Individual and family health insurance plans
Individual and family health insurance plans
Charlotte Rose Daniells
If you’re thinking about getting covered with a health insurance plan, it’s helpful to understand just how many different types of healthcare plans there actually are. Depending on your age, marital status, and whether or not you have children, a family plan can be the best option to help lower costs while obtaining health cover for more of your family members.
In this guide, we’re going to look at the main differences between individual and family health insurance plans, from how much each costs to what you’re entitled to on each plan. Let’s take a look!
A health insurance plan refers to an insurance system whereby you’re covered for private medical care if you fall sick or need medical attention in the future. You can obtain a healthcare plan with just the basic care covered (such as doctors appointments and in-patient care) while also having the opportunity to pay more for other supplementary services, such as dental care.
As there’s no one-size-fits-all when it comes to healthcare and our bodies, there’s no one-size fits all when it comes to health insurance plans. Typically, you’ll be covered under one of the following types of health insurance plans in the UK:
Family health plans are still subject to the same terms and conditions as an individual healthcare plan. With a basic family healthcare plan, you can expect to receive the following care:
Your family health insurance plan typically won’t cover the following:
To help you make an informed decision on what the best coverage plan is for you and your loved ones, here are some of the pros and cons of a family insurance plan:
When you opt for a family insurance plan, you’re most likely going to end up paying less than you would have had you opted for an individual health care plan. This is because some insurers offer a reduced premium when there is more than one person on your policy.
While family healthcare plans are still subject to the same terms and conditions of an individual healthcare plan, having private healthcare coverage for your children is highly beneficial for their development and wellbeing. Not only will you have access to quality care, but you’ll also get quick treatment for your child: this prevents any developmental or educational stalling due to prolonged school absences.
Plus, some insurers offer certain perks and benefits for parents who opt for a family plan. While terms and conditions may vary depending on your chosen insurance provider, some insurers will offer a newborn cash benefit, or parental accommodation if your child ever stays overnight in a hospital. Do remember that these perks are not universal, and policy benefits will vary from insurer to insurer.
If you’re already on an individual healthcare plan, you’ll know how complicated the process can be. You’ll need to perform a full medical underwriting (or opt for a moratorium) while crafting a personalised healthcare plan suited to your needs. If you don’t have any particular health conditions and want to simplify the process for both you and your dependent family members, getting a family health insurance plan is your ideal option.
While there are many benefits to obtaining a family health insurance plan, there are naturally some downsides, too:
When you opt for a family insurance plan, everyone is going to be covered under the same policy, even if your healthcare concerns differ. This can mean that you’re unable to access specific supplementary healthcare on your plan without having to cover your entire family (which will be more expensive than simply adding extra care to your individual plan.)
If you’re thinking about getting a health insurance plan, it’s a good idea to think about your personal circumstances. If you’re a young, single professional, it might make sense to stick to an individual health insurance plan.
However, for those living with a partner or with young children - a family health insurance plan can be a great way to simplify the process for health insurance, as you won’t need to apply for single individual cover for every member of your family. Getting a family health insurance plan is also likely to be much cheaper on an individual basis, especially if you’re including numerous children in your cover.
There’s no limit to how many people can be covered under the same family health insurance policy, however only partners and children living at the same address can be included on the same policy.
The cost of your healthcare plan will depend on what type of plan you opt for, and if you add any optional extras (such as dental and full outpatient care) to your cover. In general, each family member will have their own premium cost, determined by the health insurance provider.
Long NHS waiting lists and cancelled or delayed procedures are a common motivation for initial enquiries into Health Insurance. Depending on the condition, it is unlikely it will be covered on your plan. Although, if you have a pre-existing condition speak to one of our expert advisors as different underwriting options may suit your needs.
As a nation we are fortunate to have a publicly funded health service, giving everyone access to treatment at little to no cost. Due to increasing pressure on the NHS, many people now face long waiting lists and delayed or cancelled treatment. Whilst receiving private treatment you will not face long waiting lists for treatment, in fact you are likely to be seen within a week or so. Health Insurance offers you access to a choice of hospitals and treatment times that suit you, with overnight stays often being in a private room. More on the NHS and Private Medical Insurance here.
Health Insurance gives you access to the latest cancer treatment, as well as medication and procedures that don’t tend to be obtainable on the NHS. Private cancer care is intended to make your treatment as comfortable as possible by making chemotherapy at home an option, along with home nursing.
There are three different options you can choose: Essential, Countrywide and Extended Hospital Lists. Essential lists tend to help lower your premium and covers you to stay in NHS private patient units along with your local private hospitals. The Countrywide list extends the coverage of the Essential list, giving you access to private hospitals and clinics. The Extended list gives you access to the widest access including London private hospitals.
We will be in touch shortly to run through your free tailor-made quote from UK’s leading insurers. Our prices won’t be beaten with our best price guarantee.