As essential as it may be, there are also millions who strongly believe in the benefits of having private medical insurance but simply cannot afford the annual or monthly premium. For example the expensive insurance – Ethniki Insurance Cyprus. Even some employers have decided that buying into health insurance schemes for their employees is simply an additional expense. These employers thus selfishly force their employees to fund the entire cost of their private insurance out of pocket.
Defining Private Medical Insurance?
Put simply, private medical insurance is a health insurance policy that is funded in whole or in part by the insured individual. Most governments provide certain basic services without charge or provide a subsidy for certain vulnerable groups. Private medical insurance goes beyond this basic coverage and includes certain specialized services that may be optional and not have a significant impact on your health.
For example, some government administrations may provide prescription glasses free to their citizens. These administrations would, however, refuse to pay for LASIK eye surgery, which eliminates the need for glasses but does not improve the overall health of the individual. Some life-threatening illnesses, such as cancer, may also be excluded from national health schemes.
Reducing the Cost of Private Medical Insurance
Health insurance is, however, quite costly. Including Ethniki Insurance Cyprus. If you have found yourself struggling to make your payments on your health insurance premiums, rest assured that there is still a lot that you can do to reduce the cost associated with this premium. Many opt to pay their health insurance premium in monthly installments instead of an annual lump sum.
Living a healthy lifestyle is another option to reduce these costs. Insurance companies often view insuring someone who smokes as a risk since the individual is more likely to suffer from a host of medical ailments. Thus, the premium for a smoker is going to be considerably higher than that of a non-smoker.
Private medical insurance is, however, an absolute necessity. In fact, one should view it as an investment in their health.