The Council Travel insurance is adequate. There are other posts on this topic elsewhere on the board. Usually what you're covered for is urgent and ER care scenarios. Don't look to get a "check up" while you're there. I got double-covered (and double-reimbursed) in '93 via my CIEE insurance (with the student ID card). You'll be fine unless you're a hypochondriac. The OTC medications in Spain are much stronger (and better) than those available in the US. For sore throats I just carried a bottle of "Bisolvón" (red jarabe) in my backpack and was fine with a periodic swig.
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Ongi etorri!