Private Health Insurance: Everything You Need To Know

Private Health Insurance: Everything You Need To Know

Private medical insurance (PMI) is used to cover the cost of private medical treatment. This type of insurance usually provided coverage when it comes to acute conditions. There are numerous options when it comes to these insurance plans and we will talk about some of them.

What does a health insurance policy cover?

This type of health insurance should cover surgery tests, both as a day patient or as an inpatient. It also covers outpatient tests, therapy, consultations, exclusive drugs, nursing care, hospital accommodation and early stages of chronic conditions. These things might differ from policy to policy, but the ones we just mentioned are quite common.

Things that are not covered by your health insurance

The policy won’t protect you from everything. For example, numerous pre-existing conditions, as well as chronic ones are not covered. These include asthma or arthritis. Additionally, if you suffer an injury during a dangerous activity such as skydiving, your insurance might not cover it.

Prove that you have a healthy lifestyle

You might receive some discounts if you prove that you lead a healthy lifestyle. For example, non-smokers are more likely to get a better price. You should also prove that you eat healthy and exercise on a regular basis in order to receive certain benefits. Some insurers will even offer you cash back.

The price will rise over time

Since the premiums of the health insurance are not fixed, you can expect a price rise in time. Additionally, by getting older you require different treatments, and the premiums can increase even more.

It might be a good idea to choose a different policy, but you have to be careful. For example, if you change your insurer, the new one might exclude certain pre-existing conditions that were previously covered by your first provider.

Extra perks shouldn’t determine your decision

It’s great when a health care policy comes with extra perks such a discounted gym membership, but these shouldn’t be the reasons why you choose a certain health care plan. Other factors, like the coverage should be more important.

Designing your policy

There are health care insurances that allow you do add your own extras, which means that you can include specific medical conditions. It is also possible to reduce the costs by removing the features that you no longer need. However, not all providers offer these plans.

Reducing the costs

You can find a good price by using comparison sites for the private health fund – iSelect. It is the best way of discovering what is affordable, and it will only take you a couple of minutes. Just make sure that you choose a website that will show you offers from numerous insurers.

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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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