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Private Medical Insurance
One reason health care cost is so high is that procedures, technology and diagnostic methods are constantly improving. Thanks to these advances, a growing population is living longer than ever. This has put an enormous burden on the NHS. In 2008, over half a million people waited four to five weeks for admission to NHS hospitals.
More and more people are opting for private health insurance over NHS. Private insurance usually buys treatment at better health care facilities, and the wait time is much shorter. With an abundance of different policies to choose from, however, it can be difficult to know which one is the best. Before deciding, it is wise to know exactly the kind of coverage that is desired and the amount available to pay for such a policy.
Private Medical Insurance (PMI) offers some distinct advantages over NHS. The wait time for private treatment is considerably shorter. The insured chooses his or her own physician. Private care patients enjoy private rooms and unlimited visiting hours. Also, most private insurance carriers have a list of specialists who deal specifically with one type of illness.
One of the disadvantages of a PMI policy is that these policies donít cover everything. Previous and chronic conditions are usually excluded. PMI also does not cover accidents, pregnancy or NHS prescriptions. Not all visits to the GP are covered. Due to increasing demand for more expensive treatments, PMI premiums are rising at approximately ten percent a year.
Different types of policies provide different types of coverage. The more expensive the policy, the more it is likely to cover.
Because PMI has limited coverage, an additional Critical Illness Insurance can do much to alleviate the stress of a serious illness. Critical Illness Insurance pays a lump sum to help with medical costs and loss of income. In the event that a child is critically ill and is staying at a hospital that is some distance away, most Critical Illness Insurance policies pay for a parent to stay with the child. The benefits of a Critical Illness Insurance policy depend on what type of policy has been purchased, but policies are available at a minimum of £5.
No one wants to get sick. But if illness strikes, it is good to know that a plan has been set up to alleviate financial headaches.
Private Medical Insurance - probably the largest choice of Private Medical Insurance in the UK!