When planning your finances, there are lots of things to think about and prioritise. As a result, aspects like health insurance can go down the list of priorities. However, a health insurance plan could prove invaluable if the unthinkable should happen. If you’re wondering whether or not to get health insurance, read on.

Health insurance: is it a good idea?

It is generally a good idea to have health insurance, as it can help protect you financially in case of unexpected medical expenses. Without insurance, you may have to pay for medical care out of pocket, which can be very expensive. Health insurance can also give you access to a wider range of medical providers and treatments and provide peace of mind knowing that you have coverage in case of an emergency.

It’s also important to note that in some countries, having medical insurance is mandatory. In the United States, for example, the Affordable Care Act requires most individuals to have health insurance or pay a penalty when filing their taxes. While this may not be the case in the UK, health insurance can still be incredibly beneficial and bring you peace of mind.

What types of health insurance plans are available in the UK?

In the United Kingdom, everyone is entitled to free medical treatment through the National Health Service (NHS). However, some people choose to purchase private health insurance to access faster treatment, a wider range of providers, or certain treatments that may not be available through the NHS. 

It’s important to carefully consider your needs and budget when deciding whether medical insurance is right for you. If you feel that private health insurance is a good option for you, you generally have three options to choose from.

1. Private medical insurance

Private health insurance (also referred to as private medical insurance or PMI) is a type of health insurance that covers the cost of private medical treatment, including surgery, hospital stays, and consultations with specialists. PMI plans may also cover certain therapies, diagnostic tests, and prescription medications.

2. Cash plans

 Cash plans are a type of insurance that provides a cash benefit towards the cost of certain medical expenses, such as visits to the dentist or chiropractor, prescription medications, and glasses or contact lenses. It’s worth noting that cash plans do not cover the cost of hospital stays or major medical procedures.

3. Diagnostics insurance

Also known as diagnostic testing insurance, this is a type of health insurance that covers the cost of certain diagnostic tests and procedures, such as X-rays, MRIs, and CT scans. These tests are often used to diagnose medical conditions and help determine the appropriate treatment plan.

Diagnostics insurance is typically offered as an add-on to private medical insurance (PMI) plans in the United Kingdom. However, it may also be available as a standalone policy or as part of a cash plan.

How to choose a medical insurance plan

It’s important to carefully consider your needs and budget when choosing a health insurance plan. You may want to consider factors such as your age, your overall health, and the types of medical services you are likely to need.

When comparing medical insurance plans, consider:

• The types of services covered: Does it cover preventive care, such as physicals and vaccines, as well as more specialised treatments — for instance, surgery or prescription medications?
• The out-of-pocket costs: Does the plan have a high deductible, copays, or coinsurance, and are you comfortable paying those amounts if you need medical care?
• The network of providers: Does the plan include a network of doctors, hospitals, and other medical providers that you are comfortable using?
• The premium: Is the monthly cost of the plan within your budget?

Find your ideal health insurance provider with SpotDif

Private health insurance can help bring peace of mind knowing you can get medical treatment efficiently if any issues arise. However, it’s essential to find the right plan for you. At SpotDif, we compare health insurance providers across the UK to find you the best value for money. Browse our health insurance deals today.