Private Medical Insurance - Pros and Cons
Private Hospitals, Diagnostic Tests and Hospital Accommodation
Mar 10, 2009
Private medical insurance (PMI), also known as private health insurance, helps individuals bypass NHS waiting lists in order to get prompt medical assistance. According to official NHS figures at the end of April 2008, a total of 97,974 people had spent more than three months on NHS waiting lists. It is impossible to quantify how these waiting periods have affected peoples' long term health and well-being.
Why Choose Private Medical insurance (PMI)?
- Medical treatment. Private medical insurance ensures that a patient gains access to urgent medical treatment and can stay in a quality-approved private hospital should the need arise;
- Diagnostic tests. This allows doctors to identify life-threatening conditions at a treatable stage;
- Private hospital care. Private medical insurance entitles patients to a private room with television and radio access. Conditions are more pleasant than a crowded NHS ward;
- Continuity of care. Those with private medical insurance are likely to be able to see the same consultant throughout the treatment process;
- Choice. Patients with private health insurance can generally choose where they want treatment and which consultant they see. The higher the monthly premiums, the greater the choice;
- NHS treatment. Having private health insurance doesn't prevent access to NHS treatment. For example, private healthcare patients still have access to Accident and Emergency (A&E);
- PMI brokers. Monthly premiums vary considerably between private medical insurance providers. Utilising the services of a PMI broker can help people identify the cheapest and most comprehensive private health insurance policy for their needs.
The Negatives of Private Health Insurance
- Monthly premiums. Taking out private medical insurance doesn't mean that the insured can stop paying towards NHS costs. All PMI policies require that a monthly premium is paid; this can be up to several hundred pounds per month for the more comprehensive policies;
- Rising premiums. Monthly premiums increase in-line with age because the incidence of illness rises comparatively. The most expensive aspect of private healthcare is hospital accommodation. The cost of new treatments and medical advances also increases over time;
- Pre-existing medical conditions. As is the case with all forms of insurance, private medical insurance excludes pre-existing medical conditions, such as a heart conditions;
- Specific exclusions. Private health insurance generally excludes: cosmetic surgery, routine check-ups, illnesses developed prior to taking out a policy, chronic medical conditions and pregnancy and childbirth.
The Association of British Insurers claimed that 7,140,000 people had some form of private health insurance in April 2008. Prior to taking out a private medical insurance policy, always check to see if it is offered by an employer as it could already be a benefit in kind.
Those that found this article useful may also be interested in taking out critical illness insurance or life insurance to protect their families. Taking out pet insurance can, in certain instances, help save families thousands of pounds in veterinary bills.
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