Before buying health insurance you should check to see if you already have some form of coverage. It may sound odd, but a surprisingly large number of people do have coverage that they are not aware of. Many employers offer medical insurance for the employee and his or her family as part of their benefits package. Some clubs or professional societies also offer coverage to the members and their families. You should check to see if you have any coverage. If not, check with your employer if the company has any optional medical insurance plans that employees can opt for at their own cost. Make the same enquiries of any clubs or societies you may be a member of. The advantage of obtaining health insurance through these routes is that in these cases insurance companies often charge premiums at bulk rates which are lower than standard rates.

If you decide to take out a health insurance policy, the first thing is to know what kind of coverage you are looking for and what benefits are most important to you. Any sicknesses that run in the family should be covered as well and any that could be caused by your work or lifestyle. Ask your doctor if there is anything in your medical check ups and tests that show any incipient proclivity towards any medical condition. Also look at the most common sicknesses and ensure you are covered against them. Coverage against injuries caused by accidents is also worthwhile.

Having decided on what your health insurance policy should cover, the next step is to find out how much treatments will cost you so you know how much coverage to buy. Spend some time doing research on the cost of treatments for the medical problems you want your policy to cover. See not just the current treatment cost but see how they have increased over the last two years and budget for some amount of increase over the period your policy will be in force. Do this for all the medical problems you want to be covered for and you will have an idea of the amount of coverage you need. Keep in mind that not everything will happen to you so there is no need to waste money by over insuring yourself.

Before making a final decision on buying a policy, ask yourself the following questions:

• How much can you afford to pay as an annual premium?
• Would you like to lower your premium by paying for part of your treatment? For example, if your policy is such that you will only claim for expenses of over £200, your premium will be reduced.
• Are you happy to be treated in a hospital chosen by the insurance company or would you prefer to pay a higher premium and have the ability to choose the hospital yourself?
• Should the policy cover diagnostic tests such as x-rays and lab tests when being treated as an outpatient?

And finally ask yourself one last question – what are you not covered for and are you comfortable with that?

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