The Specified Serious Illness Cover is Expanding to Better Cover

In reference to The Story of Specified Serious Illness Cover by Colette Houton.

Health insurance coverage is expanding its benefits to better cover individuals. This is to better adapt to the changing medical world. New policies you can look forward to is partial coverage for early-diagnosed cancer, expanding the amount of diseases covered, coverage for children from birth, and organ donor coverage.

The medical world is constantly improving with new technology and software to keep up with the new medical discoveries. The health insurance industry has to keep up with these changes. They recently have made some strides to better cover their clients. They did this because they know how relieving it is for a client when they know their disease is covered.

A new stride has been partial coverage for early detected cancer. Since new medical technology, cancer is diagnosed far earlier than when a client is entitled to the full claim. Even when it is discovered earlier many times people still have to go through extensive surgery and medical tests.  To help, the insurance industry, specifically Royal London’s …

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What is Permanent Health Insurance (PHI)

Permanent Health Insurance is an insurance which may be optional or (rarely) required in relation to a housing loan.

PHI can be arranged as an individual or as part of a group scheme organised by their employer or a trade union. PHI is to provide an alternate income in the event that the individual suffers a loss of income by being unable to work due to sickness or disability lasting longer than the “deferred period”.

This period is typically 26 weeks, so the policy does not pay out until the 26 weeks have passed. The payments are liable for income tax, under the PAYE system, however the policy premiums qualify for income tax relief at the individuals marginal rate, up to a limit of 10% of total income.

The payments could continue until the individual returns to works or the policy cease date is reached, which might be at the age of 60 or 65. An optional extra usually offer with PHI policies is a “waiver of premium” (wop), this allows the premium on the policy to be waived in …

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An alternative to health insurance

Problem: I received a renewal notice for my health insurance this week, and I got to thinking that the state facilitate health insurance in a manner that takes choice away from the individual [insurance companies only deal with certain hospitals/procedures etc.], that perversely has a loading on companies who insure younger people (why don’t they do that with car insurance and let older people subsidize young male drivers!?) in order to make the system ‘fair’ and lastly, that drives millions of Euro into the the hands of providers while creating an additional layer of administration in the health care system itself (none of which goes toward actual medicine or nurses/doctors).

Why doesn’t everybody have health insurance? While the papers will extol the issues of people who can’t afford it, the reality is that many people who are not covered opt not to take it out. They aren’t all bullet-proof 19 year old males with nothing to lose either, many simply don’t see the point, or they haven’t seen the need, taking out ‘insurance’ is perhaps the wrong approach.

Solution: Let …

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