Medical Insurance FAQ
What is Medical Insurance?
Medical Insurance insures you against the costs of private medical treatment for acute conditions (curable medical conditions).
Who needs Medical Insurance?
Anyone who wants without having to worry about payment:
- Speed of Treatment
- Choice of specialists and surgeons
- Treatment in a private hospital of your choice (within the policy hospital list)
- Accommodation in a comfortable room with privacy – no wards
- Peace of mind
You can also choose the level of cover you would like to be insured for. You can choose from in-patient, limited out-patient, full out-patient, extra hospital lists, psychiatric cover, therapies and more….
What doesn’t Medical Insurance cover?
Medical Insurance generally does not cover ‘chronic’ conditions (conditions which are incurable, for example asthma, HIV and/or AIDS).
Pre-existing conditions are not covered under individual policies or new (previously uninsured) company schemes.
However, pre-existing conditions within the last, usually, five years may be covered if you have been advice-free, symptom-free, treatment-free and medication free for (usually) two consecutive years after the commencement date of your policy under the ‘moratorium’ underwriting.
Can I Choose The Hospital For Treatment?
When you first sign up for your policy you will be asked by your medical insurance broker/ adviser to choose the hospitals that you wish to be treated at. It’s up to you to make sure that the hospitals have a good reputation and offers good all-round services. Your premiums will reflect the type of hospitals you choose – if you choose the very best then expect the premiums to be at the top end.
Will My Premiums Increase As I Get Older?
Your private medical insurance premiums will increase with age because you are more likely to make a claim for medical treatment.
What Happens If I Want To Move To Another Insurer?
If you have a current private medical insurance plan but wish to change to another insurer then it is possible to ensure that you receive a plan on no worse terms. In the International Market this can be difficult to arrange.
Can I Get Private Medical Insurance If I Am Disabled?
You can still get private medical insurance if you are disabled. Insurance companies are not allowed to refuse you on this basis.
Will I need to provide details of my health for an individual scheme?
There are two main methods that insurers can use to accept your application for cover – medical history declaration or moratorium. Here is a description of the two types:
Can currently insured company schemes switch to a different provider?
Yes, if companies are currently insured and would like to switch to another insurer to reduce their premiums or improve their level of cover, their pre-existing conditions may also be covered under the new insurer.