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Private Medical Insurance
Private medical insurance is a type of insurance that is taken out to provide you and your family with accurate medical and monetary cover whenever medical situations arise.
This insurance covers the cost of surgeries, treatments, as well as the cost of the stay at a hospital for certain amounts of time.
This type of insurance is ideal for many families, as it guarantees treatment to a certain extent and can definitely ease the pressure on your wallet, whenever an unfortunate medical problem occurs.
Private medical insurance does not cover chronic situations that are not able to be cured, like diabetes or asthma. While initial treatment for the situations will be, future treatment that has already been administered will not.
What kinds of private medical insurance are there?
Private medical insurance usually fits under two categories; standard and comprehensive.
Standard insurance covers emergency treatment, and simple in-patient and day-care situations in which you or your family might need to visit hospital. For example, simple day surgery or an emergency that may occur like a broken bone will be covered.
Comprehensive insurance means that you are covered for out-patient treatment, as well as longer stays within the hospital in conjunction with whatever surgery or treatment is taking place. Comprehensive insurance may also cover things like maternity, therapeutic medicine (like remedial massage), and travel insurance for health.
Do I have to be healthy and fit to have private medical insurance?
Typically, yes, you do need to be healthy in order to take out private medical insurance. This is for the purpose of avoiding fraud or in fact failing to take out previous medical insurance before the incident of medicine requirement occurs.
Some companies will require a physical and therefore a clean bill of health from your local GP, or a GP that they have personally picked out (to avoid any further fraud).
While this may be frustrating or time consuming in some cases, it can also be a godsend in providing you with insurance and piece of mind with your health.
Each quarter you will have to pay a premium for your health insurance, however; many companies offer a discount if it is paid all at once, and even other kinds or ‘add on’ insurance policies when you apply.
Depending on your age, depends on your premium. Unfortunately, the older you are, the more likely to have a medical malady occurs and your premium goes up. Some companies will have the cut off age for insurance between the ages of 65 – 75, for the rate of death increases severely at that age.
Fortunately, there are companies which specialize in proven cases of good health for the older generations, and provide them with apt private health insurance.
What do I claim?
If you have undergone a medical procedure either at the GP, or with surgery, keep evidence and a receipt and call up your insurer! They will assess the procedure and the prices paid, and in most cases adequately compensate you so you are not out of pocket.
If you are unsure about what to claim, keep a copy of your policy and re-read what fits under your policy, and whether it is applicable to you. If you’re unsure, just call up your insurance company and ask.
Private medical insurance is definitely a benefit in this day and age, when anything can happen. It insures peace of mind for you and your family, as well as providing a financial safety net in which to land.
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