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The Basics About Medical Insurance
Firstly what is private medical insurance? Private medical insurance (known as PMI) enables you to bypass National Health Service (NHS) waiting lists and get fast-tracked consultations and private treatment. But the insurance only cover short-term, curable medical problems. You are then treated privately in a private or NHS hospital depending on the treatment you need, the consultant you are using or the terms of your policy.
But PMI doesn't cover every medical eventuality. If you need emergency treatment or you have a terminal or long term illness, the private medical insurance will not cover you and you will have to rely on the NHS.
Then what cover does PMI provide? Standard PMI plans cover essential treatments, including consultations, nursing, surgery and hospital care, but they will exclude treatment for drug addiction and self inflicted problems, and incurable conditions. If you opt for a comprehensive policy then you can expect additional benefits, ranging from personal accident cover to complementary medicine.
There are basically two sorts of plan, known as "moratorium" and "fully underwritten". When you apply for the insurance, fully underwritten policies will ask you to disclose your full medical history and your answers will be used to determine what will be covered. Moratorium policies simply impose blanket exclusions on all pre-existing conditions which have ocurred during a preceding number of years - usually 5 or 10.
Moratoriums policies are usually cheaper, but be careful - any medical problem that arises will not be covered if it transpires that it actually started during the moratorium period.
So how much will PMI cost? Premiums do vary, depending on the level of cover you want, your state of health, your age and whether you smoke. For example, a male 40 year old non-smoker can expect to pay around 14 pounds a month for cover that includes minor surgical procedures. A 60 year old can expect to pay from 53 pounds a month for similar cover.
Premiums tend to increase each year to keep pace with medical costs and to reflect the fact that increases with age bring increases in medical problems. Discounts maybe available, if you are prepared to pay the entire annual premium upfront and further discounts will be available, if you agree to pay a higher excess fee on any claim you make.
Some policies also include a no-claims bonus. This rewards you for staying in good health and not making a claim. However, never be dissuaded from getting suspected problems checked out, so do not consider policies that remove a no-claims bonus simply for visiting your doctor.
Insurance companies do have their preferred hospitals and some such as Bupa, operate their own hospitals. So you need to consider where you would like to be treated.
Sometimes companies offer PMI as an employee benefit. So ask your employer if they offer a scheme. If they do they will normally pay your premiums but you have to pay tax on this cost.
Then how can I find the best deal? Online is best but it remains important to shop around, as policies do vary greatly. For this reason try using a specialist medical insurance broker.
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