Understanding Health Insurance
Health insurance covers expenses incurred in
the private treatment of illnesses and injuries. Every year,
millions encounter unforseen
accidents and sickness, though not fatal, that can severely
affect both the physiological and financial capabilities of
the insured. Health insurance is the best way to both fund
and recoup the expenses associated with these events.
This site
is intended to provide a general guide to health insurance,
how the plans work and the illnesses normally covered.
It also includes the main features and benefits provided
by most plans and the tax implications.
Get online quotes!
Check our links section to the different
insurance company websites. Most offer online quotes
on monthly premiums.
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Kinds of Policies Policies
essentially differ by their premium levels and the breadth
of their cover. A standard policy excludes
all ailments
suffered before the commencement of the current contract,
known as “pre-existing conditions”.
Pre-existing
conditions can often be barriers to changing insurers,
because a new insurer will want to exclude
them from the cover
either permanently or temporarily.
Moratorium policies
cover pre-existing conditions but only after a specified
treatment-free period
has elapsed
(e.g.
2 years), starting from when the policy is first
taken out. The
definition of “treatment-free” can
be strict, but usually means that during the moratorium
period:
- There have been no consultations with a
doctor
concerning the pre-existing or any related condition
- No
advice has been sought about the condition, including check-ups.
- No
medication or special diets have been prescribed.
Moratorium
policies are often criticised on the grounds that they
may encourage policyholders
to defer necessary
medical
treatment in order to have the costs met by the insurer. |
