Health
insurance

How to Insure Your Health

How to Insure Your Health?

What happens if you’re too ill to work?

Although many people opt-out of National Insurance in favour of private health insurance, there are always questions involved when it comes to some illness which renders them unable to work for a length of time.

If you are wondering how to insure your health and what happens if you’re too ill to work, you need to consider a couple of different options when it comes to private health insurance.

Basic Health Cover

Learning how to insure your health means you need to consider illness from a few perspectives. Whilst many people opt to carry private health insurance instead of NI because of greater benefits and shorter wait times when they need to see a doctor, this type of cover does not generally provide monetary payments if the illness will keep you out of work for any length of time. That is a different cover altogether.

Basic health insurance cover is usually an insurance policy that covers medical bills from in-patient or out-patient hospital visits, it may cover all or a portion of a visit to the doctor and some policies also cover preventative health such as flu vaccines and wellness checks.

However, if you are looking for a means to support your family and cover bills whilst out of work for an extended period of time due to illness, you may want to consider a critical illness insurance policy.

How to Insure Your Health

Critical Illness Cover

Anyone who has a family depending on them for financial support should consider what happens if you’re too ill to work.

Since regular health insurance only covers the medical and perhaps pharmaceutical portion of an illness, you need to think about how your family will eat and who will pay the bills if you contract a debilitating illness or disease.

Critical illness Insurance cover is the type of policy you would use in an instance like this because you can choose the amount of money the policy can be written for.

Depending on your financial obligations, you can select varying amounts on the face value of the critical illness insurance policy. For instance, if you are diagnosed as having cancer and will be out of work up to six months for treatments, you would need to calculate how much money you would need to meet your obligations and survive on for that length of time. Of course you don’t know what the future holds so it is best to consider as much protection as possible.


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Waiting Periods and Exclusions

As well, most critical illness policies have a wait period before they make a payment and 30 days is perhaps the most common wait period you will find.

When shopping for critical illness policies compare not only price but also the wait period you must meet before being paid on a claim.

Some policies also exclude certain diseases, illness and conditions, so you will want to carefully read the small print. This is especially important for those who have a family history of certain diseases.

Most often critical illness cover, will provide a one-time payout after you meet the wait period and you can choose to use the money as you need to. Some people pay bills for a given number of months in advance whilst others choose to bank it to pay bills as they come in. Others use the money for daily living whilst others yet use it to subsidize medical needs not covered on their basic health insurance plan.

If you are looking at health insurance options and what would happen if you’re too ill to work, critical illness should be considered as it is the type of policy to help you financially whilst you are out of work. You may find critical illness as an optional cover on a health insurance policy and you may need to purchase a standalone policy. Take enough time to investigate your choices before choosing a policy so that you can have the peace of mind in knowing your chose the right policy and insurance company for your needs.


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