Also known as private health insurance, this allows you to pay for private medical care if you would rather not wait for treatment on the NHS. Some policies allow you to choose when, where and by which specialist you are treated. In addition, PMI typically pays for a well-furnished private room if your treatment requires a hospital stay.
The insurance lasts for a year at a time. Provided you keep up to date with the payments, most insurers will automatically renew the policy each year – although premiums may increase at renewal. The policy pays out if and when you need treatment, provided the illness is covered.
PMI pays for the private treatment of “acute” conditions, which means illnesses that are short term and curable – provided they were unforeseen at the time you took out the policy. Although there may be a cap on the amount you can claim in each category, policies will usually pay out for: fees charged by private medical staff for both diagnosis and treatment; operating expenses including surgeons’, anaesthetists’ and operating theatre fees; accommodation and nursing charges; x-rays, dressings and medication while an inpatient; specialist treatment such as radiotherapy, chemotherapy and physiotherapy; as well as home nursing costs, outpatient and day care treatment if linked to treatment received as an inpatient.
PMI will not cover routine check-ups with your GP. Moreover, because private medical insurance covers the unforeseen, you will not be able to get cover for an illness you developed shortly before taking out the policy or for the recurrence of a recent illness, known as a “pre-existing medical condition”. Pregnancy and childbirth do not tend to be covered, nor is A&E treatment, incurable or chronic conditions, long-term illnesses such as asthma, diabetes and multiple sclerosis or cosmetic surgery.
What you pay for PMI depends on your age, sex, health and where you live. The more comprehensive the cover offered, the higher the premiums. Because policies vary widely in the cover they offer Clifton Wealth will evaluate the needs of you and your family before recommending a particular type of cover.
Contact Peter Harvey today to find out more about the Clifton Wealth Medical Insurance programme.