Is supermarket medical insurance good value for money?
Medical insurance these days is available from a range of places, and not just specialist companies. Even supermarkets, such as Tesco, are now offering medical insurance cover to consumers, and the supermarket giant announced earlier this year that it would now be offering tow levels of medical insurance to consumers, which includes a core cover and a premium cover level. However, consumers are urged to ensure that supermarket medical cover provides adequate protection and affordable premiums before assuming that it will be value for money.
According to a Tesco spokesperson: 'Our customer research suggests that perceived high prices, complicated products and complex medical questions have been major stumbling blocks to buying health insurance. We aim to change that by offering products that are simple, good value and easy to buy. Our approach will open up the market to people who want the choice that health insurance offers.'
Advice from officials from This is Money was: 'The Tesco insurance is relatively simple and easy to understand and follows the example of Tesco car insurance in being among the cheapest options out there. But being cheap does not always mean value for money. The Tesco insurance does not cover everything and excludes some treatments and costs that may arise if you need medical care. It could be worth paying for a more comprehensive policy that does cover these additional treatments.'
Other specialists in the industry were not enthusiastic, with one spokesperson from Bupa stating: 'People may pay less for Tesco health insurance but it could cost them dearly in the end. Much has been made of the no-claims discounts on offer, but these could discourage some people from seeking early treatment, which can't be good. People should have access to high-quality treatment as and when the need arises and not feel penalised or discouraged from seeking medical help.'
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