Health Insurance Types of Cover Levels of Cover Dental Insurance Life Insurance

FAQs

Individual Health Cover

Individual health cover is a private insurance policy which is purchased to protect both you and your family in light of medical expenses. The aim of such policies is to give protection from any financial burden that would arise if one was forced to seek private health care.

Health Insurance has a number of advantages that offer the consumer choice in terms of medical care. This is especially true if you need treatment that has a long waiting list on the NHS. Private Health Insurance, specifically individual health cover will cover the costs associated with private medical treatment. There are many different types of cover which provide protection from a wide range of situations and conditions that could affect you or your family. Most of the policies cover procedures for short term conditions that are considered to be ‘out-patient’ treatments – conditions that are perceived to be both treatable and curable and are deemed compulsory or necessary by your doctor. They rarely cover anything elective such as cosmetic surgery and they will also rarely cover any drug-related conditions and self inflicted conditions like them.

Health insurance can also offer family protection, which will help ease the burden of illness or death incurred in the family, both of which can cause emotional trauma. Insurance will ease the financial effect that these have and as a result is a positive service to undertake.

When looking into any of these policies there is also small print with lists that cover what is and what is not included. The list is often a ‘key facts’ document which will cover the limits of the policy at hand. These lists are there to help choose the policy which is correct given the situation at hand so that the consumer does not take out a policy that is not right for them.

Self-Employed or Small Business Health Cover

If you are responsible for your own finances, work patterns and benefits then it is likely that you need to take out health insurance that covers you in case of illness, be it critical or minor. This kind of policy applies to those who are sole traders, involved in partnerships and directors of small companies. It is also possible sometimes to include family members under such policies and treat their illnesses as legitimate business expenses (ill family members could have an affect on business, particularly if you need to care for them instead of working).

Insurance experts in the past have warned that workers who are self employed often do not have the same kinds of benefits that they might have if they were an employee of a large business. This benefits directly on health insurance as those who are self employed or owners of a small business rely on their health to do their jobs and make a living. As a result, those who are working for themselves should begin to consider health insurance.

The Association of British Insurers has shown particular concern in recent years that the self employed and small business owners do not have health insurance. They cite figures that show one in three people in the UK do not have health insurance, whilst with those who do, one in three of them have not renewed it in over five years.

Those who are self employed can take out individual health insurance policies that cover them for critical illnesses (critical illness cover). The policy could be tax deductible, but not in all cases. In terms of small businesses, it is harder to find critical health insurance as the cover is usually named after the owner(s) of the business, therefore instead of critical illness cover; the advised policy would be business cover which can cover both life and critical illnesses. Critical illness covers for large groups is often taken out by employers to cover their employees, however their complex nature makes them harder to implement.

With businesses, some insurance policies are compulsory, but a lot are not, but a business could be ruined if the right insurance cover is not in place to protect it. Therefore it is important to make sure you are properly protected.

Corporate / Group Health Cover

Group Health Cover will come to the aide of any business which would otherwise be heavily impacted by extended absence from employees. The effects of such an occurrence can range from an increase in work load for those still at work to paying the wages of temporary staff. Without insurance, the companies must cover the cost of this.

There are a range of advantages for taking out corporate/group health cover, some of which for the employees as well as the employer. For the worker and depending on the policy, salary can be paid to replace the income they would otherwise lose, with the employee offering the pay whatever is on their medical history. The insurer will also help get them back into work as quickly as possible so that they can continue earning.

For employers, corporate/group cover can help them recuperate any losses incurred from the long term absence of employees. It will bring down the cost of the absence of sick workers and by helping with their wages during such time will show that you have an understanding concerning your staff’s well being, which will in turn increase the likeliness that they will be willing to do the job well – it will also reduce the threat of any legal actions against the company.

Statistics show that the majority of absences by employees are short terms absences, but the longer term absences still make up a significant percentage of days lost in the United Kingdom. Insurance can reduce the significance of the latter figures, so that the majority of the payroll being paid out to employees is not that of long term absence payment.

By taking out the policy, your company will also look more attractive to potential employees, who will realise the benefits of working for you in light of your insurance covers.