Critical Illness Insurance

You can buy cover which pays out if you contract a critical illness. Before you buy this cover check exactly which illnesses are included and which not. This can be a lot more expensive to buy than life assurance because you are far more likely to contract a serious illness than die before the age of 65.

Day-Patient

Day-patient treatment means that for medical reasons you have to go into a hospital or day-patient unit because you need a period of clinically-supervised recovery.

Deductible

See Excess. Most medical insurers will offer some discount if you take an excess (also known as a deductible). Similar to the excess you get with home or car insurance, it’s the amount you pay towards a claim before the insurer pays.

With medical insurance, the excess options vary between insurance companies, but can be as low as £50 or $100 and as high as £5,000 or $10,000. The higher the excess, the lower the premium.

Exclusions

The following conditions or treatments are also normally outside your cover: drug abuse, self-inflicted injuries, out-patient drugs and dressings, HIV/AIDS, infertility, normal pregnancy, cosmetic surgery, gender reassignment, preventive treatment, kidney dialysis, mobility aids, experimental treatment, experimental drugs, organ transplants, war risks, and injuries arising from dangerous hobbies.

With medical insurance, the excess options vary between insurance companies, but can be as low as £50 or $100 and as high as £5,000 or $10,000. The higher the excess, the lower the premium.

Excess

Most medical insurers will offer some discount if you take an excess (also known as a deductible). Similar to the excess you get with home or car insurance, it’s the amount you pay towards a claim before the insurer pays.

With medical insurance, the excess options vary between insurance companies, but can be as low as £50 or $100 and as high as £5,000 or $10,000. The higher the excess, the lower the premium.

Full Medical Underwriting

With this, you are asked to give details of your medical history. The insurer may ask your doctor for more information. If you don’t give all the information you are asked for, your insurer may refuse to pay any claim, or cancel your policy.

Declared conditions may be excluded from cover altogether, or cover may resume if you have a certain period of time free of the condition.

Income Protection Insurance

If you want a plan to pay you a monthly income if you are unable to work due to sickness, accident or disability then you need income protection insurance. This does not pay out if you resign or are made redundant.

International Private Medical Insurance

International Private Medical Insurance (IPMI) is designed to cover the costs of private medical treatment for acute conditions when you are away from your home country. Policies can cover you worldwide or just in certain countries. Emergency evacuation to facilities with better healthcare than locally may be included in some plans.
See also Private Medical Insurance.

In-Patient

In-patient treatment means that for medical reasons you have to stay in hospital overnight or longer.

Kidnap And Ransom Insurance

There is an increasing threat of kidnap and ransom in some of the main areas where expats work. Insurance which pays out to meet the costs involved in kidnap and ransom cases is expensive, as it generally pays out up to $50 million in ransom demands. So the premiums – typically $2,000 a year per person – are beyond all but the wealthiest.
If you are sent on assignment to a dangerous part of the world you should try to ensure that your employer takes out this this cover on your behalf.

Life Insurance

If you have dependants who rely on you as the breadwinner you should have life insurance in place. With this cover, or ‘assurance’, a lump sum is paid out to dependants in the event of your death. You can buy plans that last indefinitely or cover a pre-determined term.

Moratorium Underwriting

You are not asked to give details of your medical history with this approach. The insurer does not cover treatment for any medical condition that you have received treatment for, taken drugs for, asked advice on or had symptoms of. You will not normally be covered for any condition that existed in the past five years.

Out-Patient

Out-patient treatment is given at a hospital, consulting room or out-patient clinic where you do not go in for day-patient or in-patient treatment.

Pre-Existing Conditions

Insurers tend to exclude or reduce cover for current or previous illnesses or related conditions. But some insurers can cover some of these conditions.  An insurance broker can help you find an issuer who may cover your pre-existing condition.

Private Medical Insurance

Private medical insurance (PMI) is designed to cover the costs of private medical treatment for what are commonly known as acute conditions. According to the Association of British Insurers (ABI), most insurers define an ‘acute condition’ as a disease, illness or injury that is likely to respond quickly to treatment which aims to return you to the state of health you were in immediately before suffering the disease, illness or injury, or which leads to your full recovery.

Most people buy this type of insurance to gain the reassurance of knowing that treatment is available promptly, if they become ill or are injured.

Waiting Periods

Many medical insurance plans will have a waiting period of up to a year before things like vaccinations, routine maternity, health checks, or routine dental become covered.

 War Zones

Most medical insurance policies will not cover you if you enter a war zone. But a few specialist policies will provide cover in these circumstances. A private medical insurance broker will be able to find one for you.