Current Feed Content from 1 Sep 08 00:33
Overview of Health Insurance
Introduction - all us worry about our Health, in particular, what would happen if we were unable to work through injury or illness. How would we be able to pay the bills, gas, electricity, water rates, council tax, it all adds up, also, could we meet our monthly mortgage payments. Over half a million people are killed or injured each year as a result of accidents, many more suffer temporary or permanent incapacity following illness. The stress that an Accident or injury can place on a family is incalculable, the loss of income of the breadwinner coupled at the same time as the drain of the resources on the family trying to support him or her. None of us likes to dwell on the possibility of an early death, but if we have responsibilities then it is something that must be considered. Thankfully, various types of insurance are available to cover our Health. Some health insurance uk is designed to cover short term problems such as an Illness or an accident such as a broken arm, policies are also available for more serious conditions that may be ongoing. The main forms of health insurance available in the market are as follows:-
- Personal Accident Insurance
- Personal Accident & Sickness Insurance
- Critical illness Insurance
- Private Medical Insurance
- Sports Accidents Cover
- Long Term Care Insurance
- Life Insurance
Which One to Choose? - which of the above insurance covers selected depends very much on personal circumstances or afford ability. In some cases Life Insurance may be a contractual requirement of a mortgage for example. The lender will wish to secure the money advanced by means of Insurance. Accident & Sickness Insurance may be a requirement of someone who is self employed or finds that their employer will only pay them statutory sick pay. Of course occupation is a prime consideration for this type of cover, Office workers tend to be rated very cheaply, whereas someone involved in manual labour will be at the other end of the scale. In short if you have an occupation where there is a possibility of injury, then this is a more pertinent insurance cover to buy. Private Medical Insurance is becoming much more popular and affordable as peoples perception of the car available under the National Health services declines. This type of insurance also gives the comfort of knowing that if you fall ill and need to go in to hospital, you will not have to endure the stress of waiting. We hope that the information provided is of some assistance to you, remember what ever type of policy you decided to purchase, it is best to obtain as many quotations as possible. Compare the covers on offer and always study the exclusions as well as the benefits of the insurance cover on offer.
Is any time of cover Free of Charge? - there are a few basic covers that most of us are entitles to; If you are an employee, you may be entitled to statutory sick pay, but it very unlikely that you would be able to manage to cover your outgoings on this. The purchase of a ticket to travel on various forms of transport may provide you with a certain amount of free insurance over. The Warsaw Convention & Hague Protocol amongst other things deal with the liabilities of Airlines carrying passengers. You may find that purchasing a rail ticket with a credit card will also afford a restrictive form of cover. If you are a passenger in a motor car and are injured, the Road Traffic Act states that passenger liability cover has to included under all United Kingdom motor insurance policies. If you are the victim of an uninsured driver, you may be entitled to compensation from the Motorist Insurance Bureau. Similarly, victims of crime may be entitled to some form of compensation. In short, it is not a good idea to rely on outside help to cover Accident or Injury, if you are worried about a certain situation, it is probably best that you make you own insurance arrangements.
Private Medical Insurance Introduction - at the present moment in excess of 900000 persons are on hospital waiting lists and many of these will have to wait in excess of over a year for treatment. Many of us have become worried about the state of the National Health service and it's seemingly decreasing ability to provide early care for us. Hopefully this will change but until it doers many people are considering or already have purchased Private Medical Insurance. The cost involved increase in line with age but when you actually break down the amounts involved on a day to day basis, this insurance product is certainly cheaper than a packet of cigarettes for example. There are many Insurance providers for this type of insurance all with different terms and conditions, shop around and select the insurance product that you believe is right for you.
Long Term Disability Insurance - this type of insurance is also known as Permanent Health Insurance (PHI), it will pay a monthly amount if you are unable to work because of an illness or a disability. The Permanent Health Insurance Policy will continue to pay you until you recover and go back to work, or until you die or reach the policy termination age which is usually 65. There are usually monetary restrictions on the policy; the most you can insure is usually up to 75%of your gross income, less any state benefit that you may be entitled to. The percentage is reduced for higher rate tax earners to allow for the effects of higher marginal rates of income tax.
Personal Accident and Sickness Insurance - permanent Health Insurance was originally introduced to deal with the restrictive payout limits on the above type of cover. Cover is usually sold in units with the price being directly linked to the type of work and perhaps sports or pastimes entered in to by the individual. Extreme example AS are Office Workers who will usually be in the lowest rated category and Deep Sea Fisherman who will almost certainly be in the highest. Benefits vary from insurer to insurer but usually a table of benefits is produced each called a unit. In theory you could by as many units as you liked but mostly insurers will want to restrict you to a proportion of your income usually set at 75%.
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