What Is Private Health Insurance and Why Do You Need It?

Choosing where to get insurance from is no small task. These days, there are so many different forms of insurance, like car insurance, life insurance, business insurance, and so many more. Here we will be discussing private health insurance.

The reason we refer to it as 'private' is because this type of insurance is not offered by the government but by anyone from your employer to a private agent. One of the main things to note about private insurance is that they aren't all the same. Some of them barely top the minimum standards while others offer huge benefits. It will depend on how much you spend on it and who you gain this insurance from.

Speaking of who to purchase it from, take a look below to find out some of the best places to look!

Top 3 Companies to Look Into

1. AXA PPP Healthcare

AXA PPP Healthcare is one of the oldest and most successful health insurance companies in the UK. It has been rated as having the best private health insurance UK wide! They have insured hundreds of millions of customers over the past 70 years. At present, more than 16 million people are insured by AXA. The company spends more than £3,000,000 on a daily basis to its clients!

There are two advantages to insuring through AXA PPP Healthcare. The first is the assurance that the company has plenty of experience in their field, more than half a century-worth! The second advantage is that their healthcare plans are flexible. The company has designed various insurance plans to cover people from many different living conditions. Two people with completely different intentions and available funds will both be able to insure with the company.

Naturally, the more money you invest in your insurance, the more benefits you gain. Nonetheless, it is fantastic that the company considers the needs of everyone.

2. Western Provident Association (WPA)

WPA is the best option if you wish to have flexible health insurance. The company is a non-profit organization. They focus their attention on the needs of their clients and use the excess to fund their charity, 'Parents and Children Together.' (PACT)

WPA's private health insurance plans vary depending on certain factors. They have a plan that is exclusive to people aged 55 and above. They also have plans for children, students, families, and so on.

One of their plans is even designed as a cash plan in which you invest for the insurance but your investment will not be gone forever. The idea is that you can draw on your own investments any time if you have a medical bill or some other emergency. You're essentially gaining health insurance and putting your money into a savings account at the same time!

3. Blue Cross Association

The Blue Cross Association does not originate from the UK. They're actually an American health insurance company that offers their services to almost 200 countries around the world. Naturally, this is a large advantage as you may get your insurance from them even if you don't currently live in the UK.

When you purchase insurance from the Blue Cross Association, there are two main plans to choose from. The HMO plans offer you a greater opportunity at building up your insurance savings, but only offer a limited variety of doctors in the event of an emergency. The PPO plans are extremely flexible when it comes to your choice of doctor. However, you won't build up your savings as quickly as the HMO plans.

Whichever type you choose, Blue Cross Association has an excellent relationship with their clients and is a highly successful, secure, investment company.

Take Notes Before Making Your Choice

  • The Purpose is to Cover Unusual Circumstances

Private health insurance policies aren't there to secure your every need. Generally, an insurance policy will list a number of unusual factors that you would be covered from. Some commonly included factors are medical tests and surgeries, hospital and nursing care, etc.

If the factor isn't listed in your contract with that company, then you will not be eligible to receive insurance funding for it. For example, you cannot request funds for routine dental services unless it is specifically stated in the contract you signed. Make sure you are aware of your exact coverage before you sign!

  • Healthier Clients Tend to Pay Less

If you can prove to your chosen company that you have excellent health and get regular exercise, the insurer may charge you a lower annual rate than their less than health clients. Proof that you do not smoke, drink, or take any form of harmful drug will also go a long way to reassuring the insurer. Not every insurer offers a lower rate to healthier clients, so you may want to consider switching to another insurer if they offer better rates for someone in your health condition.

  • Consider a Selective Insurance Policy

If you don't require full coverage, there are insurance policies out there that allow you to select the things you wish to get covered. For example, if a certain illness runs in your family, you may only want insurance for that. If you choose a selective policy, you will only have to pay for that one thing rather than a bunch of coverage that you likely will never need. That being said, there's nothing wrong with being prepared and covering yourself for any and all possibilities. The choice is yours!

A Quick Recap

Private health insurance is offered by non-government agencies or companies to cover you from certain unusual health problems. You've learned about some of the best health insurance companies and got a better idea of what you should expect from them.

Now that you've learned all these things, you are ready to choose the best insurance plan for your unique needs!