Family Matters: Choosing the Right Private Medical Insurance for Your Loved Ones
23rd Jan 2024 Insurance & Legal
4 min read
We know that finding the right private medical insurance for your family and loved ones is important to you. We also know that there are many factors to consider when choosing a plan, including the family members you’re covering, the level of cover available, individual needs to factor in and your budget.
We’ve put together this handy guide to choosing the right
private medical insurance (PMI) for your loved ones, and the benefits of
finding a policy that suits your family to help you make this important
decision.
What is family medical insurance?
Family medical insurance, or family health insurance, is a
policy that provides you and your family access to private healthcare in the
event of illness or injury. Depending on your level of cover, this may include
family members that live at your address and options to customise your policy
such as choosing where you access treatment.
Level of cover
Family private medical insurance comes with different
options for the level of cover you choose, which you need to consider when
choosing your policy. A premium option may cover a wider range of treatments,
including therapy, holistic treatments and dental care, on top of the standard
protection. Of course, this level of cover also comes at a higher price.
Standard cover generally includes care for an acute illness
or injury, cancer cover, overnight accommodation in hospital for a parent of a
sick child, care at home, and a private ambulance. Healthcare policies all
include inpatient care but outpatient care varies from policy to policy. It’s
important to compare policies to make sure you find the right level of
outpatient care for you and your family.
What insurance companies include as standard varies
according to the policy and provider and for this reason, you’ll find many
options to customise your policy to include bespoke elements that suit the
needs of your family.
Underwriting options
Along with the level of cover you want, remember to factor
in whether you are looking at fully underwritten or a moratorium policy. Fully
underwritten plans require a full medical history, but are more detailed. Moratorium
policies do not require a full medical history and are sometimes cheaper, so make affordable family medical insurance
options. However, it’s unlikely they will cover you and your family for
pre-existing conditions.
Your budget
Your budget plays a key role in which private medical
insurance you choose for your loved ones. Premium, fully comprehensive options
are most expensive, but whichever option is best for you, you’ll find ways to
keep the cost down.
Excess
Your excess is the amount you pay when you make a claim. You
can increase your excess to reduce the cost of your insurance policy. Generally
the more you pay towards your treatment when you make a claim, the lower the
overall cost of your policy.
Bespoke options
There may be specific illnesses and types of treatment that
you want to make sure are in your policy, along with the ability to choose
where treatment takes place, and stipulations about how quickly the cover can
be accessed (for example, for NHS waiting lists longer than six weeks). Add ons
and customisation affect your family medical insurance cost and these are
generally premium options.
Ways to pay
You can choose whether to pay for your private medical
insurance annually or as a monthly premium. Having this option allows you the
flexibility to spread out your payments if that suits you best, so you don’t
have to find the full cost of the policy upfront. On the flipside, paying annual
often means you pay a reduced fee.
Benefits of private medical insurance for your family
Whatever option you decide is best for you, family private
medical insurance comes with a range of benefits for you and your family:
●
Avoiding long
waiting lists: Having private medical insurance means you can avoid lengthy
NHS waiting lists when it comes to medical care and treatment.
●
All your cover
in one place: Having a single policy that covers your whole family makes
managing your healthcare easier to manage, with everything in one place.
●
No unexpected
costs: Taking out an insurance policy means you won’t have to pay any
unexpected, expensive medical bills. Your monthly or annual premium payment
means you receive cover for whatever treatment your family requires (according
to the terms and conditions of your policy).
●
Peace of mind:
Having private medical insurance for you and your family gives you peace of
mind that if anyone should fall ill or injure themselves, you know they will
receive the care and treatment they need, without large bills and while
avoiding long NHS waiting lists.
Alternative cover options
Family medical insurance might not be right for everyone and
you’ll find plenty of other options to ensure your family receives cover for
their medical needs. Other options to consider include:
●
Individual
policies: You can take out individual policies for you or anyone in your
family rather than an all encompassing policy for the whole household.
●
Joint policies:
For smaller families or couples, you might prefer a joint policy option
covering two of you under the same policy.
●
Children:
It’s possible to take out health insurance cover for your children as a
standalone option, or you may be able to add children to an existing individual
policy.
●
Seniors:
Senior healthcare insurance covers people over 65. This may be an option if you
are looking to find cover for a family member for a parent who does not live
with you.
Why take out family medical insurance cover?
When it comes to family, we know that nothing is more
important than making sure they are safe and cared for. We also understand that
no two families are the same and that what you want from a private medical
insurance policy isn’t a one size fits all.
When it comes to choosing your cover, you have many factors
to consider and it’s important to think carefully about what you want from your
health insurance, who it needs to protect, and your budget. Once you know what
you need, you can compare your options to find the best cover for you.
If you're looking for private medical or life insurance, visit usaycompare.co.uk and fill in a simple online form for a free quote.
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