Private Medical Insurance

 

NHS waiting lists have unfortunately become a norm of everyday life in the UK - at any one time there are up to one million people on a waiting list. Unsurprisingly, it has become increasingly common for individuals to opt for private medical care, using an insurance policy to cover the costs. Private medical insurance (PMI) is designed to cover the costs of private medical treatment for curable short-term illness or injury; including the three most common reasons for hospital admission:

 

•  Cancer

 

•  Digestive problems, and

 

•  Circulatory diseases

 

In addition, PMI plans may also include routine health screening, dentistry and maternity provision amongst the many options typically available.

 

 

 

Compared to many types of insurance, there is a high likelihood you will make at least one claim during the lifetime of a PMI plan. As a result it is very important to understand exactly what a PMI policy does and does not include. You should also check whether there are any limits on claims, whether other members of your family can be included and how efficient the insurer is at processing claims.

 

PMI also gives you more choice and flexibility when you require treatment. This means you can usually undergo treatment at a time convenient to you in more comfortable surroundings than typically offered by the NHS.

 

There are a large variety of PMI schemes available, ranging from low cost schemes with limited cover to those with comprehensive cover. It is important to choose a scheme that offers cover appropriate to you needs.

 

Most policies include treatment for short-term medical conditions, in-patient tests, surgery and hospital accommodation.

 

However, you may also want to include cover for items such as:

 

•  Out-patient tests

 

•  Out-patient consultations with a specialist

 

•  Cash payments for treatment received as an NHS in-patient

 

•  A wider choice of hospitals

 

•  Overseas cover

 

•  You also need to decide whether to cover your whole family or just yourself.

 

The majority of claims tend to be for outpatient treatment so it is vital that this is included if you wish to have good cover.

 

 
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It is also important to understand that there are usually excesses or exclusions that apply to your chosen policy.

 

Arranging a Private Medical Insurance plan through RM Wealth Management will ensure you get a clear explanation of all conditions covered, charges, excesses and explanation. Our Advisers will research the whole of the market and provide you with the most competitively priced product available.

 

An example PMI quotation is detailed below:

 

A 32 year old male and his spouse aged 30 with children aged 8 and 5, living in London can arrange a basic PMI policy with outpatient cover and a small excess of no more than £50 for £63.94 per month.*

 

*Research was done on 13/08/2007.