Private medical insurance
Private Medical Insurance (PMI), also known as private health insurance, is a type of insurance that individuals can purchase to access private healthcare services. It is designed to provide Policyholders with quicker access to medical treatment, consultations, and procedures compared to the National Health Service (NHS), the publicly funded healthcare system in the UK.
Here are key features of Private Medical Insurance:
Private Healthcare Services
PMI covers the cost of private medical treatments, consultations, and procedures. This can include hospital stays, surgeries, diagnostic tests, specialist consultations, and therapies.
Choice of Hospitals and Specialists
Policyholders often have the flexibility to choose from a network of private hospitals and specialists. This allows individuals to select healthcare providers and facilities based on their preferences and needs.
Reduced Waiting Times
One of the primary benefits of private medical insurance is reduced waiting times for consultations and treatments. Policyholders can often schedule appointments and procedures more quickly than if they were relying solely on the NHS.
Comprehensive Cover
PMI policies vary, but they generally offer comprehensive cover for a range of medical conditions. Cover may include outpatient and inpatient treatments, diagnostic tests, cancer care, mental health services, and more.
Additional Benefits:
Some PMI policies may include additional benefits such as access to wellness programs, dental care, optical care, and alternative therapies. The specific benefits depend on the terms of the policy.
Exclusions and Pre-Existing Conditions:
PMI policies typically have exclusions, and pre-existing conditions may not be covered. It’s important for individuals to carefully review policy terms and conditions to understand the scope of cover. Our Adviser will go through this with you so you know exactly where you stand.
Premiums and Cost
Policyholders pay regular premiums to maintain their private medical insurance cover. The cost of premiums can vary based on factors such as age, health status, cover level, and any additional benefits included in the policy.
Coordination with NHS
Private medical insurance is designed to complement rather than replace the NHS. Individuals with PMI can still use NHS services when needed, and PMI cover is often focused on providing additional options and faster access to certain treatments.
With NHS wating times continuing to reach unprecedented levels, Private Medical Insurance is popular among individuals who value the flexibility and speed of private healthcare services. It is important to compare different policies, understand the terms and conditions, and our expert Advisers will help you choose cover that is in line with your individual healthcare needs and preferences.
Private Medical Insurance can be taken out by individuals and by businesses. It’s a good way for businesses to ensure that their staff are both rewarded with a desirable product and protected against the length of time it can take to have acute medical conditions diagnosed and treated on the NHS, which keeps the productivity of the business as efficient as possible. There is a lot of research about how powerful PMI can be when looking at both absenteeism and presenteeism within businesses.
It’s important to remember that the sourcing and application process for PMI is different to that of personal protection such as Life Insurance or Critical Illness cover. However, our Advisers have a wealth of experience in this area and can help prepare for, research, and write this type of business.
Markland Hill Wealth has great support from the main providers of PMI, and they are always willing to provide us with technical expertise and support.
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NHS waiting list numbers have been constantly growing for years, reaching 3m in 2014, 4m in 2017, 5m in 2021 and 7m in 2022.*
*Source: In Your Area 2024