It has long been seen as something only the very wealthy would bother with, but in recent years more and more people have begun to see the benefits of private medical insurance.
If you are deciding whether or not to follow them and trade in your NHS care for some private attention, here are a few things you might not know.
Did you know…
1. You can get budget policies
One of the main reasons people decide against health insurance is the cost, with most people thinking you could be paying a hefty sum each month for medical treatment that you never actually (thankfully) need. However you can get private medical insurance (PMI) without spending a fortune by opting for a budget policy.
Budget policies offer cover at a cheaper rate and applied to treatments which are not available on the NHS within a set period of time.
Some budget policies offer reduced fees in return for you agreeing to a restricted choice of hospitals.
2. You may not have to declare medical history
Not all policies will ask you to detail past illnesses or operations.
In these cases the insurer tends to simply exclude any medical condition that occurred recently (usually during the last five years).
Those that do require details of medical history will either ask you to fill in a form to outline any previous problems, other might right to your doctor to get your health history. If you do have to provide information on your previous health conditions be sure to do so accurately otherwise your insurer may not pay out.
3. Some conditions will be excluded
You may think that if you have a health problem that could recur you have little chance of getting private medical insurance but that may not be the case. The likelihood is the insurer WILL accept you but WON’T offer you cover for that particular condition, i.e. that condition will be excluded from your policy.
4. You should seek financial advice
There are so many policies out there it can be difficult to know which one is right for you. There’s very little point in paying a premium for private healthcare insurance only to discover you’re not actually covered when it comes to the crunch. An independent financial adviser will be able to help you see the differences between each policy and decide which is best for you.
5. Costs are rising above inflation
According to a study carried out by medical insurance provider Mercer costs of PMI are rising above the rate of inflation. Mercer says with medical costs rising by 10% every year premiums have to follow suit.
Have you taken out a private medical insurance policy? Share your experiences in the comments!
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