Are you exploring the option of health insurance for your child? Many parents are choosing this route to protect their child’s health since the NHS is facing long delays and backlogs of patients. Having private health insurance means that you can get appointments and treatments faster.
But, there is one thing that parents need to know before they take out a health insurance policy for their child. How much is it going to cost? After all, you do not want to get in financial trouble or default on any payments. Let’s take a look at the average cost you can expect for your child.
What is the Average Cost of a Child’s Health Insurance Policy?
More parents are choosing to invest in health insurance policies for their children. The growing NHS waiting lists can fill you with anxiety, and if your child needs medical assistance, you may worry that they will not receive it on time. Unfortunately, this is a real concern and one of the best ways to avoid this is to choose a private health insurance policy.
First of all, know that there is not one price to expect when it comes to children’s health insurance. Every child is going to be different when it comes to their health and their needs. So, companies will offer you a personalised quote based on certain information. Visit https://www.usaycompare.co.uk/health-insurance/child to receive a quote for a child’s health insurance policy. You can shop around and see what your options are. This way, you can choose a price that is best for your budget, and that offers the right services for your child and their health.
But, as a guide, we will give you the average cost of a child’s health insurance policy. Of course, this should only be used as a rough figure. You may be able to pay less than £500 a year for this type of policy. But certain factors can mean you pay even less or more than this figure.
What Factors Will Affect the Price of Child Health Insurance?
Every child is going to receive an individual quote for health insurance. In other words, everyone can pay a different price for their policy. The provider will consider a variety of factors before they give you a price. Let’s take a look at some of those factors.
Where You Live
A health insurance provider is going to look at where your child is living for health insurance. Namely, they will consider your postcode and this can lower or drive up the price of a health insurance policy. As an example, those with rural postcodes might find they have a cheaper quote than those that live in a large and busy city. It can even be down to the facilities available near that postcode.
Most health insurance companies are going to consider the age of the person they are offering coverage to. They need to know what type of risk they have and the likelihood they are going to need treatment in the future. So, be prepared to detail when your child was born to receive a suitable quote for health insurance. Often, the case is that the younger the child is, the cheaper the policy will be.
The Level of Cover
Let’s not forget that it is not just the circumstances of your child that will be considered when it comes to health insurance. The provider is also going to think about the level of cover you want. For example, you may choose to have a standard policy. This would be the cheapest option. But, in some situations, you might want to have optional extras on your policy. This would create a higher level of cover for your child. This could include mental health, travel, dental and optical cover. This is going to make the price you pay higher every month.
How You Pay
Typically, there are two ways you can pay for a child’s health insurance policy. You can choose to pay this per month, or you can pay it once a year. Of course, you are going to pay small amounts each month toward this policy, which can be more manageable for families. But, sometimes, it can be cheaper to pay once per year. So, deciding on how you are going to pay will affect how you can expect overall.
Are There Ways to Reduce the Cost of Health Insurance?
There are certain ways you lower the cost of health insurance. For example, one way you can do this is by having a higher excess. This means that you will only pay this amount if you need treatment. In the meantime, it can lower the amount you pay each month for your child.
In addition, you can choose not to take any of the optional extras. This allows you to limit the amount you are paying. Indeed, you may feel like your child does not need any of the optional extras that you can get. Just make sure that you understand the policy properly to ensure you get the coverage you need.