An introduction to what's insured and what's not; the cost and how to save money. If you've not had Private Medical Insurance before, you'll find it a useful read.
Private Medical Insurance - An Introduction
Author: Michael Challiner
Private Medical Insurance is designed to provide cover for the costs of private
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Essentially, Private Medical Insurance enables you to jump National Health Service queues for minor and non life-threatening conditions.
Don't be tempted to believe that it's an alternative to the NHS, { remortgages } it isn't. Private hospitals don't have emergency departments nor provide hospice facilities. Neither do you necessarily get better care. Most consultants work both in the NHS and privately - but you do get care quicker and at a time and place that's convenient for you.
Who and what is insured?
Private Medical Insurance can cover the cost of specialists, surgery, nursing and accommodation in a private ward in an NHS hospital or Private hospital, X-rays and drugs. In some situations it will also cover the cost of private ambulance transport. You generally receive better facilities, nicer surroundings, tastier menus and a private room with radio, television and a phone.
Most insurance companies accept new customers at any age but some do have an upper age limit. As you would expect, the older you are, the more expensive insurance becomes. This means the insurers tend to price people out of the market just when they need it most.
What is not insured?
Eight categories:
• Long-term chronic illnesses. These are illnesses that cannot be cured the most common examples being diabetes and asthma but they also include illnesses such as multiple sclerosis and alzheimer's. The biggest problem is if a condition such as cancer deteriorates and the specialist considers that there is no longer any chance of a cure. { mortgage quotes } The condition thereby moves from being acute but treatable, to being chronic and untreatable - and the patient then becomes uninsured.
• Pre-existing conditions - if you've already got it you can't insure against it! You can't buy medical cover today for an operation you know you will { online car insurance } need in a few months time! Failure to disclose pre-existing conditions is the most common cause of invalidated claims.
• Treatment for self inflicted illness such as drug abuse and alcoholism.
• Normal pregnancy - usually complications will be covered
• Infertility
• Dental work - although some policies enable you to add dental cover as an optional extra and separate stand alone dental insurance policies are available.
• Cosmetic surgery - you pay for your own nose job!
• HIV/AIDs
The cost
Research shows that the over the last six years, the cost of Private Medical Insurance has risen by a massive 37%. This compares against general price inflation over the same period of just 12%. So it is getting much more expensive.
The actual cost will depend on the type of plan you choose and whether other members of you family are included. As you would expect, the { life assurance } more extensive the range of conditions and treatments covered, the more expensive the insurance will be. Furthermore, if you want treatment in London teaching hospitals or top private hospitals, the premiums will be steeper.
Many Medical Plans also offer three classes of cover depending largely on cost structure of hospital you want to be able to use. You'll need to a little homework on this subject.
Saving Money
If you want to economise you should consider a Budget policy. These insure you if the treatment you require is not available on the NHS within a set period.
You can also look at the level of excess you have to pay and the availability of no claims discounts.
If you agree to pay a larger excess than normal you can expect to lower your premium. Some policies also offer no-claims bonuses which help somewhat to limit the future increases in your premium. They also give you the incentive to pay for smaller treatments yourself - which will greatly please your insurer!
The premiums can also be reduced if you agree to accept a restricted choice of hospitals.