If you’re looking for ways to protect your health, and finances, you might have come across either private medical insurance (PMI) or health cash plans. While very different, both products can make all the difference in the worst case scenario. So, join me as I look into how they work and how you know which one is right for you. 

Remember, if you need any help when it comes to insurance – existing or new – MOORE Health & Protection Ltd is always only a message away. There’s no fee payable when you get in touch either, so you really have nothing to lose.

What is private medical insurance?

PMI covers the cost of private healthcare and medical treatment for illnesses and injuries. With this type of policy in place, you don’t need to solely rely on the NHS and can instead access private hospitals and specialists as well as faster treatment times. 

While every policy is unique, you can typically get cover for consultations with private specialists, diagnostic tests, in-patient and day-patient treatment in private facilities, surgery for acute conditions and even physiotherapy and mental health support in some instances.  

It’s best suited for those who want more choice over where and when they’re treated or those individuals who value the privacy and comfort of private treatment. Equally, if you want access to a wider choice of specialists and hospitals, or need cover for high-cost procedures, PMI could benefit you.

What is a health cash plan?

A health cash plan, on the other hand, helps with everyday health costs such as eye tests, dental check-ups and physiotherapy. With this in place, you’re reimbursed for expenses, up to set limits. You simply pay a monthly premium and then claim back money up to the agreed amount after you’ve paid for the treatment yourself. Some plans may even include maternity care, hospital stays and specialist consultations but it’s important to check your individual cover. 

This type of policy is best suited to those who regularly visit the dentist or optician and want help covering the cost of treatment. It’s a great way to support your overall health more affordably. 

The main differences between PMI and cash plans

Private medical insurance covers unexpected illnesses and injuries while health cash plans help with every day and routine healthcare costs. Both can be used for private treatment, but health cash plans can also be used on the NHS. You just pay first and then claim the money back. With this in mind, health cash plans don’t allow you to access treatment any quicker but with PMI in place you often can. This means premiums are typically higher for PMI while health cash plans are more affordable. 

Tony Moore – Managing Director says ‘Which one is better for you really depends on your circumstances and priorities. Some people even choose to have both as they tend to complement each other.’

How MOORE Health & Protection Ltd can help

We know that everyone’s situation is different which is why we help you to compare policies, remove the jargon and find a solution that fits your needs and budget. It’s what we’ve been doing for the past 20 years and why we’ve built up a reputation in the industry as an efficient and trustworthy independent local intermediary with Chartered Insurance Industry accreditation. So, if you’d like to talk through your options, why not get in touch today?

MOORE Health & Protection Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 15020771. Registered Address: 17 Eyam Road, Hazel Grove, Stockport SK7 6HP.