HEALTH insurance is something which a person may choose to take out during their lifetime. There are a whole host of reasons why an individual may make this personal choice - but can health insurance be purchased at any time?
It may be that a health insurance policy will cover all or some of the cost of one’s medical bills, should a person by treated privately. And, while most UK residents will be entitled to free NHS healthcare, private medical treatment can be of interest to some. It may be that a person opts for the cover later in life - so, can health insurance be purchased at any time? The Money Advice Service offers some insight into what a person will and won’t be covered for when it comes to private treatment.
Usually, the cover won't include organ transplants, pre-existing medical conditions, normal pregnancy and childbirth costs, and cosmetic surgery in order to improve appearance.
“Injuries relating to dangerous sports or arising from war or war-like hostilities” and “chronic illnesses such as HIV/AIDs-related illnesses, diabetes, epilepsy, hypertension and related illnesses” are typically not covered either.
Similarly, a policy which covers mental health, depression, and sports injuries, won’t always come as standard.
The Money Advice Service also addresses the cost of a private medical insurance plan.
Highlighting the expense, the website warns that the price of a premium can rise.
“A typical family premium (two adults in their 40s and two children under 10) can vary from £700 to £1,800 per year,” it says.
“Premiums will rise every year, and with age – so by the time you’re older, and more likely to need hospital treatment, you might not be able to afford it.”
From health insurance to life insurance: premiums for the latter policy can be determined by a number of lifestyle factors.
This includes age, health, lifestyle, whether an individual smokes, as well as the length of the policy, and the amount of money that one wants to cover.
“For example, the younger you are and the less likely you’re to die from a medical condition, the cheaper your policy is likely to be,” The Money Advice Service states.
MoneySuperMarket offers some tips on how to access the cheapest possible life insurance plan.
According to the price comparison website, this could be done by stopping smoking.
Their research suggests that smokers can pay 50 per cent more for their life insurance.
This can add up to an additional £152.76 per year.
Another tip is to take out a life insurance policy at a younger age, rather than later in life.
That said, it could be worth checking that the premiums won’t increase each year.