1. Private Health Insurance is too expensive
This is perhaps one of the biggest myths around Private Health Insurance; that it is too expensive! For many people, health insurance is viewed as a nice-to-have, especially as they have the NHS, and it is financially out of their reach. However, there are so many different variables when it comes to a policy, the provider and the cover. A policy can start from less than what you pay for your TV subscription per month. Policies can start off on a basic level and move up to a more comprehensive level if required as time goes on.
Most Health Insurance policies can be tailored to suit your individual health needs to make sure that you have the most effective cover for your budget. There are several ways to trim the cost. You might be able to reduce the price by removing elements – known as ‘modules’ – you don’t need. What’s more, there is a diverse range of optional add-ons which can be built onto your basic policy, whilst keeping it affordable. From mental health cover to comprehensive cancer cover, with the right expertise and guidance, you can choose the policy that suits you.
Once people delve deeper into understanding the different policies on the market, they are often pleasantly surprised to discover the cost is more affordable than expected, especially when they weigh up the value of covering their nearest and dearest.
2. Private Health Insurance means I can’t use the NHS
There is a strong belief out there that if you have a Private Health Insurance Policy, then your access to services on the NHS will be restricted, limited, or compromised. Rather, Private Health Insurance is designed to complement and support the NHS services, where they can work together. Clients are still able to access their NHS GPs for referrals for example, and then that is the point where they have the choice whether to proceed with the consultation, diagnostics, and treatments via the NHS or privately.
The main motivator for getting Private Healthcare Insurance is the speed at which they can be seen to be diagnosed, as well as the choice of location / consultants. However, even if diagnosed privately, the choice remains whether to have the treatment on NHS or not.
However, you can only have one healthcare team supervising and treating a specific condition. There is no mixing and matching of services, so if you opt to have an operation on private insurance, the remainder of the treatments and follow-ups would need to be done privately too.
3. I don’t need Private Health Insurance because I am young, fit and healthy
It’s impossible to predict the future and what’s around the corner when it comes to health and illness. There’s no doubt that leading a healthy lifestyle, being fit and active can most certainly reduce the risks of illness, but unfortunately, nothing is for certain. Being healthy with no underlying medical conditions will allow for a cheaper policy to be taken out.
However realistically, some times we fall victim to injuries, accidents, or unforeseen medical emergencies, and this is why a Private Health Insurance policy will give you peace of mind, where you’ll be able to receive the best type of treatment possible in a very timely fashion.
4. It’s impossible to reduce the cost of a Private Healthcare Policy
There are certainly ways to bring down the cost of Private Medical Insurance. Some of the ways to do this include:
- Add a waiting period – If you opt for the waiting period on your policy, this means that if you can be treated on the NHS within six weeks, you won’t be covered for private treatment. As soon as the NHS waiting list goes over, you can go privately for whatever treatment is required, and thereafter claim on your insurance.
- Having a no-claims discount / bonus – If you haven’t had to claim on your insurance for a certain length of time, you’re entitled to receive NO-claims bonus, similar to car insurance.
- Limit the number of hospitals and diagnostic centers – You may be able to bring down the cost of your insurance by limiting the number of hospitals, diagnostic centers and surgeries available on the policy. For example, you select from 2 options, rather than 5. You will still have the gift of choice, a however at a smaller range of locations.
- Choose a higher excess from the get go – If you select the £0 excess option, you don’t need to pay when you claim. On the flipside, if you agree to pay a higher excess, this can bring down the cost of your monthly premiums.
5. It is cheaper to self-pay for a treatment than get Private Health Insurance
There’s the perception that self-paying to be seen privately which would take too long on the NHS is more affordable than having a whole policy with monthly premiums, because chances are you will not be claiming monthly. The truth is that often the cost of even a minor procedure will be more costly than the premiums over a year or more. For example, a Cataract operation is +-£2,500, a Pace Maker is +-£15,000, and a knee replacement is +-£15,000, which is above and beyond monthly payments.
Whilst we may have put some of the most common myths to bed, there are plenty more about, which is why it is so important to speak to a Health Insurance Expert. At Protectus Healthcare, we have over 20 years of experience working in the health insurance industry which means we can find you the policy that meets you and your loved one’s exact requirements within budget. From Private Medical Insurance to Critical Illness Cover we can navigate the market to find you the perfect policy.