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Health Insurance policy

For those of us here in the UK there are essentially 4 health insurance policy types (with various internal policy groupings within) – although not everyone is aware what the different types of cover actually are. We thought that we'd give it a stab and try and come up with some concise explinations for each.
Comprehensive Health Insurance Cover
These policies are designed to pay out for the widest range of medical needs possible at any time.  Advances in medical technology have meant that comprehensive cover has become a very expensive option. There are methods which can be utilised to reduce the costs of comprehensive cover. If you agree to large excesses some health insurance providers will reduce premiums if you agree to omit certain conditions from your policy cover.
Co-Payment Policies
The next  level down from comprehensive policies is co-payment, or shared responsibility cover.  With this type of policy the customer agrees to pay a percentage of any claim. As with Comprehensive cover, premiums can be reduced by agreeing to exempt claims for outpatient treatment or any therapies.
Cash Plans
Cash plans are the cheapest form of cover – but they are the least comprehensive. They work by paying out a lump sum, (up to a limit), for visits to a hospital, dentist, optician or physiotherapist. Cash Plans can cost as little as £100 a year and they will pay you a cash sum for every night you spend in hospital, whether you are recieving Private of NHS treatment.
Self-Pay
Heart surgery or a knee replacement operation could cost well into five-figures, so if you’re planning to pay for your private healthcare directly, it’s worth putting some money away each month into a savings plan.
We hope that this has cleared up some of the questions that you may have on health insurance policies. If there is anything that you feel we could add then please let us be aware!

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