In the UK, you can receive free medical services through the NHS, but sometimes you may not be able to rely on the NHS. Waiting periods can be lengthy and perhaps the service is not up to the standard you want for you or your family. Because of this, more and more people are turning to private medical insurance, so that they can access the best medical services available, whenever necessary, without having to wait.
Private medical insurance, also known as PMI, is a general term that describes insurance policies that provide money so that you or your family can be treated privately, for medical problems. This means that you can choose your treatment, your hospital, your doctor and the time you want to have treatment.
PMI covers a vast array of coverages and costs, depending on your needs and budget. The cheapest form of PMI coverage is what most insurers term NHS plus or NHS top up covers. Such coverage supplements the cover you will automatically get from the NHS. For example, it can pay for a private room, reduce your waiting time for treatment or pay out a lump sum if you are diagnosed with a terminal illness.
The full PMI cover will basically ensure coverage for most events. It will pay for consultations, tests, operations and a private room without the need for waiting. Generally, policies are sold on a 12 month basis and premiums will vary depending on what excess, i.e. out of pocket expense, you decide on, if any. Private medical insurance can cover individuals or families.
Other limited PMI coverages, which are less costly, will allow you to choose doctors or hospitals from a pre-determined list, and cover only a limited range of illnesses, tests or operations. Some will only cover out-patient treatments. Because of this, it is important to understand exactly what type of coverage you will want, to make sure that you get the private medical insurance cover you need.