General Advice and Information for Buying Health Insurance

The whole area of health insurance is a complicated, one and one which needs careful consideration. Consider what cover you need before buying a product. Generally speaking the more cover you have the higher the costs. Your health at the time of taking out the policy is important and will make a great deal of difference to the costs involved. If you suffer from a serious health condition like cancer or diabetes you may be rejected by the insurer, or charged a very high premium. You can be rejected on the basis of other pre-existing serious conditions. Some insurers will take you on but premiums will be higher if there is a serious illness is involved in your medical history. Factors such as age also come into play, the younger you are the cheaper cover will be.

It is important that your policy is affordable and the best way to work this out is to draw up a budget. It may not be exact but this will give you an idea. You will need to add up all your potential costs of your policy including co-payments, coinsurance and deductibles.

Always, always read the small print! The details are important and it is easy to get caught out by some small detail in the small print if you are not careful. Do not rely on the product summary, this is not enough. You will need to read the full policy wording, if you are unsure ask for more clarity. Do not ever feel embarrassed to be asking staff at the insurance company to explain things to you: it is their job. It is far better to do the research and put in the effort before signing up rather than having nasty surprises when you claim.

A detail often passed over is when the cover stops. If you are young it will matter less if your policy stops when you are 60 but it would if you are in your mid forties/fifties. You may have to renew if your situation changes, such as if you experience separation or divorce, have children etc, so bear in mind that while it may be easier to just skim through renewal documents or to take out a policy and then forget about it, it might be invalidating your cover. Keep your insurer informed of any changes to your health or living situation.

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