What Does Your Health Insurance Policy Has to Offer?

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Having a health insurance policy can give you that much-needed financial aid during times of disability or illness, so you won’t have to worry about how to pay the hospital bills, especially when you’re most likely unable to work. However, not all health insurance policies are worth your money and will work to your advantage. These are the things you should check before choosing any health or illness insurance.

Find Out if this is the Right Type of Health Insurance for You

There are several types of health/illness insurance in the UK, and each covers the policyholder differently. For example, critical illness provides cover for severe conditions listed in the policy; income protection provides cover if you lost your job due to illness or disability; and private medical insurance covers for private treatment of acute conditions. Make sure you understand your own health risks and choose the policy that you’ll most likely make use of.

Check the Level of Cover

After deciding on the type of policy, it is most important to understand how much cover you’ll get. Some policies may pay out only for a set number of years, or only allow you to make a claim once. Based on your income, savings, and debts, calculate the amount of cover that you need and whether your issuer can provide this for you.

Know the Exclusions

All policies have certain restrictions and exclusions for which you won’t be covered. Typically, you will not be covered for preexisting conditions, which are conditions that you’ve either sought consultation, took medications or have been diagnosed before. Depending on the type of illness insurance, you may be covered only for certain diseases, or all conditions that leave you unable to work, except for conditions resulting from self-inflicted injuries.

Determine How Much You can Claim

Of course, it’s not enough to have health insurance alone, if the amount of claim is inadequate to cover for all the cost of treatments, medications, and consultations. Remember that when you’re ill, there’s a huge chance that you won’t be able to work as well, and it’s best if you have your savings kept intact for your living expenses and other emergencies.

Inquire About Waiting Periods

Some policies require a waiting period before you can receive the benefits after a successful claim. Check if you have enough savings to cover during this period, and also inquire about any workplace benefits that you might be eligible for while waiting to receive your money.

Determine the Cost of Premiums

Of course, you have to be able to sustain premium payments until the very end, or else you might lose your policy without any refunds. Keep in mind how much you earn and spend every month to calculate for your affordability.

Inquire for Available Discounts

Most issuers might be able to offer you policies at discounted rates when you include other family members for example, or if you choose to pay yearly rather than monthly.

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We do not provide any financial advice relating to insurance or other insurance related topics. IncomeProtectionAdvisor help users get a competitive income protection insurance quote. We do this by working with FSA regulated partners who search and compare insurance policies from dozens of UK insurers. The quote you receive will be based on the information you submit to us. Our service is free and you are under no obligation to accept the quote you receive.
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