Product Description
Medical insurance is designed to help you pay for any illness that you may have should you be treated privately. There are many different policies that can be purchased for this purpose. Medical insurance gives you and every member of your family the peace of mind of knowing you will be treated privately should you become ill or injured. This means you not only have coverage for minor problems; you will also be taken care of if you have to enter the hospital.

Main Players
The biggest name in medical insurance is Bupa however there are a number of other insurance providers that offer this form of protection. So in addition to Bupa, you can also get quotes from Standard Life, AXA PPP, WPA and PRUhealth.

Pros of Medical Insurance

• Medical insurance policies allow you to be treated at private clinics and hospitals.
• They generally cover a wide range of treatments including surgery and other illnesses that require a hospital stay.
• You have peace of mind from knowing you will be treated quickly and efficiently with the most up-to-date treatments and equipment.

Cons of Medical Insurance

• Medical insurance can be very expensive depending on the cover you want.
• Pre existing conditions may not be covered by the policy.
• You may have to use specific doctors or hospitals that are not in your local area which could mean high travelling expenses.
• Some policies have a limit on the amount they will pay out and so serious illness may not be covered long term.

Things to Consider When Choosing a Provider
The price, the benefits and the speed with which the claims are taken of should all be determined before you purchase medical insurance. You are purchasing medical insurance to help you in a crisis, so you must make sure that it does. You need to have ample coverage for a variety of situations, not just office visits. Today the larger medical insurers have health programmes that reward you with better rates if you are proactive about your well being so it might be worth contacting these if you are currently fit and healthy.

It is also important to read the terms and conditions of the policy carefully as it is easy to over-claim throughout the year. Some policies have restrictions on the number of claims allowed or the total payouts per year and these should be noted. Having restrictions will lower your premium but if you get ill regularly then it may cost more in the long run by having them.

BUYability Summary
Medical insurance isn’t an absolute necessity however a lot of people have it anyway. NHS waiting lists are very long in most areas and so paying a premium each month may be worth doing for faster treatment times. If you are very rarely ill or injured though then medical insurance can be a waste of time and at the end of the day if there is an emergency then there is always the NHS available.