Having the back up of a health insurance policy gives families peace of mind but with the economy still looking uncertain we all need to keep an eye on the pennies. Looking for cheap private health insurance is the way to make sure you have the security without breaking the bank.
One way of buying medical insurance and sticking to a budget is to cover yourself and your family for some of the costs of private medical care and rely on the NHS for the rest. Some policies are available that only cover you for inpatient care: for your operation bills and your stay in hospital but no, or reduced cover for outpatient appointments. Others provide a restricted combination of the two.
Here are some comparisons for a non-smoking family of four, Anne, aged 40, Derek, aged 42 and Emily and John aged 15 and 10 respectively.
Medical insurance company, Freedom Healthnet allow you to have cover only for inpatient costs. Unlike other policies Freedom include chemotherapy and radiotherapy as part of the insurance cover. Freedom provide a cash lump sum to their customers who can then pick when, where and with whom they have their treatment. Alternatively they can choose to have it with the NHS and keep the cash.
Freedom Gold Inpatient Family
Cost: £44.06
Excess: £100
What is covered?
Up to £30,000 of inpatient care
Hospital Charges
Specialist/Consultancy Fees
Surgeons, Anaesthetists and Physicians fees
Diagnostic Tests
Radiology/Pathology
Radiotherapy/Chemotherapy
Physiotherapy
Minor Surgical Procedure
Discount: 6% discount for annual payment
WPA are a non-profit organisation and they won best UK insurer for Customer Care at the British Insurance Awards
WPA Flexible Health Family
Cost: £33.84
Excess: none
What is Covered?
Inpatient and Daycare Treatment
Hospital Charges
Specialist/Consultancy Fees
Out-Patient Treatment
Consultation with specialist
Physiotherapy
NHS Cash Benefit
An interesting feature of the WPA policy is that it will cover patients for cancer drugs that are not covered by the NHS for up to £50,000.
Patient Choice Essential Hospital Treatment Plan – Family
Cost: £57.75
Excess: None
What is covered?
Inpatient
Hospital Charges
Specialist/Consultancy Fees
Diagnostic Tests: surgical and endoscopic procedures only
Radiotherapy/Chemotherapy : £15,000 payable per course of treatment
Physiotherapy
Outpatient
Radiotherapy/Chemotherapy : £15,000 payable per course of treatment
Additional Benefits
NHS Cash Benefit
Minor Surgical Procedure
The main advice is to consider what you can afford to pay out for your health insurance and then look for the best deals out there.
Figures taken from moneysupermarket.com on 5th October 2010