About Private Medical Insurance

What is Private Medical Insurance?

Private medical insurance or private health insurance as it is also referred to covers the cost of medical treatment at a private health care facility and usually means you will get treated quicker than you otherwise would using the NHS. The cover a person receives from a private medical insurance policy will differ depending on the specific policy bought but will often pay for in-patient treatments, day care surgery and some out-patient treatments.

How does Private Medical Insurance work?

Private Medical Insurance works similarly to a car or home insurance policy in that the policy holder pays a premium annually, quarterly or monthly depending on what suits them and then the policy is called on in the event that the policy holder requires medical treatment for one of the conditions covered in the policy.

A private medical insurance policy will usually impose an excess on claims and there may also be a voluntary excess agreed to by the policy holder at the time the policy is taken out. The benefit to a higher excess is a lower premium.

What is covered by a Private Medical Insurance Policy?

Private Medical Insurance is designed to cover curable, short term illnesses or injury.

A basic policy will generally cover in-patient treatment, post hospital treatment, home nursing and possibly emergency dental cover. A comprehensive policy will generally cover what a basic policy does plus out-patient care, routine maternity care and dental costs. Each private medical insurance policy will outline specifically what it covers in the policy wording.

Should I buy my policy directly from the insurer or speak to a broker?

The Association of British Insurers claims that in 75% of cases a private medical insurance broker will be able to secure a cheaper deal than purchasing a policy directly from an insurance company.

A broker is able to asses the clients needs and requirements, search for a policy which satisfies these needs and requirements and explain the ins and outs of the policy in detail to the client.