice in GPs and hospital facilities;
2. it offers broader lists of treatments, especially some specialist treatments excluded on the NHS
3. it saves time as a result of shorter waiting times, as services are not over-crowded;
4. more exclusive treatments
5. Private Health Insurance Policy equally saves you money. For instance, if you find yourself in a situation where you need treatment not available on the NHS. And you do not have private health insurance policy you will have to pay for private treatment out of your own pocket. And this will end up making you spend a lot of money.

HOW DOES PRIVATE HEALTH INSURANCE IN THE UK WORK?

The regulation of the insurance industry in the United Kingdom is done by two national bodies and they include the Prudential Regulation Agency (PRA) and the Financial Conduct Authority (FCA). While the prudential regulation authority ensures that insurance companies are financially stable enough to offer insurance coverage, the financial conduct authority ensures that insurance companies conduct their businesses in accordance with the provisions of the law.

It is advised that you consider an insurer who is signed up with the Financial Conduct Authority when making choice of a private health insurance provider.

Most health insurance Companies charge a monthly premium plus an excess fee that you will need to pay when you use your cover. You will normally need to pay for treatment upfront and them file a reimbursement claim with your insurer. Check with your provider for details of their claims process.

You can choose from different coverage plans with private insurers. Not everything is part of a basic plan, but you can opt for add-ons. Most companies don’t include dental insurance in their standard plans. Therefore, if you want insurance for dental treatment, you will probably need to pay extra for this or take out a separate policy.

WHAT TO CONSIDER WHEN CHOOSING HEALTH INSURANCE PROVIDER

When choosing a health insurance provider, there are a number of things you might want to consider. Some of these factors include:

1. Cost of premium. the cost of premium will be dependent on the following factors and which are; level of coverage; how many people are covered; age; lifestyle;  and medical history

2. Whether you can cover additional family members;
3. What treatments and conditions receive coverage;
4. Whether you have coverage if you travel overseas