More and more people nowadays understand the importance of private health insurance. This type of cover can open up new possibilities for diagnose and treatment for patients, as well as significantly reduce waiting times, thereby speeding up and increasing the efficacy of the treatment.
Even still, certain patients like to assess all their options before making a decision with regards to private health insurance. Though this form of cover remains the most widespread and popular in the health sector, there are nonetheless a number of other types of cover which may, under the right circumstances, serve as alternatives to it.
One such type of cover is income protection insurance. As the name indicates, this type of cover aims to ensure a patient’s livelihood in cases where he or she may be too ill to work, a goal it achieves by substituting said patient’s salary for monetary compensation, usually worth 80% of what the person would be making at their full-time job. This pay-out usually continues either until the patient is recovered, or until they retire.
Income protection insurance therefore allows patients to recover from long-term illnesses without further financial concerns hindering the process; unfortunately, however, its scope does not stretch too far beyond that. Like most alternatives to private health insurance, this type of cover is designed to cover one specific aspect of illness, and achieves that goal competently; however, it does not give policyholders anywhere near the level of protection or the number of options private healthcare makes available to them. Besides, many healthcare plans already include income protection insurance, making this option slightly moot in many cases.
Even still, this option may be worth considering as an alternative to private health insurance, depending on the patient’s situation and needs. Patients are, however, advised to consult with a specialist advisor, such as those employed by Insure Your Health, prior to making a decision.