If you are a resident of UK, owning a private or individual health insurance may seem to be a luxury. Nowadays, people also have more choices to make the correct purchase with the advent of price comparison websites. Nevertheless, Individual private health insurance (PMI) can be a life saver, quite literally. However, there are instances where an Individual Private Health Insurance (PMI) can be a life saver, quite literally.
Why invest in individual health insurance?
The greatest advantage to private insurance is time – a diagnosis in time can save a life. Having an individual health insurance helps you to beat the lengthy NHS queues for hospital treatment. Having a private medical insurance can make you feel confident about getting the fastest and the best treatment when the need arises.
How is the premium calculated?
There are numerous plans offered by several companies. Whenever you opt for an individual PMI, you should take a very close look at what they do and do not cover. Once you find policies that cover your requirements, you can start to compare prices.
Choosing certain benefits while leaving out others will affect the cost. For instance, you can eliminate certain hospitals to lower cost.
Personal factors play the biggest role. These include:
- Age: Generally cost goes up with age. Starting young is a good option if you can afford it before you have any pre-existing conditions as these conditions may not be covered in the future
- Smoking: Premiums are around 10% higher for smokers via some insures. If you opt for a policy that is for non-smokers, and later fall sick due to any disease attributed to smoking, your policy may not cover your expenses
- Getting older: As you get older, it is more likely that you will need treatments hence it is obvious that there will also be an increase in the amount of premium as well.
- Location: Living in the London area may results in higher costs
As is obvious from the above, there is no standard costing for PMI. It is advisable to shop around for a lower price. You can also hire the services of an insurance broker to help you make a choice.