Looking for Health Insurance? 7 Top Tips

If you are thinking about taking out medical health insurance there are several things which you need to think about before you start looking. There are many policies out there so you need to be armed with a good idea of the different options which may be available to you.

Budget
Before you start your search for private health insurance you need to have a budget in mind. This will enable you to find the best medical insurance for you without worrying about the cost of monthly premiums later on.

Reducing Costs
There are several ways that you can reduce the cost of private medical insurance:
-Paying higher excesses. If you are prepared to pay more on an excess then you will be able to find cheap medical insurance. Some policies offer huge excesses for much reduced premiums.
-The six-week option (waiting to see if the NHS will treat you within six weeks before you use your private health insurance).
-Co-payment where you agree to pay part of your treatment costs up to a certain level.
-Shopping around. In the current climate companies are offering incentives to get your business.
Family policy
Do you want to add your children to your policy? Some companies offer reduced premiums for family policies.

Exclusions
Each policy will have a list of exclusions which are conditions and situations which a health insurance policy will not cover. The basic things to be aware of is that health cover is designed to cover unexpected acute medical conditions. It will not cover long term illness and it will not cover any conditions which you are or have suffered from in the last two (sometimes up to five) years before taking out a new policy.

Add-ons
Companies offer add-on products which are designed to extend the basic scope of a policy and offer additional benefits. Examples of this are: psychiatric cover and complimentary therapies. Its important to check details carefully as some companies will offer things as a standard part of each policy and some will not.

Moratorium or Full Underwriting
Depending on your circumstances you will either be offered a policy which either requires you to fill in a detailed health questtionnaire (full underwriting) or one where you wil only be asked basic questions (moratorium). Which one you are offered will depend on a number of things: your health history, your age and the health insurance company policy.

Buying Options
You can buy private medical insurance in three main ways: Using a reputable broker who should be able to help you to compare policies and pick the right one for you. Using internet comparison sites which provide a brief summary of the benefits of each policy and finally, contacting the private medical insurance companies directly.