Wednesday, May 8, 2013

Cutting the Cost of Health Cover for the Over 50s

English: Debeka insurance company in Koblenz D...
English: Debeka insurance company in Koblenz Deutsch: Die Debeka Hauptverwaltung in Koblenz (Photo credit: Wikipedia)
As we get older and inevitably wiser, it becomes increasingly important to think about the health risks associated with the ageing process. This could include a healthier diet, more exercise or thinking about private health cover.


The various benefits of private healthcare are a lot more attractive in later life. Being able to choose the date of treatment, eliminate waiting times and have an en suite single room are significant advantages compared to standard healthcare on the NHS.

However, these convenient privileges come at a price and the cost of private healthcare is one of the biggest drawbacks. According to a story published by the Telegraph in January 2013, the average health insurance premium has increased by 66% in the past decade to around £135 a month. In times of economic hardship, this is often considered to be an unnecessary expense.


Nevertheless, it is still possible to find affordable and cost-effective health cover for those over 50.

Research


Comprehensively researching what private health policies are available will ensure you find the right cover for your own individual situation. Healthcare providers and insurance companies are sure to have a wide range of options and various levels of treatment available.

Price comparison websites are a good tool to discover what levels of cover are to be had for the price you’re willing to pay. Make sure the prices quoted are applicable for your age, as premiums tend to get higher for older individuals.

Specialist providers


The best deals are likely to come from companies and providers that specialize in cover for people over 50. Their healthcare and treatment is also likely to be more suitable for an older generation.

In order to attract customers, they may have introductory offers or special rates, so shop around before making a decision. Even though big companies have a stranglehold on the market, more specialized smaller providers may be able to offer cheaper solutions. Sometimes this will include treatment overseas, but the provider will pay for travel, accommodation and post-treatment rehabilitation in the UK.

Consider inclusions and exclusions


Although you want to be covered for every eventuality, excluding certain treatment from your policy could save you money. Before you worry about not having cover, the NHS treats certain conditions including cancer and heart diseases as a priority.

There is still no way of completely covering yourself against every negative health occurrence, as you may be the victim of incorrect diagnosis or treatment. However, medical negligence lawyers are there to fight for deserved compensation and damages should such a thing happen to you.

Seek advice from insurance broker


If you're unsure about the levels of cover and what to find the best deal possible, you can also seek the advice of an independent adviser through the Association of Medical Insurance Intermediaries.

A professional who is well experienced in the insurance industry will be able to find the best type of cover for your own situation. However, they are likely to recommend AMII approved members, so be sure you are given information about all the healthcare providers available.



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