When you do not want to wait or you are not eligible for treatment in the UK under the National Health Service (NHS), Private Medical Insurance may be a viable solution. When you take a policy and pay your monthly or annual premium you then have access to private hospital facilities and expert medical professionals throughout the UK to ensure you obtain timely diagnosis and treatment for medical conditions that you may be experiencing.
Private Medical Insurance is not used instead of the NHS but works well alongside the NHS. It does not cover Accident and Emergency (A&E) treatment, nor does if offer cover for the routine treatment and monitoring of *chronic medical conditions and therefore both options (PMI and NHS) work together to keep the UK healthy.
*A chronic medical condition effectively has no known cure.
Private Medical Insurance as an individual:
If you are looking for a policy to cover you and maybe your immediate family, individual Private Medical Insurance would be a cost effective solution. The premiums will vary depending on the level of cover and benefits you choose, your age, your home postcode and the level of excess you are willing to pay.
If you already have a policy in place and are looking at alternative providers at renewal, recent claims may also affect the price of the alternative quotations and your ability to change provider without exclusions being applied.
Your BMI and whether you or anyone to be covered on the policy are smokers can also make a difference to the price you are offered for cover.
Private Medical Insurance as a Company:
If you own or run your own business and would like to look at a policy to cover you and your key staff, a company Private Medical Insurance policy would offer the most cost effective solution. You can chose to cover the dependents of your staff if you wish to or just offer cover for each staff member on an individual basis. Private Medical Insurance on a company basis is classed as a benefit in kind and is therefore a taxable benefit.
The premiums are based on the postcode of your company, the number of staff/ age profile of the scheme, the level of cover/benefits that you require and the excess you apply to the policy.
If you have a policy in place and are looking for renewal quotations only, any recent claims may affect the quotations offered by the alternative insurers and your ability to switch provider without exclusions being applied.
Premiums for business Private Medical Insurance are either age rated or flat rated depending on the size of the scheme.