Private Medical Insurance

By: EconomyWatch   Date: 26 May 2010

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Private medical insurance companies offer a wide array of healthcare plans which tend to vary significantly in terms of cover, policy cost and benefits. Most countries across the globe provide public healthcare scheme which expands the benefits of healthcare cover to deprived sections of the society. Yet, there are numerous individuals who can well-afford to spend more for added services. That is exactly why private health insurance continues to thrive as an efficient alternative.

Functions of private medical insurance companies are also administered by insurance laws of the land.

What Does Private Medical Insurance Typically Cover?

A private medical insurance policy provides extended cover over and above the public healthcare scheme. A private medical insurance policy can be customized to meet individual health requirements. Unlike public healthcare, a private policy offers considerable array of choices in terms of hospitals, doctors, medical facilities and treatment. Long waiting periods which are typical in public healthcare can be avoided as well.

These are the following ‘added’ cover that private medical insurance offers:

  • Private hospital expenses
  • Ambulance
  • Physiotherapy
  • Complete dental treatment
  • Home nursing
  • Cosmetic treatment

It is highly essential to disclose all the pre-existing conditions while applying for private medical insurance. Most insurance companies will exclude those disclosed illnesses from the medical cover. Some specialized insurance policies may cover terminal diseases against extra premium. Failure to disclose personal and family medical history may lead to rejection of the application.

Who Can Benefit From Private Medical Insurance?

Certain groups may reap greater benefits from a private medical insurance policy. Older people are more vulnerable to illnesses. For the aged and elderly, a private policy is highly beneficial. Couples who intend to start a family would also gain from private medical insurance as it would help them to avert medical expenses of a new-born baby. Sportspersons may also opt to do the same as they suffer greater risk of injuries. A private health insurance plan can be customized to provide emergency treatment for sports injuries. Those who suffer poor health can also consider a private health insurance plan that covers the pre-existing conditions.

With rising costs related to medical services, buying a private medical insurance cover would definitely be a great investment.


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