Protection: Private Medical Insurance

Private medical medical insurance is often known as PMI, or more simply 'health insurance'. It pays for private treatment if you fall ill.

Standard PMI policies cover essential treatments, including surgery, consultations, nursing and hospital care. They won't cover drug addiction, cosmetic surgery, 'regular' pregnancy or incurable conditions.

It also doesn't provide an alternative to your local accident and emergency (A&E) department's services. Comprehensive PMI policies offer additional benefits, ranging from complementary medicine to new cancer drugs and treatments unavailable on the NHS.

There are two types of plan, known as fully underwritten and moratorium. Fully underwritten policies require you to disclose your full medical history to establish what will and won’t be covered. Moratoriums simply impose blanket exclusions on pre-existing conditions going back a set number of years.

Moratoriums are usually cheaper, but watch out – any disorder that subsequently surfaces won’t be covered if an examination shows it arose during the moratorium period.

PMI allows you to receive fast-track consultations and private treatment for short-term, curable medical problems. You'll either be treated privately in an NHS hospital or be booked into a private hospital.

PMI is not an essential insurance product and should below income protection, life insurance and critical illness cover in your list of protection priorities. However, if you have disposable income and your finances are in order, PMI could offer peace of mind.

Speak to our expert protection advisers today on 01244 904 410

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