Why Should You Get Health Insurance at A Young Age?

Why Health Insurance Matters for Youngsters?

According to Macmillan Cancer Support, more than 3 million people in the UK have cancer right now. This is expected to grow to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040.

These days, most youngsters are leading a sedentary lifestyle that ultimately increases the chance of lifestyle disorders taking young lives. If you completely agree, then taking out health insurance that can help you manage your health and finances better in the long run will be a wise decision. In fact, having health insurance at a young age allows you to ensure early cover for any health issue that may come in the future. Given below are some of the major benefits that private health insurance offers:

• Access to some of the best hospitals
• Choose consultants and hospitals according to your needs
• Get a private room to stay in while you recover
• Save you time by allowing you to get quicker diagnoses and treatments without the hassle of NHS waiting lists
• The benefit of 24*7 virtual assistants
• Membership benefits and discounts
• Mental health helplines

What’s Covered by Private Medical Insurance?

Each health insurance policy differs from one to another. But, you can tailor your policy according to your requirements. You can usually expect all of the following to be included:

• Day Patient treatments
• Inpatient treatments
• Follow up consultations
• Pre-treatment diagnosis, scans and tests
• Mental health support (included in some policies, but enhanced cover is often an additional option)
• Physiotherapy

Mental Health Cover

Childhood and adolescence are two important stages of life for mental health. It is the period when there is an increased risk of mental illness. In fact, it has been found that young adults in the UK are more likely to report mental health problems. So, some health insurance providers include mental health support as a core product. But most private insurers will provide it as an optional extra. So, it’s up to you whether you’d like to include it in your coverage or not.

Routine Dental and Optical Treatments

Dental problems are common in every adult in the UK. That’s why private medical insurance covers various treatments related to your dental and optical conditions. Remember that not all insurers cover the cost of regular checkups and appointments. There are many providers who only cover the cost of critical dental and optical treatments. It is advisable to get a quote for private health insurance comparison in the UK if you want to get coverage for these treatments.

Therapies

Some policies cover physiotherapy as a standard, and others consider it to be extra. It is always recommended to speak to your advisors whether you’d benefit or not. 

Travel Cover

If you travel frequently or plan to travel in future for business or personal needs, then you must include travel coverage in your policy.  This will provide coverage for getting you back home when you feel sick or injured when travelling abroad. Also, you can get coverage for your damaged and lost items. There are some insurance providers who will give you additional extras to choose from for your international travel, too.

What Your Policy Won’t Cover?

A comprehensive policy covers a lot of things, but as said, they don’t cover everything. Therefore, it is important to understand what is excluded from your policy. Some of the common things that won’t be covered are:

• Pre-existing conditions
• Emergency Services
• Chronic Conditions
• Routine Pregnancy
• Cosmetic Surgery
• Conditions related to bad habits such as alcohol

Please remember that this is a fairly common list of what is excluded; it may vary between insurance providers. You can consult with the best Insurance broker in the UK, like Premier PMI, and get a detailed understanding of your particular insurance.

How are Pre-existing Conditions Treated?

Most of the private medical insurance is underwritten on the basis of a moratorium in which pre-existing conditions will be excluded. Some health insurance policies have a two-year waiting period for pre-existing conditions. For example -if you haven’t experienced symptoms or needed treatment for a specific condition for two years after getting the policy, it may be covered in the future. If you’re still unsure about what this means for you, please speak to one of our advisers, who will be able to answer your questions in more detail.

What are the Benefits of Getting Health Insurance at Young?

Let’s face it, young adults come across various economic perspectives. Between rent, paying EMI, and building a career, health insurance can feel like a luxury. There are several benefits to investing in private health insurance, especially for young adults. Some of them are:

It’s Affordable

Health insurance for youngsters is not as costly as compared to policy for senior citizens. For example- a 20-year-old is expected to pay around £35.00 per month for their new comprehensive policy, whereas a 30-year-old is required to pay approximately £50.00. Thus, it is important to make sure that you get an insurance comparison quote from the best provider in the UK. After comparison, you can easily understand the benefits and costs side by side.

