Important Facts You Need To Know While Buying Medical Insurance

Are you looking to buy private medical insurance? It is important for you to find out your rights before buying any. Read up the terms and conditions of the insurance policy documents and learn about the coverage you are getting. Check out the below stated facts prior to taking any buying decision.

The bodies regulating medical insurance

The PRA or Prudential Regulatory Authority and FCA or Financial Conduct Authority regulates the medical insurance policies in UK. Previously it was FSA or Financial Services Authority that regulated the private medical insurance.

Resolving complaints

Brokers and insurance providers are required by FCA to have their complaints in the place. If anyone is not satisfied by the way the insurance company resolves the issue, one may approach FOS Financial Ombudsman Service. This is the independent and free service that resolves disputes.

Compensation settlement

The Financial Services Compensation Scheme is the independent organization and UK’s legal fund meant for those clients who are authorized for financial services. It is being set up under Financial Services and Markets Act 2000. If the insurer turns insolvent, the FSCS pays the compensation to the policy holder.

Confidential personal information

The Data Protection Act 1998 requires the insurance company to keep the personal information of the insurance holder confidential. The medical details as per the ancillary laws must be kept confidential. The insurer must inform the holder about the places where the personal information has been used. Before the information is given to the third party, it is must to inform the policy holder. As a policy holder, one can get the details about the places where the confidential information has been used.

The medical insurance holder must declare the medical history

As a buyer, you are required to state your medical history or disclose it in the application for coverage while purchasing it. Only your medical history determines the coverage you get. This process is carried out by two ways mainly:…

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