Private Medical insurance
What is private medical insurance?
Private Medical Insurance, or PMI, is designed to cover the costs of private medical treatment for injuries or illnesses.
This means policyholders can get quicker access to consultations and treatment or perhaps choose a convenient time or location for treatment. This will reduce the discomfort or inconvenience when reliant upon the NHS.
Companies can purchase Private Medical Insurance to insure their staff or individuals. Policies can also extend to cover family members.
There can also be benefits to pay for things like hospital expenses and access to treatments & drugs not readily available on the NHS.
What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Payment of fines & penalties
Payment of ransoms & extortion
Cover for lost or disrupted income
Cover for physical injury/damage
The cost of phone hacks
Cost of notifying your contacts
Incidents at your outsourced service providers
Social media risks
Why do I need Private Medical Insurance?
The NHS is fantastic at dealing with emergencies, but we are all aware that resources are limited; therefore, more routine treatment and appointments can result in long waits. A good PMI policy can reduce the time spent awaiting treatment and reduce time off from work, worry, inconvenience and pain. As an employer, providing PMI for your staff is a welcome benefit for them and will also reduce periods of absence. If you extend cover to your family, you know that you will be able to obtain prompt first-class service for the ones you love.
How much does Private Medical Insurance cost?
Firstly, this will depend on your occupation and where you live. You may also be asked to consider if you want coverage for pre-existing medical conditions, the amount of excess you require, and any specific benefits you want to add or remove from cover. In most cases, it is cheaper to purchase cover as a group rather than as individuals.
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