Medical Insurance

Medical Insurance is an absolute necessity in some countries. But in others, it is a luxury. In Great Britain, for example, the National Health Service takes care of the needs of the nations health (creaking at the seams whilst it does it though), but Medical Insurance is considered a perk of employment, or a means for the wealthy and influential to get priority treatment, at a price.

Not everyone can boast the luxury of knowing that they can go to the Doctor for free, go to Hospital for free and get treated for free. Albeit you have to wait in many cases.

In many other countries, the economics of the situation dictate that people must fund their own medical care, through medical insurance. Some would argue that this is the case in the UK as well, because the working population pay what is known as National Insurance - Tax by any other name.

So what type of medical insurance can you buy? What are the benefits of owning some?

Having medical insurance means in effect that you can get medical attention when and where you need it, without any fear of waiting for treatment. Whilst extreme cases would probably get treatment anyway, less urgent but possibly just as painful conditions can be dealt with when you want it done, at a time which is convenient to you and not simply when a bed is available.

As with any legal contract, you should read any medical insurance proposal very carefully, and understand if there are exclusions to obtaining benefit from the contract. You should also be clear as to exactly where treatment will be allowed. Perhaps the quality of hospitals where you live varies greatly. If that is the case, you want to ensure that you will get the best possible treatment for your condition.

As with many types of insurance, the question of excesses comes in to play. The cost of the premium to be paid will rise as the amount of excess reduces. The excess is an amount (which will be specified on your contract) which you will agree to pay towards the cost of treatment before the policy benefits kick in. You may well be driven by cost at this juncture, so the choice is yours. Just bear in mind that a substantial excess could be just as hard to bear as the cost of treatment.

Many insurers will insist on a full disclosure of medical history before they will offer you cover. Pre existing conditions may well not be covered by the policy. Please don't be tempted to 'forget' anything though. Most conditions are a matter of medical record, and you will be found out. You will then lose your claim.

Lastly, please shop around. Do not take the first quote that is offered to you. Prices can vary wildly, and as long as you tale care reading the small print, you can get good deals for yourself if you take some time over it.