Insurance World

Private medical insurance policies can be very particular about what they do and don’t cover. For example, if you are insured with Bupa, then you will only be covered for experimental medical treatment if it is part of a bona fide medical trial or study. And Norwich Union Healthcare stipulate that treatment is only covered if it is considered to standard practice in the UK.

So what happens if your doctor recommends that the best course of action would be to have a newer type of treatment, rather than a long established standard procedure? For the sake of your health, you will probably be wanting to take your doctor’s recommendation. However, many private medical insurance policies simply do not allow for this.

The issue has come to light as a number of people have been recommended experimental treatment, only to find that the insurer will not cover it. These people complained to the Financial Ombudsman Service (FOS) who, in some cases, rules against the insurers. One of the treatments that has emerged as something that should be paid for is a new form of varicose vein surgery. Standard practice in the USA for the last five years, insurers in the UK were refusing to pay out until the FOS made their decision.

A type of larynx surgery which is performed by laser is also now to be insured, as is bladder surgery carried out by keyhole rather than through an open wound, and a new type of spinal treatment which means vastly reduced side effects.

However, the FOS has only been able to overturn insurer’s decisions on policies in which experimental treatments are not specifically stated in the policy as being excluded. The Ombudsman can’t do anything about those policies that do specifically exclude experimental treatments.

The FOS has pointed out that just because they have ruled against the insurers, it doesn’t mean they are endorsing specific types of treatment. They also said: “If the policyholder has been advised by his or her treating physician that, in their particular circumstances, they should have a newer treatment instead of an established procedure, our general view would be that it could be unfair for the firm to turn down the claim entirely.”

As a result of these recent rulings, insurers may well reconsider how they deal with experimental treatments in their policies. Insurers say that they act in the best interests of their customers, and if they are asked to fund something that they consider to be against the best interests of the patient, then they will reject the claim. However, one insurer, WPA, has admitted that if the customer’s doctor does recommend a particular course of experimental treatment, and there is a very good reason why that treatment is better than any other, then they will pay out. Norwich Union Healthcare has already said that they will be reviewing their policies in the light of the FOS’ rulings. As for Bupa, it has expressed concern that customers will be claiming for procedures or drugs that have not been fully tested in the UK.

At the moment, it’s a case of ‘watch this space’. If you are thinking about getting private medical insurance, then keep this issue in mind when you choose your policy. It would be very frustrating to be recommended a treatment, and then find that you are not insured for it. Remember to check out the Internet first for the cheapest policies, most private medical insurance policies offer a lot of advice and information on which policy is best suited to you, which can be very useful with all the choice out there.

Most young people ignore the fact that they will grow old one day. It is the wise ones who not only think about it but also provide for their future. Statistics show us that almost one out of two Americans require long term care when they grow old. Due to immobility and illness people become dependant on families and institutions to carry out normal daily activities such as dressing and bathing.

Long-term care refers to a system where this can be taken care of in your own home, a hospital, a home center or an assisted living facility. It could be a reality to many who have led a strong and active life earlier. This is why its importance is growing each day. Most Medicare programs and State Medicaid programs do not provide the necessary facilities for payment. Some only cater to those who fall below the poverty line. Therefore, it is prudent to consider applying for a Long Term Care Insurance policy early in life.

If you have worked all your life and have made a substantial saving, then perhaps you can fund your own long-term care. Unfortunately, not everyone is so lucky and therefore long-term care insurance is very vital to secure a safe future especially for those who have a history of health problem in the family.

Like for any other policy, it is best that you know all the details prior to buying one. Often times, people forget that premiums for life insurance policies increase over time. This makes it difficult to pay especially when there is no enhancement of the financial situation. Thus, policies are cancelled when they are needed most because policyholders cannot continue to pay high premiums. It is easy to get drawn into buying a policy because market savvy sales executives make it sound so easy. But, it is up to the individual and insurance advisors to properly instruct prospective customers.

One sure way of protecting yourself is to be sure of all the terms and conditions given in the long term care insurance policy document. If the insurance sector is not your cup of tea; you could hire an agent or a broker who will act on your behalf. They will be experts on quotes, claims, processes and other issues. You need to also be careful on selecting the right broker at the right cost. Long-term care insurance not only provides security for you, but for the entire family. So you can take their advice before buying a policy. Remember, to choose an insurance company that is reputable and trustworthy. You can take it for granted that sales people will only state the benefits of a policy. They will not tell you the flip side of the story. Do not rely on brochures and other sales oriented literature to make your decision.

To summarize, a long-term care insurance policy can be used for different types of long term care such as skilled nursing, intermediate nursing and custodial care. The kind of care you choose largely depends on your physical health and situation. This kind of insurance is definitely worthwhile and affordable when you think of life beyond 65 years of age.