Now anyone living in the
UK
will no doubt have many tales to tell of huge queues
for non-emergency medical care or treatment. The Queen Mum may have got a new
hip in a couple of weeks but Auntie Sybil might wait a couple of years. One
only has to read the British press to verify that, but if one is unlucky
enough to be run over by a bus a free ambulance and free treatment will be
provided - try that in
New York
without having Medicare!
We are fortunate in that even in
the most expensive of places free emergency treatment is normally available
to all even if a large bill may follow, at the same time the queue at the
private clinics and treatment centres is much shorter and a stay more
comfortable. It doesn't end there either, many countries have a
comparatively small population and the prohibitive cost of some of the more
advanced medical treatments and technology simply cannot be justified in
view of their incidence in such small numbers.
Many smaller states such as
Cyprus
or more rural areas may have a very well educated
society; the numbers of qualified professionals from all walks of life are
may be high. A walk around the streets may soon reveal any number of highly
qualified medics of every speciality. The difficulty is that although this
may be true the state or region cannot afford the facilities and all too
often Expat or local alike has to go to a major city or even another
country for treatment.
The costs involved may be very high indeed, when we are going on holiday
most of us will take travel insurance for illness and particularly for
evacuation - an air ambulance or special arrangements on a scheduled
flight. Protection against the financial worries of such a situation is
just as important for anyone living in away from there home country
–or possibly even in their own country.
But where do the options come in? Firstly there are two main divisions in
the world of provision for medical bills, there is insurance and there is
private healthcare. Around the world there are a number of private
healthcare providers but BUPA must be the best known internationally. BUPA
stands for The British United Provident Association Ltd. and has grown from
the principles of the old "provident associations" or
"workers" provident clubs of
UK
. The name says it all, although BUPA is a limited
company now, it is still a "mutual" or "provident"
society technically owned by and run for the benefit of its members.
Much has been seen and written about windfalls and carpetbaggers in regard
to Building Societies and Mutual Insurance companies. Even the UK
Automobile Association has been the subject of a take-over and windfalls,
there has not even been the slightest hint of this with BUPA but all things
are possible!
Another important difference between BUPA and healthcare insurers is that
BUPA is also a healthcare provider with its own hospitals, medical staff
and so on. It is also moving more into long term healthcare and retirement
home arrangements, thus they may not just reimburse a member for medical
attention but may well be the primary provider of attention.
There are a number of players in the insurance of healthcare, Universal
Life and William Russell offer cover literally anywhere in the world. So
how does one go about making a choice between the various options
available, both in terms of the provider but also in the type and level of
cover offered? This is an even more important decision than might at first
appear. The choice of which insurer to use is more critical than for say
car or household insurance. The reason is much the same as with life
insurance or critical illness. Once a medical condition has arisen it
becomes extremely relevant, not just to the cost, but even the availability
of insurance.
All healthcare insurers without exception will exclude 'pre existing
conditions' from new contracts. That is if you have had a claim for any
illness or condition within the last five years (or longer in some cases) a
new policy with a new insurer will not normally cover this. There may be a
time limit on the exclusion and in some cases with corporate plans
exceptions can be made if the total numbers of employees is over 50 or so
(although a higher premium may be required). It does however make it more
difficult to change insurers later in life so it is good to get it right
first time. Also never forget that age of entry to a new plan may be a lot
younger than continuation of cover.
As always personal needs and preferences will be normally the deciding
factor and with such a range available the 'bells and whistles' need
careful consideration. For some the fact that accidents in the course of
winter sports, or other hazardous hobbies, are excluded will be very
relevant for others the fact that they are not - but this is reflected in
the premium- may be just as important.
Any policy that includes
North
America
for cover (other than
for a short holiday) will be very expensive indeed, not because of the lack
of care or the incidence of illness and disease but because of the cost of
treatment. As mentioned earlier even if there is no shortage of highly
qualified medics, all forms of treatment may not be available, in that case
cover for the cost of evacuation, air ambulance etc. may be worth
considering.
There will also always be a whole series of options on level of cover; this
may be from the minimum, for example serious hospitalisation/operations
only, to full outpatient and GP treatment, dental and maternity care. The
range of permissible claims options is very large indeed and careful
consideration of what one actually needs will make a considerable
difference to the cost. It may seem strange at first but the cost of
covering major surgery is much less than for routine treatment. As with all
insurance, professional help sorting through the options and choosing what
is best for your personal circumstances is essential.
Ross
Pays is the Chairman of The FAA based in Cyprus. FAA offer advice on wills,
tax registration services, home, health and car insurance, investment
services and tax planning, including Inheritance Tax Planning, together
with full accounting services.
Visit Ross Pays website at www.rosspays.com, Telephone 00 357 25 82 58 76, Fax 00 357 25 33 35 93 or
e-mail ross@rosspays.com
Initial consultations are free and no obligation and
fee quotations will be provided in advance for all services. |
