So, you've probably heard of Private Medical Insurance. It's often perceived as a safety net, a shield against the uncertainties of health-related expenses, as after all we never know when we might need the help from a health professional. But amidst the many options, policies and premiums, the question lingers: Do you really need it? In this blog we explore this common question and the themes surrounding it.
Understanding Private Medical Insurance
Private Medical Insurance gives you access to private healthcare and helps pay some or all your costs. It gives you a choice in the level of care you get, and how and when it’s provided. Obtaining Private Medical Insurance is optional, but it's worth considering if you want to:
See a private GP, and avoid lengthy GP and hospital waiting lists
Get diagnosed and treated quickly
Access specialist drugs and treatments
Like all insurance, the cover you get from private medical insurance depends on the policy you buy and who you buy it from.
Your healthcare insurance won’t usually cover private treatment for:
organ transplants
pre-existing medical conditions
normal pregnancy and childbirth costs
cosmetic surgery to improve your appearance
injuries relating to dangerous sports or arising from war or war-like hostilities
chronic illnesses such as HIV/AIDs-related illnesses, diabetes, epilepsy, hypertension (high blood pressure) and related illnesses.
You may have the option to select a policy that includes mental health, depression, and sports injuries, but coverage for these conditions isn't guaranteed.
Factors to Consider
PMI is sometimes offered to employees as part of company benefit plans, so you may already have access to a policy, however if you don’t you can purchase it from different groups such as:
a financial adviser
an insurer
a broker
Most NHS patients don’t have the choice of selecting a GP or treatment hospital, due to the location of your home. With Private Medical insurance, you will have more choice and control of where you are treated and who you are treated by.
However, like everything else in life there are pros and cons to having private medical insurance, such as most policies won’t cover you for chronic illnesses and some cancers. With this in mind, we highly recommend weighing out your options and speaking to an expert within this field to find the right policy for you.
Remember, don’t wait until it's too late!
*If premium payments are not maintained, the benefits of the plan will be put at risk. If premium payments cease altogether, the benefits of the plan will cease. The cover may be less than you need if you do not review it regularly.
