We take a look at private medical insurance (PMI), what the benefits are in taking it out, and how to find the best insurance for your needs.
When it comes to ours and our familyís health, nothing is more important, so PMI is certainly an option many may have considered.
The NHS has to deal with a lot of patients on a daily basis so many patients are put on a waiting list before being able to receive the treatment they need.
If you or your loved ones have been diagnosed with a serious illness you will want them to be treated as soon as possible, and with PMI this is possible as you do not go on a waiting list.
Choice ñ Another advantage of taking out PMI is you are given more choice when receiving treatment ñ which can help you feel more comfortable and in control ñ so you are more likely to make a speedy recovery.
The location of the hospital you receive your treatment at could make it easier on your family who visit you, and you can even choose the doctor you want to perform the procedure. You are also likely to be treated by the same doctor throughout your treatment.
Visitors ñ We all know how important it is to have our loved ones around us when we are unwell ñ they can provide love and support like no one else and this again can also aid the recovery process. With PMI you will get your own private room and unlimited visiting hours ñ whatever the time of day or night.
A private room can really be worth the PMI premiums, as you will not have to worry about the possibility of being placed on a mixed gender ward, and you will also have your own en suit.
How to find the best PMI policy
- If you are tempted to take out PMI but want to limit the premiums you pay you could try reducing the grade of your policy.
- Many insurance providers will offer differing levels of insurance depending on how much you are willing to pay. You could for example, opt out of having a private room, just to be able to know you will not go on a waiting list.
- So by limiting certain aspects of PMI that you think you could live without in order to benefit from the important parts you can save yourself money.
Adopt a healthy lifestyle. As with critical illness and life insurance, PMI providers will assess your health to determine how likely you are to require treatment for an illness in the future. So if you are overweight, have high blood pressure or smoke then try to quit the latter and become fitter to lower your premiums.