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After 'Private Insurance Health UK' PMI Quotes?
Broker Guide: February 2024
What's 'Private Insurance Health' Cover (PMI)?
"Private Health Insurance" (also called Private Medical Insurance PMI) is a UK insurance policy that helps covers the costs of private healthcare, from your diagnosis to treatment.
This underwritten insurance health policy covers all or some of the insurance cost health treatments for any 'acute conditions' that may develop after your policy has begun.
You need to choose PMI carefully when doing quotes on health, as policies vary greatly in what they offer and how much they cost. It's important to be aware of their policy limitations.
Getting a broker to help source your ideal 'PMI UK' policy could save you both time and money in 2024.
Insurance Health Broker
Looking for a Health Insurance Broker UK? We will help find your ideal private insurance health policy, one that suits your insurance cost health budget & situation.
Price comparison websites are an excellent tool in the 2020’s for checking out various PMI private health insurance quotes uk deals.
However, as you're probably not an expert in the private medical insurance field, the onus is usually then on to decide what you think maybe best. Why not chat to our specialist private health insurance brokers instead.
'Private Insurance Health' Costs?
Good Health is one of the most important things we undervalue when we are well. We all forget what physical, emotional & financial problems quickly can arise if we become ill.
We all want the best treatment & in the fastest possible time. This unfortunately may not always be possible with our supportive NHS in the 2020's - even though it is a valuable lifeline.
Private Insurance Health (PMI) allows you to skip NHS waiting lists, arrange treatment at a time you choose and maybe provide medication that the NHS cannot or doesn't cover
- Premiums vary on healthcare assurance, depending on the level of cover you buy, your age, state of health and whether or not you smoke
- Your premiums will tend to go up annually to keep pace with medical costs and because the risk of illness may increase with age
'Private Health Insurance Quote' - Things to consider
"Private Health Insurance" cover doesn't replace all NHS pressured services - for example, accident & emergency treatments aren't covered. It covers the cost of being treated privately, either at a private hospital or in a private NHS bed. PMI is designed to cover short-term, curable medical problems.
Anything that isn't short-term or ongoing chronic is likely to be excluded - however each policy is different, so check carefully what is and isn't included before you buy. PMI doesn't always cover every medical eventuality. Note: It is not a replacement to life insurance to payout on death.
With very serious illnesses, you will not necessarily receive treatment more quickly with Private Insurance Health than you would under the NHS. You won't always get treatment in a private hospital. You may be put in a private patient unit within an NHS hospital. You could also end up on an NHS ward rather than in a private room.
Reasons to go Private?
A typical customer survey found several reasons for going private were:-
- Desire to avoid long waiting lists re Covid 19 backlogs via NHS
- Receive fast-track consultations or 2'nd medical opinions
- A more personal service for treatment for short-term, curable medical problems
- NHS Hospital cleanliness concerns eg; Fear of superbugs like MRSA
- Home nursing facility as do not wish to stay in hospital
- Concern that NHS may not be able to cover expensive drugs if needed
- Want treatment & recovery in the plusher surroundings of a private hospital
- Parental or additional accommodation if in hospital
Martin Lewis on Private Medical Insurance says that in most emergencies, the NHS is unbeatable. It also has large hospitals that are well staffed around the clock
However, he also comments that for more routine treatment consider looking to health care assurance instead. So let us take that strain away and chat with our PMI Insurance Brokers...
2 Main Types of 'Private Insurance Health' Underwriting
1] Full Medical Underwriting
Typical Key Features
- Upon application - you'll have to give full details of your medical history when you sign up to the policy eg; smoking status
- Pre-existing medical conditions aren't usually covered, either for a set period or maybe indefinitely
- Insurers do then provide a registration certificate which lists all the exclusions, so customers know what they are or not covered for upfront
- Upon claim the process is therefore potentially made easier as Insurers are already aware of your medical situation
Typical Key Features
- Moratorium (Mori) underwriting doesn’t require individuals to go through medicals or disclose their full medical history
- Mori is one of the most popular methods of underwriting private medical insurance in the UK
- Upon application - you won't have to give full medical details until you make any claim
- Often cheaper than full medical underwriting, it can make the whole process quick, easy and unobtrusive.
- Instead, all pre-existing conditions usually from the past 5 years are excluded either indefinitely or a set time period
- If you remain free of that condition for a period of time, usually 2 years, that condition may be covered from then onwards
What is Moratorium 'Mori' underwriting ?
'Private Health Insurance Quotes UK'
Before you start comparing any private health insurance quotes uk deals, there are various questions to consider around any PMI cover in 2024.
Questions to ask before you take out a Policy
- Will I need a referral from my GP or Consultant?
- What benefits does the private insurance health policy cover?
- Does this policy build up any no-claims discount?
- What is included or excluded?
- What level of cover is right considering my circumstances?
- Is there a compulsory or voluntary excess?
- A Moratorium style policy or fully-underwritten policy?
