Private Health Insurance
Private Health Insurance
Private Health Insurance is specifically designed to give access to specialist diagnosis and medical treatment on a private basis rather than through the NHS. You can choose between various combinations of cancer cover, out-patient limits, excesses and hospital networks better suited to your budget. Post diagnostic treatments and physiotherapy can also be included within plans. It may be that you just like the security of being able to be treated faster than with your usual NHS route.
Do you need it?
The NHS faces massive strain on a continued basis. In February 2015 nearly 40,000 admitted patients did not start consultant-led treatment within 18 weeks of referral, and more than 13,000 waited more than 26 weeks. Family doctors polled by Pulse said they expected GP waiting times to reach 2 weeks by the summer of 2016.
The speed of diagnosis and the waiting time before treatment can be critical with many scenarios and having immediate access to specialist diagnosis and medical treatment is provided with a PHI plan. We all would like the peace of mind that if you need medical care it can be provided as soon as we need it.
Can my family be covered?
Yes with some providers you will be able to take out a family policy that also includes cover for your children.
What should I do next?
Discuss the plan with your Regal Finance Group expert and they will be able to explain the different suitable benefits available to you and provide you with a quote.
Who Needs Critical Illness Cover?
Deciding to take out a critical illness policy is completely your choice, much like your life insurance cover, it is not a legal requirement. There is nobody to chase you up if you do not have it in place.
If you are unsure if critical illness cover is worth it for you, it may be worth weighing up the monthly cost of a payout against the benefits you will receive if the need for a payout occurs.
If you have a family that are financially dependent on you and would struggle without your income or financial loan payments, such as a mortgage that needs to be paid monthly, then it may be worth investing in critical illness cover.
What is The Difference Between Critical Illness Cover and Life Insurance?
Many people assume life insurance covers you for pretty much everything, however it doesn’t and therefore, people wrongly hesitate when it comes to additional types of cover.
On the whole, life insurance will only pay out if you die, whereas critical illness cover doesn’t pay out upon your death, only when you are diagnosed with a life threatening illness.
Some life insurance policies will include critical illness cover, but not always. It’s always worth checking with your current provider for the exact details of your policy.
Similarly to life insurance, critical illness cover only pays out once and then cover is terminated. So anything else that occurs after you have made a claim and received a payout is not covered.
What is Required When You Take Out Critical Illness Cover?
- Generally, you have to be over 18 years old and hold a UK bank account if you want to take out critical illness cover.
- You will also have to take part in a medical examination or questionnaire, so the provider can assess your level of risk. Here you will have to disclose any known health problems and any habits that are likely to affect your health, such as smoking or drinking.
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