When you’re young and healthy, illness and injury can seem far away. If health insurance is low on your priority list, this article should give you food for thought. Here are a few benefits of buying health insurance while you’re young.
Why is it worth considering health insurance?
Private health insurance gives you access to high-quality private health care. You can choose your hospital and consultant (unless you have a guided list) and stay in a private room while you recover. Depending on your chosen policy, health insurance can also help you get a quicker diagnosis and treatment without spending time on an NHS waiting list. You’ll also have access to other services, such as 24/7 virtual GP appointments, mental health helplines, member benefits and discounts.
What does private health insurance cover?
You can tailor your health insurance policy to your needs. Each policy comes with the basic cover that your health insurance includes as standard, usually hospital treatment, cancer cover and some mental health support. You will also have access to all member-only services and benefits offered by your insurance company.
Optional extras typically include outpatient treatment, enhanced mental health coverage, and coverage for optical and dental services. Some insurers offer packaged health insurance policies, while others allow you to customize your policy with different financial limits to suit your needs and budget.
The benefits of getting health insurance while you’re young
Young adults increasingly face challenging economic prospects. Health insurance can seem like a luxury if you’re early in life, trying to build a career and pay the rent. However, there are benefits for young adults who invest in private health insurance. Here are some points to consider.
1. It is relatively cheap
Health insurance for young adults doesn’t cost a fortune compared to what it can cost for those a little older. For example, a 20-year-old can expect to pay around £38.36 a month for a new comprehensive policy, while 30-year-olds pay around £51.57. Compare that to what over 50s would pay (between £80-£200 a month) it’s a bargain.
When you compare health insurance quotes (let us know if you need one), you’ll be able to compare insurers and compare benefits and costs. As health insurance is quite a complicated product, it is usually best to do it with an experienced broker. You’ll get free advice and the best prices available right now.
2. You will be in better health
Young adults tend to be in good health, but this can change as you get older. Getting health insurance at a younger age often means you can afford a more comprehensive policy. If you start to have health problems over the years, you will have the right insurance to access private treatment.
This does not only apply to physical illness. Comprehensive private health insurance policies provide enhanced mental health coverage. Work and family life can put more and more pressure on you over the years, and your health insurance can provide great support.
3. Fewer exclusions
Health insurance pays for private health care for acute conditions that arise after the purchase of the policy. If you have sought advice or treatment for any medical problems in the five years prior to purchasing the policy, these will be defined as pre-existing conditions and will not be covered. This means you will have to wait for NHS treatment or find a way to fund private treatment yourself.
Many people come to us for health insurance when they are already on the waiting list. Unfortunately, we have to tell them that it is too late to get health insurance for that condition. You’re likely to have a less complex medical history when you’re young, which means fewer exclusions.
4. Your policy can grow with your life
If you’re still in your 20s, you may not have many commitments to think about. However, this can change as you age. You may think that the right time to get health insurance is later in life when you have children to take care of. It’s worth sorting out your health insurance now to take advantage of other benefits. You can often add them to your shelf if you get married or have children later. Many family-friendly insurance providers allow you to add your children to your policy. In some cases, you only pay for the first child.
5. It can be easier to switch providers
Switching from one health insurance provider to another can be complex and should not be undertaken lightly. A change may mean adding new exclusions to your policy or losing some of the benefits you have earned. However, buying health insurance when you’re younger means you’re less likely to seek private treatment. If you find that the policy benefits aren’t for you or you find a better renewal offer, it’s easier to change if you didn’t ask.
6. Health insurance benefits can save you money
Your health insurance policy can provide you with more than just private health care. Many private health insurance policies now come with member benefits and discounts, such as discounted movie tickets, gym memberships or free coffee.
Vitality has been a pioneer in providing rewards to customers who lead healthy lives. Their rewards program allows you to earn additional benefits with your activity. Their perks include discounts on fitness tracking technology and gym memberships. If you already pay to use the gym, the discount could cover the cost of your policy.
Other insurers are jumping on the bandwagon to offer enhanced rewards, so it’s worth looking around.
Choosing a health insurance policy
Even if you have youth on your side, getting several health insurance quotes is still a good idea to find the best coverage for your needs. Insurance companies differ in terms of the policies they offer. Some offer virtually comprehensive coverage as standard, while other policies are more flexible and easier to customize. You may also want to consider your long-term goals and consider whether you want an insurer that focuses on promoting health and wellness or a more family-friendly option.
Core coverage
As mentioned, all private medical insurances provide basic coverage, usually including hospital treatment, cancer care and other support services. However, some providers offer more comprehensive coverage in their basic policies. For example, outpatient treatment, including specialist consultations and diagnostic tests, is usually only available as an additional supplement. However, The Exeter includes outpatient surgical procedures carried out by a consultant in its basic cover. Aviva’s Healthier Solutions policy includes tests and consultations in its core coverage.
Optional extras
Additional accessories can give you valuable additional benefits. We usually recommend that you add outpatient treatment cover as you are much more likely to need tests or outpatient care than to need a night in hospital. If you’re already paying for your dental appointments or eye exams, an optical and dental cover could save you money.
Your policy will also include a list of hospitals that will indicate which hospitals and treatment centers are covered. You’ll usually pay more for an extended list, including hospitals in bigger cities or central London. Before choosing your health insurance policy, check if you can access treatment near your home or work when needed.
Health insurance exclusions
We’ve already mentioned that your medical history will affect your health insurance. Other exclusions apply.
Chronic conditions
Health insurance pays for private health care for acute conditions. Chronic conditions such as asthma, diabetes or high blood pressure are not covered. Private hospitals and treatment centers offer short-term care, while chronic conditions require long-term follow-up and treatment.
Whatever your age, if you already have a chronic illness or develop one in the future, your NHS GP or consultant will provide care.
Exceptions to the rule
Some exemptions apply to each insured. Private health insurance funds medically necessary care, so many exclusions apply to treatments that are considered a lifestyle choice rather than a necessity. There are exceptions. Most insurers exclude treatment for alcoholism or other addictions. However, Bupa classifies them as a mental health condition.
Some of the most common exceptions are:
- Simple pregnancy and birth (although complications are often covered).
- Aesthetic surgery and weight loss treatments.
- Accident and emergency.
