Buying private medical insurance (private health insurance/ PMI) can be a complicated process, and there are often misconceptions about what a policy will and will not cover. Below are answers to the most frequently asked questions about PMI to help you make an informed decision.
How does private medical insurance work?
Private medical insurance premiums are paid on a yearly, quarterly or monthly basis, and give you the choice of going private if you don't want to be treated on the NHS.
What types of cover are available to me?
Traditionally, health insurers offer comprehensive, standard and budget policies. However, many insurers are moving away from this approach and offering a 'pick-and-mix' scheme. This usually includes a core cover policy, supplemented by a choice of additional options.
Comparison websites will show you all the options available from each insurer so you can easily get health insurance quotes tailored to your needs and budget.
How can I save money on my PMI policy?
With PMI, your premiums will directly affect your level of cover. But there are ways to save money on your health insurance without sacrificing on cover. Discount schemes include:
- Excess: reduce the premium by volunteering to pay the first part of any claim up to a fixed number of pounds
- Co-payment: reduce the premium by volunteering to pay a percentage of any claim
- Six week wait: If the NHS can provide treatment within six weeks, you will be treated on the NHS. If not, you will go private straight away.
- Reduced hospital cover: don't pay extra for hospitals that you don't need.
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