Health insurance brings many benefits to young adults and working professionals. Not only does it give you access to first-class private medical treatment when you need it, but many discounts can often offset the cost of the policy. Read on to find out more or request a quote if you’d like to find out how much a policy could cost.
When should I get health insurance?
There is no set time in your life when you “should” get health insurance. It all comes down to your circumstances and needs. You may have seen a friend struggling to get mental health support through the NHS or even a family member stuck on the waiting list for routine surgery that encourages you. Whatever the reason, the good news is that health insurance costs are closely related to your age, so taking out a policy as a young, working professional will always be cheaper than if you took it out when you were older. On that note, we should point out that health insurance policies usually last for 12 months, and each year your insurer will review your policy and give you a quote for another year. As you age, the costs of your policy want increase, but this can often be offset by comparing all the leading providers and switching to a comparable policy.
How old do I have to be to get health insurance?
To take out a health insurance policy, you must be 18 years of age or older; however, if you are added to someone else’s policy, such as a parent, you can get coverage at a younger age.
Benefits of health insurance for young people
Many health insurance benefits apply regardless of your age, but some are likely to be more appreciated by young people. You can expect the following benefits:
- Fast treatment in many private hospitals in the UK
- More choices with whom, where and when you will be treated
- Access to medicines and treatments not routinely available on the NHS
- Various discounts from gym membership to technology
- Improved mental health support
- A private room while you are in the hospital
- Access to the services of a virtual GP to see him faster
- Faster diagnosis and testing before treatment (only comprehensive policies)
Benefits to help you take care of yourself
Along with access to first-class medical treatment, many health insurance providers will give you several discounts to help you stay in the best physical and mental shape. For young adults who like to stay in shape, these extra benefits can sometimes outweigh the cost of the policy. Here are some examples of the types of things providers will offer on top of their basic coverage:
- Half price gym membership
- Spa discounts
- Free technology like Apple Watch or Fitbit
- Amazon Prime membership
- Help in quitting smoking
- Discounts in leading cafes
- Discounted hotels and holidays
- And much more
When you talk to your health insurance advisor, be sure to discuss your lifestyle so they can help you choose the best provider.
What does private health insurance cover?
Each health insurance policy will differ in what is and is not covered; however, you can usually expect all of the following to be included:
- Treatment of acute conditions (those that can be cured)
- Inpatient treatment (where you need a bed overnight)
- Day treatment (where you only need a bed for one day)
- Cancer cover (usually a key part of the provider’s offer)
- Post-treatment care and follow-up consultation
- Diagnosis before treatment, tests and scans (only comprehensive policies)
- Mental health support (included in some policies, but enhanced coverage is often an additional option)
- Physiotherapy
Optional extras to consider
In addition to the basic items of your policy, there are several additional options that young adults should consider. All of these will increase the cost of the policy, but you will get some significant benefits in return. Once again, to reiterate, young people will usually get the best rates available, so you can usually get a very comprehensive policy with a few extra options for a reasonable price.
Mental health cover
As noted in this 2018 survey, young adults in the UK between the ages of 18 and 34 are more likely to report problems with their mental health than any other age group, with NHS England stating that 75% of mental health disorders established age of 24 years. It is the first reminder of how vulnerable people are in their early adulthood. Unfortunately, despite improvements in recent years, NHS mental health support is still not where it should be.
Some private health insurance policies will include some level of mental health support in their core product, but most will offer this as an extra. Of course, it’s up to you whether you want to include it, but it’s a part of the policy that we think can be invaluable and give you the extra support you need during tough times.
Routine dental and optical treatments
As stated in this NHS report, almost 50% of adults in the UK have not seen a dentist in the last 24 months, which we’re sure you’ll agree is a huge number. Private health insurance covers several treatments related to your dental and optical health, but these are all important conditions, not routine appointments. Insurers, however, also offer the possibility of covering the costs of regular meetings, so if you are interested in this, just let us know when you speak to your adviser.
