Around 7 million people in the UK are covered by health insurance, the majority being covered through their employers. However, there may come a time when a change or loss of employment may send you scrambling into the health insurance marketplace.
You will have a lot of new decisions to make. You will have to educate yourself very quickly because there is only a 60-day window after separation from your employer to purchase a new plan.
Health insurance is designed to provide protection for curable, short-term health problems and allow policyholders to jump the NHS queues to see consultants, be diagnosed, receive surgery or be treated.
What are the different types of health insruance?
There are different types of health insurance policies person who wants to get insured can choose the policy suits them the best. The two main types of policies are:
- Free – for – service insurance is also known as indemnity insurance this is a traditional type of health insurance that pays the portion of each medical service you get like doctor’s visit and hospital stays while you pay the remaining costs. Premiums are higher than the other policies.
- Managed care plans also known as HMO’s (health management organizations) or PPO’s (preferred provider organization). In this case, the health insurance company has a contract with doctors and hospitals to provide you service. In this type of health insurance you pay monthly premiums and a small amount per visit called “co pay”. You can use the advice of other doctors as well by paying a higher amount of co pay.
The best way to get health insurance is through a broker. You can choose your broker depending upon your requirements. A broker can get you a good health insurance policy as well as give you information on several key features of the policy in general.
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