Private Medical Insurance Facts

Aug 27, 2013 by

Private Medical Insurance Facts
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Is Private Medical Insurance a luxury or a necessity?

Private Medical Insurance covers short-term health problems and provide faster and easier access to diagnosis, treatment and care. It does not cover life-threatening diseases or long-term disability conditions but ensures that you get additional support for your National Health Service benefits for non-life threatening ailments.

PMIs cover just about anyone who can afford but the older you are, the more expensive your premium will be.

-          Insurance companies accept anyone of any age but since older people have more risks in contracting illness or injury, there is higher risk for the insurance company to pay out. Therefore, premiums become very expensive for the older generation.

PMIs cost a lot

-          Unless your employer as an added benefit to your compensation gives it, Private Medical Insurance can cost a lot. However, since you are not sure of what happens in life and when you might need medical care, PMIs can provide you with the security that you get the medical assistance you want when you need it.

-          The cost is also affected by some factors like the lifestyle you live, your age and your health condition. Some other considerations like the extent of coverage you want as well as the choice of private hospital level you have also affects your premium cost. There are budget and standard policies that may come cheaper than the more comprehensive ones so as long as you are fine with the extent of benefits you have, a little is better than nothing at all.

PMI policies differ a lot

-          In case you have Private Medical Insurance from your company and you want to switch to another or you want to continue to have it even if you don’t work for the company anymore, you have to be aware that there may be a lot of differences in the policies. Before deciding, you can discuss the option to keep the same terms from your old one on the new one if it is good enough for you or if you want something better, compare and contrast the two policies first.

Claiming PMIs can be tricky

-          Every time you need to use your Private Medical Insurance, you have to ask your insurer if they will cover the costs. The doctor may not be in their list of doctors who accept your PMI. The first treatment you get may be covered and the next one is no longer paid for. You may have to pay excess before they take care of the rest of the bill. There are many things to know about when making claims so contact your insurer just to be sure so you won’t have to pay for expensive medical care.

The need to have PMI solely depends on whether you are secured enough to know that the NHS is there for you or whether you want more peace of mind and access to better facilities. If all your finances are in order and you can afford PMI, shop for the most suitable policy so you don’t end up wasting your money.

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