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Types
of Healthcare Cover
Usually, a standard health insurance policy can be extended to
increase cover.
Private
Health Insurance (Also known as Private Medical Insurance)
One of the most common types of healthcare insurance is Private Medical Insurance.
This generelly pays for consultations, and the option to have tests and operations
in a private room without the need for waiting (as you may have to when using
the NHS). You can usually choose where you wish to be treated (and possibly
even which consultant you will be treated by). Most importantly though, treatment
can usually be carried out within days. This type of insurance is usually sold
as an annual contract, but many companies allow the premiums to be paid monthly.
In common with car insurance, you may be able to reduce the premiums by having
an excess which means you pay the first part of any claim (for example the first
£100) whilst the insurer will cover the remainder of any claim. You can
usually obtain cover for a single person, couples or a Family. Generally, premiums
will increase every year due to the increasing age of the insured and in line
with medical inflation.
Critical Illness
This type of health insurance (which may also be purchased with life insurance)
pays a tax free lump sum on diagnosis of conditions such as Cancer, heart attack,
stroke, organ failure, loss of a limb or loss of eyesight. Any payment made
by the insurance company can used however you like, but may commonly be used
to to pay off a mortgage or debts, to pay for adaptations to your vehicle or
modifications to your home.
Income Protection
Income Protection will pay you a wage (usually a percentage of your existing
income) if you are unable to work due to accident or sickness. Premiums will
vary as they are calculated based on factors such as your occupation classification
and how soon after you become ill that you want benefits to pay out. Benefits
will usually stop when you are medically fit to return to work.
Long Term Care
Currently, anyone with assets of over a certain amount (e.g. property or savings)
will not receive any state help to pay for nursing home care or home nursing.
In such cases, the cost will have to be paid out of savings and/or the sale
of the person's home. Thousands of homes are sold every year in the UK to pay
for nursing home fees.
Long Term Care insurance policies could avoid the need to sell property or spend
savings. This can be especially important should the insured be planning to
pass then on to children. Long Term Care can provide for partial payment or
whole payment residential care or home nursing fees.
Cash Plan
Other policies are available to target specific health related issues.
For example to provide cash for medical expenses such as dental or optical work.
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