When is the best time to buy Private Health Insurance?

When you buy private health insurance it is likely that any pre-existing medical conditions you have suffered from in the five years before the start of your private medical cover will be excluded for at least the first two years of cover. This is known as moratorium underwriting. Please see our Moratorium Explained document for full details.

Therefore purchasing a private health insurance policy when you are healthy is your best option. Medical insurance is designed to cover the unexpected. Cover is designed to cure acute medical conditions that are likely to respond quickly to medical treatment.

However, if you currently suffer from a medical condition you still can purchase health insurance. You will be able to insure yourself for other unexpected illnesses or accidents which are not related to your existing medical condition. Also the pre-existing condition may be eligible for cover, if the condition has not returned for a set period of time. This depends on the underwriting of the policy.

When will I use my health insurance?

The National Health Service is best for accidents and emergencies. They are well equipped to deal with such circumstances. If you suffer from a heart attack or have an accident, the Accident and Emergency department of an NHS hospital would provide treatment immediately.

For non emergency treatment, for example, if you suffer from knee pain and your GP refers you to a specialist, you could use a health insurance policy. The potential wait for an appointment on the NHS may be long, whereas privately, you can see a specialist straight away. You may be referred for tests and eventually may need a hospital stay. A medical insurance policy would cover the cost of this treatment.