Whether you’re a first-time parent, have been a parent for a while, or are here to buy a health insurance policy for your parents, this guide aims to explain exactly what your options are and how to get the best deal. If you already know you need health insurance for your parents, click the link below to request a free quote.
What is health insurance for parents?
Private health insurance plans for parents are the same as other policies on the market in that you pay an annual premium and if you suffer from certain illnesses while the policy is active, the insurer will pay for your treatment through private healthcare.
What does the parents’ health insurance cover?
What is not covered by your private health insurance will of course be determined by your insurance company and the policy you choose, but we can give you a general idea of what you can expect to be covered. It is important to point out that all private health insurance policies are intended for diagnosis and treatment acute medical conditions, meaning those that develop quickly and are crucially treatable. Chronic conditions, meaning those that are long-lasting and for which there is currently no cure, are usually not covered by health insurance plans. In some cases, testing and consultations leading to a diagnosis of a chronic condition will be covered, but not always.
Inpatient treatment
All health insurance policies, including those for parents, cover the minimum costs of hospital treatment in a private hospital. Inpatient treatments are those where you are admitted to the hospital and need a bed overnight. In most cases day patient treatments will also be included in your policy, these are treatments where a hospital bed is only required for one day and not overnight.
Outpatient treatment
Outpatient diagnosis, tests and treatments will often be excluded from basic health insurance, but available for inclusion as an additional supplement. As the name suggests, outpatient treatments are those where you do not need to be admitted to the hospital at all. The best private health insurance policies, or comprehensive policies as they are also known, will cover inpatient, day patient treatment and outpatient treatment.
What does the parents’ health insurance not cover?
While there are many inclusions, there are of course certain things that will be excluded from your parents’ health insurance policy. This includes:
- treatment of chronic conditions as we have already mentioned
- normal/routine pregnancy and childbirth
- emergency health care
- cosmetic surgery unless medically necessary
- pre-existing conditions
- treatment in very top hospitals in Central London
- treatment for alcohol or drug abuse
Of course, these are just some of the exclusions you can expect on your health insurance plan, and to get a complete and accurate list, consult your health insurance broker or policy terms and conditions.
Top providers of health insurance for parents
While each provider has its own unique offerings, there are a few that stand out in a crowded market as the best for parents:
We recommend that you discuss your needs with a broker before choosing a provider, as finding the right policy can take some time.
Benefits of health insurance plans for parents
There are many benefits to taking out a private health insurance policy, as we described in another recent article, but to recap, you can expect all of the following:
Faster treatment and diagnosis
If there’s one thing we as parents don’t have, it’s time, and that’s especially true if you’re not feeling well and need treatment. As good as the NHS is, it is on the verge of being overwhelmed by the Covid-19 pandemic. Even before the recent outbreak, the NHS was not on good footing, leaving thousands of parents waiting for treatment and suffering in the process. One of the primary benefits of private health insurance is that you have access to faster diagnosis and treatment, effectively skipping the queue and getting seen faster.
A private room in the hospital
If you are admitted to hospital and have your parents’ health insurance policy, you will not only receive first-class treatment, but you will also get a private room while you are admitted. While this may seem like a minor benefit, for many of us the last thing we want when we’re unwell is to be surrounded by other people. With a private room, you get your privacy and you can enjoy your time with your visitors even more.
Choose where and when you will be treated
If you have a private health insurance plan and you get sick, you will be able to choose not only when you get treatment but also where. You can choose from an extensive list of the best private hospitals in the directory of insurers across the country.
Access medicines and treatments not routinely available on the NHS
Another significant benefit of your health insurance plan is that it will give you access to medicines and drugs that may not yet be available on the NHS.
What affects the price of health insurance for parents?
Probably the most significant factor in your health insurance costs will be the age of the people on the policy, the older you are the more expensive the policy will be. After age, the next biggest contributor to the cost of your policy is the level of coverage you opt for. If you choose a comprehensive policy with additional options such as mental health cover and routine dental and optical cover, your policy will be significantly more than if you had opted for a simpler basic policy.
Insurance is often mentioned when looking at parental health insurance policies because the type of insurance chosen often affects the cost of the policy. Around 95% of policies in the UK are written on a so-called moratorium basis, which means that any illnesses you’ve had in the last five years are automatically excluded. If you do not suffer from the disease for a period of 2 years, the condition will be covered by the policy. An alternative to the moratorium guarantee is full health insurance, which requires you to disclose all of your medical history to the insurer in advance. The advantage of this type of insurance is that you will have a clear picture of what is covered and what is not before taking out the policy, while with a moratorium it may not be so clear.
Where you live in the UK will also play a key role in the cost of your policy. If you live in central London, for example, the insurer will know that you are more likely to use hospitals in the capital which will be more expensive than those outside it. In fact, reducing your list of hospitals and removing hospitals in London can be a great way to lower the cost of your policy.
Ultimately, the excess you specify on your policy will play a direct role in the annual premiums you pay. It is important to remember that the excess must be affordable, so avoid making it too high as you could be in for a nasty surprise at claim time.
Compare your parents’ health insurance
As one of the UK’s leading health insurance brokers, we are able to search the market on your behalf and provide you with the best prices. Our FCA approved advisers will take the time to ensure we find the best policy not just for your pocket but for your overall needs. If you would like a free comparison quote, please fill out our quote form and one of our brokers will contact you shortly.
