What Health Insurance Should Men Take Out?
How to Financially Protect Your Family when Serious Illness Happens
Jun 17, 2009
Health insurance provides families with either financial protection or medical insurance in the event of a serious illness. There are a number of different forms of coverage, including Private Medical Insurance (PMI), critical illness insurance, health cash plans and Income Protection Insurance (IPI).
Why is Health Insurance Important?
Research from the National Cancer Intelligence Network (NCIN) in June 2009 showed that men were 40% more likely to die of cancer than women. The principle reasons for this included their reluctance to see the doctor and unhealthy lifestyles. The higher probability of serious illness provides added credence to the fact that taking out health insurance is essential, especially for those with dependents.
Private Medical Insurance (PMI)
A PMI policy is a form of health insurance that allows a patient to bypass NHS waiting lists and receive medical assistance more quickly. As well as a faster service, they may also be able to choose who their doctor will be and which hospital they are treated at. Premiums can be high for the more comprehensive plans, particularly for those who are older or with pre-existing medical conditions.
Critical Illness Insurance
A critical illness insurance policy pays out a tax-free lump sum when a serious or life-threatening illness is diagnosed. This variety of health insurance doesn't provide medical treatment, it instead concentrates on the financial ramifications. This money can be used for any purpose, including paying-off the mortgage, providing time to recuperate or alleviating financial worries. Thirty serious illnesses are covered, but there are a number of exclusions for pre-existing medical conditions.
Income Protection Insurance (IPI)
An Income Protection Insurance (IPI) policy concentrates on the financial consequences of being unable to work due to an illness or sickness. Once a pre-agreed deferment period has elapsed, the beneficiary of this health insurance policy will enjoy a monthly income until they are able to return to work or the 12 months period of coverage elapses.
Health Cash Plan
A health cash plan isn't as comprehensive as Private Medical Insurance (PMI). Rather than covering the costs of hospitalisation associated with a serious illness, it provides a modest cash injection to help with every-day medical expenses. This form of health insurance covers some or all of the costs associated with dental care, optical fees, physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy treatments.
Matt Morris of Lifesearch stated that: "Anyone with dependents or debts who relies on their salary to live should ensure that they have adequate Income Protection Insurance (IPI) in place as a first priority. Ideally, everyone would have an income protection, critical illness and a basic life insurance policy- usually in that order of importance."
Whilst no health insurance policy will prevent a serious illness, it will help tremendously should the worst happen. Coverage is particularly important for those with a mortgage or have dependents as help through state benefits are limited.
Those that found this article useful may also be interested in taking out critical illness insurance or life cover to protect their families. Pet insurance can also help families save money on veterinary bills.
Sources
Simon, Emma. (17 June, 2009) "Health insurance for men: what are the best options?" The Daily Telegraph.
National Cancer Intelligence Network - June 2009
Disclaimer: This article in no way attempts to give legal advice. One should consult a licensed insurance agent or other qualified professional for more information about property insurance.
