Important Tips to Find the Best Health Insurance in UK
Posted by datahealthconsultancy on January 5th, 2016
Private Medical Insurance or PMI is gaining popularity after several shortfalls in the NHS have come to the forefront. However, finding the right PMI can be a daunting task when there are numerous health insurance providers to choose from.
Private Medical Insurance (PMI)policies can be complex in nature. It is best to take a multi-pronged approach to find a policy that is appropriate for you. First, try comparison websites to find a policy that may meet your requirements and one that fits your budget. Second, contact a PMI specialist broker for more options and advice. Also, some insurers offer their products directly to consumers. Finally, go through the shortlisted policies along with best quotes. Make sure you read the fine print and understand all the key features before purchasing the policy. Zero in on a suitable health insurance with the following guidelines and important questions to consider.
•What Does the Policy Cover?
What is covered by a PMI will largely depend on its terms and conditions. Standard PMI plans cover in-patient treatments;including surgery, consultations, nursing and hospital care, but exclude treatment for drug addiction and incurable conditions. Comprehensive policies offer additional benefits, ranging from full out-patient to complementary medicine and extended cancer cover.
•Limitations and Exclusions
PMI does not replace all NHS services – accidents and emergency treatments are not covered under private health insurance. In some cases, one may be put in the private patient wing within an NHS hospital. One should be aware of all such restrictions and be prepared
•How Much Does PMI cost?
The premiums depend on the level of cover one buys, age, postcode and whether one smokes. It increases annually to keep pace with medical costs as the risk of illness increases with age
•Is There a Compulsory or Voluntary Excess?
If you require private medical treatment, you pay your chosen excess and the insurer foots the remainder of the bill. Definitions of excess vary considerably between policies, therefore it is important to check the policy document. The rule is higher the excess, lower will be your premium
•No-Claims Discount (NCD)
Some policies also include a no-claims discount, which rewards you for staying in good health.
Also, it may be possible to protect your NCD with some providers.
•In-Patient vs. Out-Patient Treatment
Most budget policies cover all the costs of in-patient treatment (tests and surgery) and day-care surgery. Cover for out-patient treatment (diagnostic tests, scans, physiotherapy, consultations, etc) varies considerably and is covered by midrange to comprehensive type policies
•Shared Responsibility Schemes
For some policies, the premium can be kept low if one agrees to pay a percentage of the cost of treatment
•Extra Cover
Cover for psychiatric and cancer treatments vary between insurers. Comprehensive policies are more likely to include good psychiatric and cancer treatments. Some policies also cover for complementary therapies, private ambulance, home nursing, a 24-hour advice line and parental accommodation if a child is admitted in the hospital.
About the Author:
Dean Ghavami is the Director of DataHealth Consultancy Ltd which was founded back in 2000 and he has over 15 years of experience in the health insurance industry.