3 Main Types of 'Private Health Insurance UK' Policy
- Most UK Insurers offer at least 3 main PMI types of scheme
- Top-level comprehensive | medium-level standard | a lower-level budget policy
- Private health insurance uk average cost menu style policies are becoming increasingly common
- Over 50's 'health insurance private' policies are specifically designed
- Some PMI have a more special focus on one disease such as cancer
- These cover you for in-patient treatments but also allow you to add cover for different things so that you tailor-make your insurance package
- Read the Key Features that come with any Private Health Policy
- This sets out the main features and benefits of the policy as well as any significant or unusual exclusions and how long the cover lasts
- Some policies also offer extra cover eg. complementary therapies, a private ambulance, home nursing, a 24-hour advice line and parental accommodation if your child is in hospital.
- Again, the higher grade the policy is, the more likely the insurance cost health policy covers these areas.
Typical Private Insurance Health Exclusions
- Your policy won't usually pay for longer-term treatment such as dialysis, or any ongoing chronic illnesses such as asthma
- Other common exclusions include alcohol abuse, standard pregnancy or non-essential cosmetic treatments
- Cover for psychiatric mental health treatment varies between insurers re private health insurance prices uk
- It is a difficult area for insurers to categorize as it blurs the line of curable illness re private healthcare quotes
- Comprehensive policies are more likely to include psychiatric treatment, but not all do, so you have to check.
- Some insurers have specialist policies that cover you only when you have to wait longer than 6 weeks for treatment on the NHS
- Or private health insurance uk existing condition are excluded
In-patient vs out-patient treatment
- Most policies cover all the costs of in-patient treatment (tests and surgery) and daycare surgery
- Cover for out-patient treatment (diagnostic tests, scans, physiotherapy, consultations and chemotherapy and radiotherapy) varies
- Comprehensive policies usually cover all out-patient treatments, although annual limits may apply
- Standard policies cover most out-patient treatments but may limit the cost of treatment covered
- Budget policies cover fewer types of out-patient treatment and have lower financial limits on the amount of treatment covered.
- With budget policies, out-patient treatment may also be covered if it directly relates to any in-patient treatment eg; follow-up physio needed after a stroke
Switching Insurers Quotes on Health Insurance
- Pre-existing Health problems could mean private health care plans uk insurance risks may possibly tie you to your own insurer
- Eg; Having say heart conditions or diabetic will affect private health insurance quotes online
- Some insurers may allow you to switch policy without losing cover for pre-existing conditions
- Switching health insurer to take advantage of more competitive premiums can mean that you lose cover for any conditions you've developed since you started your policy
- Others will agree to cover you for these conditions after a set period if you remain free of the conditions in that time.
- Check this carefully with the insurer before you buy the 'health insurance private' policy re any private health insurance existing condition issues
- If you're moving from a policy you've had as a perk through your employer, check whether it allows you to switch to its individual policy without losing any cover.
How could I keep the PMI Insurance premiums down?
- Discounts are sometimes available on private health care prices uk if you're able to pay the whole annual premium upfront
- Delayed treatment - Another option for cutting costs is to agree use of your private cover only if the NHS can't treat you quickly
- So some insurers may offer plans with a 6-week wait or 90 day wait options respectively.
- This means that if you are told you have to wait for more than, say, 6 weeks for NHS treatment after your specialist says that you need it, your insurer will pay for you to be seen more quickly privately.
- Shared responsibility schemes where premiums can be kept down if you agree to pay a percentage of the cost of any treatments you have.
- The theory is that doing so gives you an incentive to keep costs down on private healthcare quotes
Insurance Excess Costs?
- If you agree to pay an excess fee on any insurance claims
- Excesses - which work in a similar way to excesses on your car or house buildings insurance
- If you need private treatment, you pay your chosen excess and the insurer foots the rest of the bill
- Broadly speaking, the higher the excess (typically £1,000 or less), the lower your premiums for private healthcare quote will be
No Claims Discounts Problems?
- No-claims discounts could put people off seeking any vital treatment when needed, just to preserve their discount
- Earn higher discounts by adopting a healthy lifestyle makes more sense
In Conclusion - Do I need Private Insurance Health UK Cover?
Thanks to the NHS, Private Health Insurance may not be an essential but a desirable. It perhaps should come down to your list of your priorities when you are thinking of other financial protection products?
For example, consider critical illness insurance which pays a lump sum upon diagnosis of specified critical illness such as types of cancer, heart attack or stroke. Or Income protection insurance which protects your salary for longer term sickness.
However, if you have disposable income and all your other protection plans are in order, then the insurance cost health benefits could be for you if you feel it will give you peace of mind.
Note, you could still go private and be seen quickly by paying for treatment as the need arises if you have sufficient savings. However often a private medical insurance policy will afford for greater freedom - it's all about weighing up your own priorities. Get broker only Private Health Insurance Quotes UK deals.
Article on 'Private Insurance Health' PMI UK by Martyn Spencer Financial Adviser (2024)
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