Health Cash Plan or Private Medical Insurance?
The world of finance can be bewildering to the novice with many different products available and seemingly no difference between them.
At first glance you may identify little difference between a cash health plan and private medical insurance, but they are in fact very different products.
Private medical insurance is specifically designed to pay for the cost of private medical care in the event of certain types of illness.
The premium that you pay for private medical insurance will depend on a range of factors including your age, and pre-existing medical conditions will normally be excluded.
Health cash plans, formerly hospital cash plans, on the other hand are designed to cover the cost of everyday health needs such as a trip to the dentist or opticians.
A health cash plan will usually be paid for through a monthly premium and you can make a claim as and when is needed.
Health cash plans will usually come with a core set of benefits and additional add-on benefits that you can choose from, what these are will depend on the provider and policy that you choose.
The amount that you can receive for each type health need will usually be subject to an annual cap.
It is also important to realise that a health cash plan may only pay a percentage of the cost each time you require a certain service.
Often a health cash plan will include free cover for any children that you may have, and you may choose to include a range of alternative therapies.
Pre-existing conditions are also sometimes covered.
Most policies will have a three to six month waiting period from when you take out the plan before you can make a claim.
Because health cash plans and private medical insurance are two separate products many individuals decide to take them in combination to cover the cost of a wide range of health needs.
However, they are not mutually exclusive and you can quite easily take one type of plan out without the other.
There's no denying that everyday health costs can quickly mount and a cash health plan can help you deal with some of these costs.
Nevertheless cash health plans are not suitable for everyone, and you should research you options thoroughly to ensure that you're getting a product that is well matched to your needs.
Used in combination private medical insurance and health cash plans can offer a comprehensive solution for all your health needs.
At first glance you may identify little difference between a cash health plan and private medical insurance, but they are in fact very different products.
Private medical insurance is specifically designed to pay for the cost of private medical care in the event of certain types of illness.
The premium that you pay for private medical insurance will depend on a range of factors including your age, and pre-existing medical conditions will normally be excluded.
Health cash plans, formerly hospital cash plans, on the other hand are designed to cover the cost of everyday health needs such as a trip to the dentist or opticians.
A health cash plan will usually be paid for through a monthly premium and you can make a claim as and when is needed.
Health cash plans will usually come with a core set of benefits and additional add-on benefits that you can choose from, what these are will depend on the provider and policy that you choose.
The amount that you can receive for each type health need will usually be subject to an annual cap.
It is also important to realise that a health cash plan may only pay a percentage of the cost each time you require a certain service.
Often a health cash plan will include free cover for any children that you may have, and you may choose to include a range of alternative therapies.
Pre-existing conditions are also sometimes covered.
Most policies will have a three to six month waiting period from when you take out the plan before you can make a claim.
Because health cash plans and private medical insurance are two separate products many individuals decide to take them in combination to cover the cost of a wide range of health needs.
However, they are not mutually exclusive and you can quite easily take one type of plan out without the other.
There's no denying that everyday health costs can quickly mount and a cash health plan can help you deal with some of these costs.
Nevertheless cash health plans are not suitable for everyone, and you should research you options thoroughly to ensure that you're getting a product that is well matched to your needs.
Used in combination private medical insurance and health cash plans can offer a comprehensive solution for all your health needs.
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