Private Medical Insurance (PMI) can be expensive. Unfortunately, the NHS is under a great deal of strain, and some procedures and appointments have long wait times. We get honest. Here are some things to consider when taking out Private Medical Insurance.
1. Do you have any pre-existing medical conditions?
This includes health issues that you already have when applying for insurance. They may include long-term conditions such as diabetes, high blood pressure, asthma, or Crohn’s disease.
Having a pre-existing condition doesn't mean you're automatically excluded from getting insurance. But insurers might not cover related treatments. You're also likely to face higher premiums.
2. Can you afford to self-fund treatments?
By paying for private treatments, you can choose your preferred clinics, consultants, and treatment timelines. Without worrying about the constraints of insurance policies! This flexibility can be helpful if you need specialised or tailored care. But you can be expected to fork out a large sum and may face the unexpected with more costs than planned.
PMI allows you to pay a monthly fee. They will contribute to any treatment you may need. This helps to reduce the shock factor of a hefty bill!
3. How old are you?
Premiums increase as you get older, and your policy may become a more significant cost. This reflects the greater the risk of needing medical treatment as you age. Compare quotes from different insurers to ensure you get the best coverage for your age and circumstances. Chat with us to see how we can help you get the best policy for your needs.
4. What level of cover do you need?
Considering your specific needs can help you save money. For example, a 60-year-old man won’t need pregnancy cover! But he may need to consider adding hospital cover.
From there, start thinking about your choice of hospitals. Many insurers offer a list to choose from. Opting for a shorter list may lower your costs. Instead of full coverage, you can opt-in for treatment or drug coverage unavailable through the NHS.
Adding an excess to your policy is another way to save. You can lower your premiums by agreeing to pay a portion of the treatment costs yourself. The higher the excess, the lower your premiums – but make sure you can afford the excess!
5. How fit and healthy are you?
Factors such as age, medical history, and lifestyle are considered for PMI. Living a healthy lifestyle may reduce costs. A smartwatch or fitness tracker can help you track your activity. Some providers may offer incentives or discounts for evidence of exercise.
6. Do perks matter to you?
You might even get offered free cinema tickets or discounted gym memberships! But you will probably be paying for them overall. So, ensure you understand what perks are available and whether they add value to your policy. While perks can be a good bonus. It's crucial to prioritise cover levels and cost when choosing the right PMI policy for you.
Want more details? We can refer you to a trusted partner.
SPEAK TO AN ADVISER