Pacific Prime’s guide to choosing between individual and family health insurance plans
Are you looking to buy health insurance in the UK and can’t make the decision between choosing individual and family health insurance plans? Trust us, we get it. Anyone looking to buy health insurance in the UK will soon realize that there are countless of health plans to choose from, each with their own confusing set of limitations and exclusions.
Here, our experts at Pacific Prime will offer you a definitive guide to choosing the right health insurance plan in the UK. In short, we’ll take you through the differences between these two types of plans and explain which plan is better for your family situation.
Do I even need to get health insurance in the UK?
Although the UK does offer free healthcare to both residents and non-residents through the National Health Service (NHS), this system often leaves much to be desired. For instance, week-long waiting times and overcrowding means you won’t get medical treatment right away if you fall ill.
This is why we’d recommend anyone moving to the UK to get an affordable private health insurance plan that allows them to get more immediate healthcare treatment in the country, get covered for treatments that are not provided within the NHS, and receive better service from private hospitals.
So what’s the difference between individual and family health insurance plans?
If you’re looking to buy health insurance for yourself and your family, you’re probably wondering what the differences are between purchasing individual health insurance plans for each member of your family and getting a single family health insurance plan for your entire household.
Here’s the answer:
Individual health insurance plans: If you take out an individual health insurance plan in the UK, it’ll only be under your name. Hence, it can only pay for your medical treatment costs and the same principle will apply to the rest of your family. Each member will be charged with different rates, depending on their health conditions and age.
Family health insurance plans: If you take out a family health insurance plan, your entire family will be under one policy. Instead of having to separately pay for each of your family member’s insurance premiums, you’ll be paying for the premiums of one single plan that covers medical treatments for your entire family.
How much do they cost?
The cost of individual and family health plans will depend entirely on the specific plan you’re looking to purchase. You can check out our latest report on the cost of international health insurance premiums for individuals and families to get a rough idea.
Which is better, an individual or a family policy?
Just because family plans are made to cover your entire family doesn’t always mean that they are cheaper than purchasing individual plans for each of your family members. Here, we’ll take you through some situations where it will be more cost-effective to buy individual plans for your family than getting a family plan, and vice versa.
When it’s best to choose an individual health insurance plan
Firstly, if there’s a large age gap in your family, it might be more cost-effective to purchase individual health insurance plans for each of your family members. This is because family insurance plans typically get significantly more expensive if there is a large age gap between spouses, or the age of the eldest number is large. Instead of having one elderly family member increasing the overall premium, it might be cheaper to purchase individual plans for each family member.
Another reason is that in many cases, the dedicated sum insured is larger if you purchase individual plans for each family member. This means that in the case where your family needs to regularly use medical services throughout the year, having individual plans for each family member may cover for your expenses more extensively than a single family plan.
When it’s best to choose a family health insurance plan
If the age gap in your family isn’t big, then family health insurance plans are typically the cheaper option. Family plans may also come with additional benefits and add-on options that are not available in individual plans. They are, after all, catered for families.
However, the most important thing you can do when deciding between these two types of plans is to carefully study the details such as benefits, exclusions, and deductibles to make sure you’re getting the most bang for your buck when purchasing health insurance for your family.
Getting help on finding the right health insurance plan for you
The best way to find the most suitable health insurance plan for you is to compare all the health insurance plans available and see which plans best fit your budget and medical needs. But with thousands of health insurance plans available in the UK from more than a dozen insurers, finding the right plan on your own can take forever.
The most effective way to get find a cost-effective health insurance plan for you and your family is with the help of an unbiased health insurance broker like Pacific Prime. As a global health insurance broker, we are able to offer you extensive price comparisons between different health insurance plans, allowing you to find the most suitable health insurance plan for you in a matter of minutes. If you’d like to know more about health insurance in the UK, feel free to contact our experts at Pacific Prime at any time or visit our website for a no-obligation, free quote today!
- Brexit’s impact on employment – 3 trends all UK businesses need to know - February 21, 2020
- Pacific Prime’s guide to choosing between individual and family health insurance plans - January 10, 2020
- How to choose the right employee benefits scheme in the UK - December 4, 2019