Private Health Insurance hit the headlines last week when the Office of Fair Trading (OFT) referred the industry to the Competition Commission. One of the main concerns being raised is that consumers aren’t getting the best deal due to growing consultant costs which many private healthcare providers feel is not putting the patient at the heart of matter.
Put simply, private health insurance is managed by either regular monthly instalments or a lump sum payment and ensures that you or your family receive prompt medical care for acute health conditions or everyday treatments, such as dental, optical or physiotherapist care, whenever you need it. The beauty of private health insurance is that there are no lengthy waiting lists and policies are modular which allows you to select which modules of cover you and/or your family need according to your budget.
Some of the main areas of concern that private medical insurers will welcome as part of the Competition Commission review include the issue of competition squeezing due to growing hospital networks, regional imbalances being brought about due to national charging, and increasingly the concerns about higher and higher incentives being paid to consultants. For many when economic times are tough, quite often their insurance policies often seem a luxury that they can’t afford. However, with many affordable plans and schemes available it really is worth taking a fresh look at private health insurance. From basic cover through to cash health plans, there are a range of solutions to suit most people’s needs and pockets. As the Competition Review unfolds, no doubt we’ll hear even more good news for policy holders and hopefully reduced premiums too.