Private Medical Insurance (PMI) policies cover the cost of private treatment for curable, non-threatening medical conditions. This type of policy does not constitute an alternative to the National Health Service since, for example, they do not cover chronic health conditions or emergency medical treatment. Rather, a policy of this type, essentially, allows you to avoid the lengthy NHS waiting lists by having non-threatening conditions dealt with privately. The main advantage is that the policy holder can choose when, where and by whom they are treated so that you can receive treatment at a time and place that is most convenient for you.
Most insurance providers offer PMI policies with different levels of cover. Obviously, the more comprehensive the policy, the higher the premium will be. A standard policy will usually cover the cost of any consultations, tests, accommodation, treatment and nursing in a private hospital or on a private ward within an NHS hospital. Private facilities are more comfortable than those of the NHS, usually offering private rooms and superior food. Some policies allow you to claim money for any treatment that you receive from the NHS, emergency or otherwise, as well as a whole range of other extras and benefits.
PMI premiums rise faster than inflation, therefore keeping the cost down is important. Premiums are calculated by age and level of cover, so you should always compare a policy by its cover features and decide whether such benefits are essential requirements for you. If you are willing to increase your excesses you can get discounted premiums and you may be able to avoid further expense by opting for other limiting factors on your policy (such as having the choice of fewer hospitals in which you can receive treatment). Furthermore, some companies offer policies with no claims discounts and other money saving features.
With a great deal of media attention currently aimed at crises within the NHS, a PMI policy may seem like a wise purchase. However, they can be very expensive and should not be regarded as an essential. Despite controversy over ‘postcode lottery’ waiting lists and scares concerning ‘super-bugs’ the National Health Service provides an inclusive service for people who need medical treatment regardless of their ability to pay. So consider all the options before deciding on a PMI policy.
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