- Emma Anderson
- May 25, 2021
Buying health insurance is not that easy, yet many people buy the one in their early 20s to avoid bearing the burden of paying off all medical expenses. If you are not affluent, it can be quite challenging to pay for the expense outright when you are under the knife.
Some people are not convinced about buying health insurance because they feel healthy and do not have a medical condition. More and more young people are pulling the plug on premiums of their health insurance because this is a kind of inessential expense for the majority of the population.
Well, you cannot straightaway jump to the decision. Just because you do not have a medical condition does not mean that you can rebuff the need to have health insurance. Do not ignore uncertainties. You can have a major accident and break your leg.
Well, if you are confused about whether you should opt for buying a private health insurance policy or not, you should ask yourself the following questions. They can certainly help you make the right decision.
Could you rely on public hospitals?
If you are buying private health insurance for your medical expenses, one of the significant benefits is you can choose your doctor and avoid the public hospital waiting list. Though there are some treatments that you will not mind waiting for the procedure to start, it cannot be possible all the time – for instance, in the case of hip surgery.
With a private health insurance policy, you do not have to wait for a long time to get the treatment. On average, the waiting time in public hospitals for elective surgeries are about 40 days. Although most of the surgeries are done on time, some procedures can take a very long time – up to one year. This usually happens with about 3% of patients.
If you get the treatment in public hospitals, you can get it free. However, you will have to wait for your turn in elective surgeries, and you never know how long you will have to do it. Some people think that the insurance does not cover out of hospital services. This is a myth that needs to be debunked right away.
Are you well off paying for extras?
The health insurance policy can cover extras that can be in combination with your hospital policy or separately. These covers generally aim at covering trips to your dentists, physiotherapy, and the like. Your health insurance policy may not be liable to cover the total cost, but you can save half of the money.
It is generally recommended that you should weigh up these extras before signing up for the deal. These extras are not the coverage at all. You can treat them like a saving plan. However, experts suggest that you should save this portion of your money yourself if you really want to save money.
This kind of policy may not be that effective for those who are not claiming their premiums. This is because you can set aside the money for such expenses throughout the year. All you need to do is set up a separate account to keep stashing away money as immediately as you receive your paycheque. It does not need to be a lot of money. You just need to be consistent with your savings.
Can you bear long waiting periods?
Just because you assume you are physically fit and just taking a chunk out of your money, you can think you should discontinue your policy. However, it is essential to note that you need to serve waiting time when you sign up for it after cancellation.
Most of the policies have a waiting period of about 12 months for pre-existing conditions, including pregnancy, and for other services, you may have to wait for at least two months.
Well, the two-month waiting is not a very long time, but you should still consider all possible factors to decide whether you need to sign up later or let your current health insurance policy continue.
Have you shopped around?
If you still want private health insurance, make sure that you have shopped around. When you compare the prices, you will see a drastic change. You can easily get trapped in buying expensive health insurance. It is like any other insurance policies, so it is essential to be careful while buying it.
If you are interested in buying the policy for an extended period, you should check if there are any better deals available. One of the benefits of shopping around is finding a policy that tailors to your needs.
When comparing your policies, you need to determine if it is going to be affordable if you need to claim it. You more often than not fail to consider the worst scenario, but you should be careful about that too. Therefore, it is essential to have the answers to the following questions:
- What is the deductible?
- How much money will you have to pay for the care? This will include expenses for X-ray, blood test, medicines, and the like.
- Could you afford to pay out-of-pocket expenses yourself?
Most people fight shy of buying private health insurance for one reason and the other. If you are looking to buy one, you should ask yourself the questions mentioned above.
This can help you make the right decision. You may think that quick loans in the UK can help you have small medical expenses, but do not forget that you can come up with major medical expenses.
If you are ignoring to invest in it because the premium can make it a bit tough to meet your everyday needs, you should create a budget to control your expenses.
This can help you manage your insurance premium along with other expenses without taking out very bad credit loans with no guarantor with direct lenders.