| Private Medical Insurance
(PMI) cover provides you with the option
of private medical care in addition to the
care provided by the National Health Service. |
| You
(or your employers) pay monthly or annual
premiums, the cost of which is determined
by your personal circumstances (e.g. sex,
age, previous medical history) and the type
of cover you choose. Premiums are reviewed
each year. |
 |
| Note
that private medical care does not offer
the same range of treatments that the NHS
does. It does not provide emergency treatment,
or care for a long term condition. Its aim
is to provide care for straightforward, treatable
conditions. |
| You
can change PMI provider as you wish, but
bear in mind that you will need to complete
a medical questionnaire each time, and possibly
attend a medical examination. |
| If
your employer is paying your premiums, note
that this is counted as a benefit in kind
(P11D), and you will be taxed on the value
of this benefit at your highest marginal
rate. |
| There are many
different policies to choose from but they
roughly fall into 3 categories: |
| 1. |
Standard:
this type of policy gives the most comprehensive
cover. There are a variety of sub-divisions
within this category |
| 2. |
Budget:
in return for cheaper premiums, you will
get reduced cover under this sort of policy.
For example, the company may: |
| - |
Pay
out up to a given amount per year for a treatment,
regardless of whether your treatment costs
more |
| - |
Limit
the types of treatment that are covered |
| - |
Only
start if the NHS cannot begin to treat your
condition within 6 weeks |
| 3. |
Over
60s: specifically designed for people in
the 60 to 75 year age range |
|
| In
addition, policies vary in demanding to know
in detail your previous medical history.
Very few policies will agree to cover pre-existing
conditions, but you can opt for a ‘moratorium’ type
policy, which means that if you remain free
of symptoms for two years then a pre-existing
condition can be added to the policy after
that time. |
|
| Some
policies also offer an excess, so that by
paying the first £100 (for example)
of any claim, your premiums are reduced. |
|
| You
need to consider the type of cover required
and how much you are willing to pay for this
cover. You should also be aware of the insurers
terms and conditions and claims procedure. |
|
If
your employer gives you private medical
care check what it covers. If your family
is not included, or you are not satisfied
with the level of cover, you could offer
to upgrade to a higher scale and pay the
difference in the premiums yourself.
|
|
For
further help and free advice please email
us.
|
| |
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