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Family Health Insurance

Safeguarding the health of your family through private medical insurance can help you bypass NHS waiting lists and give your loved ones’ access to the latest medical treatments and technologies.

Read on to find out more about Family Medical Insurance and how it can help you manage the costs of healthcare.

What is Family Health Insurance?

Family medical insurance is a policy which includes a care for partners/spouses and dependents.

The premium contributions are designed to pay-out when you, or a member of your family, claims for private healthcare treatment, up to a specified limit.

Insuring your family’s as well as your own medical costs can also be done through a Health Cash Plan. This is a plan where you pay for treatment and then claim some, if not all, of the costs back.

Why Should I Consider Family Medical Insurance?

If you have a growing family, you may want to help yourself manage the costs of regular checks, such as dental and optician’s appointments.

Your premiums calculation, like with any health insurance policy, will be worked out from a number of factors. When choosing a plan, you should consider;

• How much you can afford to pay towards monthly premiums?
• How much cover you may need for the whole family?
• You, your partner/spouse and children’s ages and states of general health.

What is Covered in a Family Medical Insurance Plan?

There is a huge amount of diversity in the health insurance industry. This means that you should be able to find a comprehensive plan to suit your family’s needs. You can also look at more basic plans, where a limited number of services are included in the monthly premium price. Some of the things covered in a family health plan may include;

• In-Patient Cover – For hospital treatment and stays overnight
• Day-Patient Treatments – Hospital treatment where the patient isn’t expected to stay overnight
• Out-Patient – Treatments in health centres, including consultations and diagnosis testing. Again, with no overnight hospital stay.
• Therapeutic Treatment Services -including podiatry, physiotherapy, osteopathic services etc.
• Surgery Costs – Excluding cosmetic procedures

Let’s Look at a Family Health Insurance Example:

Clara is 33 and has a partner and two children under 8 years old. She has researched health plans online and has found a policy that would charge her around £12 a month in premiums for her private healthcare treatment only. If she were to add her children to the plan, her costs would go up to around £17 which is still very affordable for her. However, Clara would like her partner covered with the same plan, for ease of paperwork and budget management. She was able to find a plan for herself, her partner and two children for around £32 a month in premiums.

What are the Benefits of Family Private Health Insurance?

• Children Over 18 – With conventional health insurance plans, you can, in many cases, add your children to the policy, if they are under the age of 18. However, specialist family healthcare insurance plans can include children who are up to the age of 25 (in some cases).
• Private Healthcare Access – Private medical insurance can help you and your family bypass NHS waiting times, receive treatments and drugs that are not yet available on the NHS. You can also access alternative therapies and benefit from the convenience and comfort of staying in private health centres whilst you recover.
• Deductibles – With many plans, you can choose an excess figure, which you will agree to pay yourself for treatment before you then make a claim for additional funds. Setting your excess to a slightly higher, yet still affordable, excess figure, can help you bring down your monthly premium costs, in some circumstances.
• Hospital Accommodation Costs – Some family health plans will aid you in paying for overnight stays in hospital. Some providers will even offer you a contribution to help parents meet the costs of hospital car parking. Additional extras, such as this, can help ease the stress of a family health crisis. Helping families meet costs, freeing them up to concentrate on their loved one’s recovery.
• Additional Benefits – Some family health plans can also include subsidised or free gym membership, as well as dedicated customer service helplines, usually available 24/7. Some will also offer regular health checks for customers, as well as counselling helplines for those facing stress-related mental health problems.

What are the Pitfalls of Family Medical Insurance?

• Premium Costs Rising – As is the case with nearly all health insurance products, what you pay towards your premiums can increase with age. Also, if you are in bad health, smoke, drink heavily or are overweight, you may also have to pay more towards your family health insurance.
• Pre-Existing Conditions – With some plans, there may be restrictions on claiming for a pre-existing medical condition which recurs within a certain length of time before the policy was taken out, as well as during your premium-paying insurance term. However, you may be able to find a specialist insurance product which may cover you for a pre-existing condition. But please bear in mind that it may cost you and your family more in premium payments, and you may still have a limit imposed on the amount you can claim for it. It is also worth noting that some pre-existing conditions may not be insurable, across the whole of the UK market. In which case, you may have to rely on NHS treatment.
• Maximum Age Limits – Some policies may include a maximum age limit for children and adults covered by the plan.
• Annual Claim Limits – Some family health plans may also include a maximum annual claim limit. Therefore, if you are looking to take out insurance for a large family, do make sure that your maximum claim limit per year would be appropriate for your circumstances.
• Dental Care – It is not the case with all insurers for dental care to be included on family health insurance plans. This may be available as an additional extra on some plans. However, if you would like to help manage the costs of dental care for your family, you may want to look at dental care plans as a stand-alone insurance product.

What are the Alternatives to Family Medical Insurance?

• NHS Treatment – In the UK, medical care is free at the point of use through the National Health Service. Family medical insurance, in this case, can be used to supplement free healthcare services.
• Critical Illness Insurance – If you are concerned about your family’s wellbeing during a health crisis, you may want to also look at this form of insurance. Critical illness cover can help you meet your living expenses in times of illness, where a breadwinner is too sick to work for a significant length of time.  Income Protection Insurance is a similar product, with some distinct differences. However, it is also designed to help keep families afloat in times of crisis.

If you would like to find out more about Family Medical Insurance and you would like to see a free, no-obligation quote for your needs, get in touch with an advisor now.