HEALTH INSURANCE
- Health insurance, also known as private medical insurance, is designed to ensure that if you need medical treatment in future, you won’t need to worry about paying for the cost of the treatment.
- If you are treated privately, health insurance will pay all or some of your bills
- It should get you diagnosed and treated quickly, as well as offer you a prompt referral to a consultant and admission to a private hospital at a time and place that is convenient for you.
- With health insurance, you will have a choice of private hospital from an agreed list provided by your insurer.
- In short, the main benefits of private health insurance are:
- Shorter waiting times for treatment
- Better facilities
- Faster diagnosis
- Choice of convenient time for appointments and treatments
- Choice from a range of private facilities
What it does – and does not – cover
- Health insurance covers an array of things, including exclusive drugs, hospital stays, scans and surgical procedures.
- Inpatient treatment where you require a hospital bed is covered with most plans.
- Outpatient treatment where you visit external specialists or consultants is usually available on more expensive policies. Different plans will offer different options.
- Not usually covered, however, are any existing condition, chronic problems, elective surgery, organ transplants, and non-essential cosmetic treatments.
LIFE ASSURANCE
The size of the monthly premium will depend on, among others, the following factors:
- The amount of cover
- The insured’s age
- The Insured’s lifestyle e.g. whether the insured smokes
- The duration of the cover
- The number of persons covered
- The insured’s medical history and current state of health
- The insured’s occupation
The benefit of a life assurance policy is that it guarantees that if a life-assured dies, the life company will pay out a cash sum. This money will be paid to the person paying the premiums or, if the sole life-assured has died, the proceeds will be passed into his or her estate and distributed according to the terms of the will. If there is no will, the sum will be handled according to the laws of intestacy.