Personal Medical Insurance (PMI) can help you avoid the long wait times and other caveats associated with the NHS. While PMI policies do not cover everything NHS does, you will have access to timely and superior healthcare in many situations. If you are considering the option for PMI, you should be aware of all the aspects of a policy before you decide to buy it. Buying personal medical insurance can be a challenging task as there are a lot of options and insurers to choose from.
The primary consideration when selecting a policy is its coverage, closely followed by the cost. There is usually a direct correlation between the two. Most PMIs will not cover accident and emergencies, addiction rehab costs, etc. Other policies will offer additional coverage like psychiatric treatment. The cost of the policy varies according to the amount of cover available. Basically the rule of thumb is that the more conditions or treatments the policy covers, the higher your premium. You can use comparison websites to find policies that meet your requirements and fit your budget. A PMI broker can also help you find additional options. However, always remember that no comparison website can help you if you buy the wrong policy. It is critical that you read the small print before you decide.
So what are the questions and important considerations when buying medical insurance? Here is a checklist that will help you zero in on the right policy.
- What does the policy cover? Particularly consider differences between in-patient and out-patient treatment?
- What are the exclusions and limitations of the policy?
- What level of cover is appropriate for your needs?
- Is there a compulsory excess?
- Is the excess per policy year or per claim?
- Does the policy have a no-claim discount and can it be protected?
- What is a moratorium plan? Should one go for a moratorium or fully underwritten policy?
- Are pre-existing conditions covered?
- What is a chronic condition? Does the PMI cover it?
- Can you switch your health insurance policy on continuation of cover and save in the process?
- Can one add a six weeks option to reduce the premium?
- How much does the PMI cost if paid monthly or annually?
- Which hospitals are covered?
Asking the right questions is vital when it comes to personal health insurance. Always be prepared to do your research and find out everything you need to know before you buy Personal Health Insurance in the UK.