Buying a private health insurance policy
Health insurance that covers the cost of private medical care is called private health insurance. As with other insurance policies, it works in the same way – you pay a monthly or annual premium, and then your insurance company pays for some or all of the private medical treatment you need.
You can take out a joint policy with your spouse or partner if you live together in the same house. The process will be streamlined if you work with just one insurance provider, one policy, and one contact person.
The level of private health insurance you get will depend on which policy you choose, but it can help you pay for many healthcare-related costs:
If you are an inpatient in a hospital, your basic health insurance policy will usually cover the costs of treatment as well as other related expenses.
Health insurance policies for medium-sized businesses typically cover both outpatient care and inpatient treatment.
As well as covering everything above, comprehensive health insurance plans also provide coverage for extra treatments such as mental health and physiotherapy.
You will likely pay more for a more comprehensive policy that includes extras. Although many providers offer flexible options to reduce the cost of the policy, such as taking out a joint policy or paying a larger excess, there are still some drawbacks to considering them. Taking out two separate individual policies can be more expensive, so joint policies can be a more cost-effective alternative. It’s important to compare the price of joint policies to that of a single policy. You will most likely discover that the joint policy will save you and your partner quite a lot of money.