You might be wondering why on earth you’d take out private medical insurance when most of us are entitled to free healthcare thanks to the NHS. The answer is simple: private medical insurance or PMI covers you if you need to be treated privately. 

Of course, you might have no interest in using private medical care at the moment. But, with waiting lists facing even more delays and cancellations looming, you never know what you might have to do if you do find yourself needing medical attention. Here, we explore private medical insurance in more detail and weigh up the pros and cons. 

Private medical insurance: a brief introduction 

Also known as private health insurance, PMI is a type of insurance that covers some or all of your healthcare bills if you’re treated in a private hospital. While the NHS offers free care, when you choose private medical care, you get a choice of the care provided, when and how. Without insurance, private medical care can be very expensive. 

Typically, private health insurance covers the costs for inpatient and day-patient treatment in private hospitals. If you’re willing to pay a higher premium, you can also be covered for outpatient treatment. 

Unfortunately, there are some things that won’t be covered by private medical insurance. This includes treatment for pre-existing medical conditions, cosmetic surgery, maternity care, chronic illnesses or injuries relating to dangerous sports and activities. Cover for mental health concerns isn’t always included so it’s important to check beforehand if this is something that you do need. 

Private health insurance works in a similar way to most other insurances (including car insurance and life insurance). You’ll pay a monthly premium and then have to make a claim for any private treatment and care that you receive.

Who needs private medical insurance?

If you don’t want to wait for treatment on the NHS, would prefer a private hospital setting or want to be covered for treatment and drugs that aren’t available on the NHS, then private medical insurance could be a wise investment. 

If, however, you’re happy with the NHS level of care, already have medical insurance via your employer or have enough money to pay for individual treatments, you might want to rethink private medical insurance.

Benefits of private medical insurance

From reduced waiting times to specialist treatment and aftercare, there are a number of reasons why you might want to consider private medical insurance. This includes:

• Second opinions. Your GP can refer you to another consultant who works privately – either for another opinion or for specialist treatment.
• More choices. When you go private, you can choose your hospital and surgeon which isn’t an option on the NHS. If you want a specific scan, you can usually request this too.
• Private rooms. After your treatment, you’ll usually stay in a private room as opposed to large wards with multiple beds in a NHS hospital.
• Quicker care. If your wait time is more than six weeks, your insurance can be used to speed up the process. This includes treatment like physiotherapy which can take months on the NHS.
• Additional treatment and drugs. Not everything is available on the NHS, maybe because of price or approval status, but private medical insurance gives you access to it. 

Disadvantages of private medical insurance

It’s important to remember that just because you choose to go to a private hospital, it doesn’t mean you’re guaranteed a better level of care. If you’re unfortunately diagnosed with a serious illness, you’ll still be prioritised within the NHS. Other drawbacks include: 

• Expense. Insurance premiums can be expensive and will rise with age and lifestyle changes. However, we will work with you to keep costs manageable over time.  

• Not covered. Not all conditions and illnesses are covered including those that are incurable like diabetes. However , cancer treatment can be covered on most plans and we would always look to get cancer covered where we can.
  
• Travel. Depending on the treatment that you choose, you may have to travel further away compared to the NHS, which usually has multiple hospitals and surgeries in the local area. 

Choosing a private medical insurance plan

If you’re interested in taking out private medical insurance in the UK, then you need to check whether you have it as part of your employee benefit package. If this is the case, your employer may have either taken the policy out for you and paid for the premiums. Or, they may offer you a discounted scheme.

For those that don’t have private medical insurance, and want it, you should think about what sort of cover option will be right for you, and whether you want to add on a partner or dependant. It also pays to think about the excess of your policy, which is the amount that you’d need to pay for your treatment if you make a claim. The higher the excess, typically the cheaper your monthly premiums. 

Another important factor when choosing the right plan is your current lifestyle, health and wellbeing status. For example, where you live and if you smoke can all impact the price. It goes without saying that if you lie about your medical history, your cover could be invalid later down the line. 

Why choose Moore Health & Protection

Over the past 20 years, we’ve been helping individuals, families and employers to find the right private medical insurance for them – and you could be next. Not only can we answer any of your questions but we can recommend ways to reduce your premiums and advise on other insurance policies that would benefit you better. 

Not just that but there’s no fee payable and you can rest in the knowledge that you’re dealing with an independent local intermediary with Chartered Insurance Industry accreditation. We treat every case individually and will tailor make your quote to suit a variety of needs. So, if you want to protect yourself, now and in the future, choose Moore Health & Protection – just like so many other people have. 

Moore Health & Protection is a trading style of Tony Moore which is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.