Therapies
While some policies cover physiotherapy as standard, other therapies such as chiropractors or osteopath visits are usually extras. Again, as with the other optional supplements mentioned in this article, talk to your advisor to determine if you will benefit.
Travel cover
A final important extra to consider when taking out a policy is whether you want it to cover your international travel as well. Obviously, we’ve all been limited in terms of where we can travel lately, but as the world opens up again, this is likely to become an option worth reconsidering.
What your policy doesn’t cover
It’s important to understand that while health insurance, and especially comprehensive policies, will cover a lot, they don’t cover everything. What is excluded from your policy will vary between providers, but generally speaking, the following will not be covered:
- Pre-existing conditions
- Aesthetic surgery
- Routine pregnancy
- Emergency services
- Chronic conditions
- Conditions related to alcohol or drug abuse
As we say, this is quite a broad list, and what is excluded from your policy will vary between providers.
How are pre-existing conditions treated?
Most private health insurance policies are signed on the basis of a moratorium when existing conditions from which you have suffered in the past five years they will be excluded. However, if you take out the policy and have no symptoms or require treatment for the said condition for two years, it will be covered. So while the last five years or conditions will be excluded, they will become covered as long as you have been symptom-free for several years. If you are not sure what this means for you, please contact one of our consultants who will be able to answer your questions in more detail.
How can you get health insurance?
There are several ways you can get health insurance, but like other financial services policies, it pays to compare providers to make sure you get the best deal. Health insurance is relatively unique in that there are many ways your policy can be configured and many options to choose from. Therefore, we always recommend that you speak to a health insurance broker who will not only be able to give you the best price for your policy, but also ensure that it is set up correctly, according to your personal preferences.
Health insurance brokers do not charge you anything; you get the same price as going direct to the insurer, but with the advantage of independent advice before the sale.
These are some of the most common ways young people get a health insurance policy:
- Through a specialized health insurance intermediary
- By going directly to the insurer
- Through your employer, if they have a company scheme in place
- From the bank or housing cooperative
Best health insurance providers for young adults
The leading health insurance providers for young adults are the same as for seniors and families. However, you will find that some will offer additional benefits or perks that may be of greater value to you. If you want our full review of the best health insurance providers, click the link to read another one of our guides.
The leading health insurance providers in the UK are:
How much does health insurance cost for young adults?
With so many variables, including your age, location, level of coverage, extras and more, it’s impossible to give you a straight answer to how much your health insurance will cost. Therefore, we always recommend asking for a comparison quote to get a personalized example. All of that said, we know you’ll probably want examples of pricing, so we’ve gone to the top providers based on certain criteria to give you some estimates.
The prices below are just a guide and the price you will pay for your policy will be different.
- Cost of health insurance for an 18-year-old = £25.85 per month
- Cost of health insurance for a 19-year-old = £26.30 per month
- Health insurance costs for a 20-year-old = £27.90 per month
- Cost of health insurance for a 21-year-old = £28.14 per month
- Cost of health insurance for a 22-year-old = £29.37 per month
- Cost of health insurance for a 23-year-old = £30.12 per month
- Cost of health insurance for a 24-year-old = £31.00 per month
- Cost of health insurance for a 25-year-old = £33.98 per month
- Cost of health insurance for a 26-year-old = £34.75 per month
- Cost of health insurance for a 27-year-old = £35.69 per month
- Cost of health insurance for a 28-year-old = £37.99 per month
- Cost of health insurance for a 29-year-old = £38.85 per month
- Cost of health insurance for a 30-year-old = £40.96 per month
We set the following rules for our pricing experiment:
- The only variable is the person’s age
- The person lives in Southampton
- They would like a comprehensive policy without extras
- They are happy if an excess of £100 is applied to the policy
- The policy will be contracted on the basis of a moratorium
- In all cases, we will choose the cheapest policy available
Waiver: All prices are examples; the price you pay for your policy will be different.
Waiver: This information is general and what is best for you will depend on your personal circumstances. Talk to a financial advisor or do your own research before making a decision.