Better Health Position

Having health insurance at a young age generally means that you will manage to afford a more comprehensive policy. If you experience health issues, you will have full access to private treatment. In fact, comprehensive insurance provides coverage for physical illness, mental health, and many more.

Minimal Exclusions

Health insurance pays for acute conditions that arise after buying the policy. If you have gone through any treatment for medical issues during the five years before buying the policy, they will be termed as pre-existing conditions and will not be covered under your existing policy. It means that you might have to wait for NHS treatment and find a way to pay for the treatment yourself. Also, remember that, when you’re already on a waiting list, it’s too late for you to get the insurance for that condition. Thus, being young usually means you’re healthier, so there’s a lower chance your insurance won’t cover something (fewer exclusions).

Your Policy Can Grow with Your Life

At the age of 18 to 20, people hardly make any commitments. But as you age, responsibilities start coming on your way. You can think that the right time for health insurance can be after you have children to look after. It’s unquestionably worth it to sort out your health insurance prior and take benefits. There is also family health insurance where, after marriage, you can add your children to the policy. In some circumstances, you’re only allowed to pay for your first child.

Save Your Money

With a health insurance policy, you will be getting more than just private healthcare coverage. There are many private medical insurance giving you the benefit of member perks and discounts, including free coffee or gym membership. For example, Vitality offers rewards for customers who live healthy lifestyles. Their rewards programs give you additional benefits of being active, such as fitness tracking technology, gym membership, and many more.

How Much Does Health Insurance Cost For Young Adults?

Health insurance costs depend on various factors, including age, location, optional extras, level of coverage, and more. Thus, it is impossible to represent how much your health insurance will cost accurately. But, based on the personalised example and with the help of the leading insurance providers, we have given the estimated cost of health insurance below. We have mainly considered the following rules:

• Person’s age
• A person living in the UK
• Having a comprehensive policy with no extras
• The policy will be underwritten on a moratorium basis
• The cheapest policy will be chosen for all ages

Note: The prices mentioned above are meant for a guide only, and the price you will pay for your policy will be different depending on the coverage and your health.

Who are the Best Providers of Health Insurance for Young Adults?

The prominent health insurance providers for young adults are the same for senior citizens, corporate employees, and families. But still, some of the best-listed insurance providers are:

• Bupa
• Vitality
• Axa 
• Aviva
• WPA
• Freedom

What To Look for When Choosing the Right Health Insurance Policy?

Even if you’ve decided what your plan is, getting insurance quotes is always a good idea to find the coverage according to your requirements. The policies of each company differ from one another, and of course, they are tailor-made and flexible. Also, by considering the long-term goals, think about whether you want an insurer that prioritises your health and well-being.

Core Coverage

All private medical insurance offers core coverage, including inpatient care, cancer, mental health support, and more services. But, some insurers provide comprehensive coverage in their basic policies. For example- outpatient treatment with speciality consultation is mainly available as an optional extra. However, an insurance provider, The Exeter, gives the benefit of outpatient surgical procedures followed by a consultant in their core coverage. In fact, other insurance providers like Aviva also include tests and consultations in their core cover.

Optional Extras

Optional extras bring several benefits to you. But we mainly recommend you include outpatient cover because you may like to need tests more than you require a stay in the hospital. Also, if you’re willing to pay for your dentist appointments or eye care. Dental and optical could save you from spending the money. Your policy will also consist of hospital lists where you can get the treatments. If you want an extended list that includes more hospitals in major cities, you may have to pay more.

Choose the Best Health Insurance Policy With Premier PMI

At Premier PMI, we are a leading health insurance advisor in the UK assisting our valuable clients by providing clear and detailed information about every type of policy. For us, your safety is our top priority. That’s why we help you find the perfect health policy to fit your lifestyle and choices. We partner with some of the leading insurance providers in the industry, including Bupa, Freedom, Aviva, and many more. Get in touch with us to learn more about our services.

Stuart Hendy, Senior PMI Advisor &Editor

Stuart Hendy is a highly experienced health insurance broker with extensive knowledge of private medical insurance and private treatment. His expertise is frequently sought by industry professionals and his insights have been featured in leading financial publications. Stuart is committed to providing his clients with the best possible healthcare solutions and empowering them to make informed decisions.

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