Private Health Insurance
Benefits of private health insurance

In the UK we’re fortunate enough to have access to the National Health Service (NHS). Even so, the benefits of private health insurance are significant and worthy of serious consideration. Why?

The NHS and private medical insurance (PMI)

Most people would agree that the NHS is a magnificent organisation and something to be proud of but it can, at times, suffer from extensive waiting lists and delays.

For emergency and critical health cover, treatment may be immediate but for anything involving non-critical illnesses or diagnoses, there can be waiting lists to see a consultant or to obtain treatment. This may be something that you’re not willing to accept.

It may be that you’re not critically ill but if you’re in pain, unable to work or can’t participate in your favourite sport, you may want to see an expert and obtain treatment now rather than joining the back of a potentially lengthy queue.

PMI is therefore something that can be seen as being complementary to the NHS rather than in competition with it.

The benefits of private health insurance

PMI can typically offer a range of benefits depending upon the health cover plan you have selected and paid for. An illustrative list of benefits typically might include the following, though do note these will vary among providers:

• fast access to a consultant or other specialist expertise when required;
• treatment in private hospitals or clinics;
• medical treatment as an in-patient or out-patient;
• surgery including anaesthetists’ and surgeons’ fees, dressings etc;
• private rooms;
• discounted preventative health checks and screening.

Not every policy will provide all of the above as part of your standard package – some may offer individual benefits such as health club membership on a ‘reduced fee’ basis. You may also be able to opt to pay a bit more and get extra cover – such as treatment for psychiatric illnesses. (However, do note that some insurers do not cover psychiatric illness at all).

Sources of PMI

Some employers offer private health insurance to their employees as part of their terms and conditions of employment. These are sometimes referred to as ‘company health schemes’.

It is also possible to purchase insurance protection directly for yourself and your family and there are typically options available to suit most pockets.

By being a little flexible, this means that you can often tailor a policy to meet your needs and your budget, making private health cover a viable option.

What PMI won’t cover

Although the benefits of private health cover insurance are significant, there are certain things that it typically will not cover.

It is usually a good idea to check the details of the policy you’re considering very carefully ensuring that it meets your needs, as the terms and conditions may vary widely from one provider to another.

Typically, private health cover will exclude things such as:

• drug or alcohol related conditions;
• HIV/AIDS;
• normal pregnancy;
• pre-existing serious medical conditions;
• cosmetic surgery;
• post-accident casualty type treatment.

Shopping around

If you want to get the benefits of private health insurance and at the best price, shopping around to compare the offers of the various providers is typically a smart move. You may find some very good deals for medical protection out there that will help you sleep a little more easily at night!