A Guide to Medical Insurance
There is nothing more important than good health.
However when we are ill, we need to be treated rapidly, but unfortunately the NHS cannot always offer a fast enough service.
Private medical insurance (PMI) enables you to jump the queue and arrange for treatment to be undertaken at a more convenient time.
This facility is a considerable benefit, particularly if you are in pain or self-employed.
You will also be treated in a plusher environment, as PMI normally enables you to receive treatment in a private hospital.
Insurance is not necessarily needed to enjoy the benefits of private health care, as you can pay for treatment as and when it is required.
PMI simply offers you greater freedom.
It is a matter of considering your priorities.
The money you pay in tax already provides you with health care through the NHS, so PMI is not essental.
For this reason it should drop to the bottom of your list when considering financial products.
If your finances are in good shape and you have disposable income, then PMI is worth considering, as you will no longer have to worry about the consequences of becoming ill.
We advise you to take the following into consideration before signing up for PMI.
· Make sure your personal finances are in good order before taking out PMI..
...
unless it is provided by your company as a benefit.
· Ensure you can deal with any foreseen circumstances by building up a cash fund and settle any outstanding debts before committing yourself.
· Life insurance is essential, particularly when you have dependants.
· Income protection is important to replace your salary/wages if you should be unable to work · The provision of a private pension is also more important than PMI.
Limitations PMI should be chosen carefully, as the benefits offered by policies differ considerably.
How much you will have to pay must also be considered.
.
It is important to look at the limitations before committing yourself The following are the principle things to consider: · Do not forget that PMI does not replace all of the services offered by the NHS.
Emergency and accident treatment are just two examples of services which are not provided by PMI.
· Grave illnesses may not be treated quicker when you have PMI.
Surveys have shown that the NHS may be quicker for the treatment of serious conditions.
· Treatment will not necessarily be carried out in a private hospital.
You maybe sent to a private patient facility in an NHS hospital.
You may also be placed in a ward in an NHS hospital instead of a private room.
Hospital Cash Plans Hospital cash plans are designed to pay the policyholder a lump sum for each day he or she needs treatment as in patient in either an NHS or private hospital.
This sum is tax-free.
Depending on the type of policy and the level of cover, hospital cash plans can also include dental cover and other benefits.
The benefits and limitations of a cash plan will depend on the cost and the provider.
However when we are ill, we need to be treated rapidly, but unfortunately the NHS cannot always offer a fast enough service.
Private medical insurance (PMI) enables you to jump the queue and arrange for treatment to be undertaken at a more convenient time.
This facility is a considerable benefit, particularly if you are in pain or self-employed.
You will also be treated in a plusher environment, as PMI normally enables you to receive treatment in a private hospital.
Insurance is not necessarily needed to enjoy the benefits of private health care, as you can pay for treatment as and when it is required.
PMI simply offers you greater freedom.
It is a matter of considering your priorities.
The money you pay in tax already provides you with health care through the NHS, so PMI is not essental.
For this reason it should drop to the bottom of your list when considering financial products.
If your finances are in good shape and you have disposable income, then PMI is worth considering, as you will no longer have to worry about the consequences of becoming ill.
We advise you to take the following into consideration before signing up for PMI.
· Make sure your personal finances are in good order before taking out PMI..
...
unless it is provided by your company as a benefit.
· Ensure you can deal with any foreseen circumstances by building up a cash fund and settle any outstanding debts before committing yourself.
· Life insurance is essential, particularly when you have dependants.
· Income protection is important to replace your salary/wages if you should be unable to work · The provision of a private pension is also more important than PMI.
Limitations PMI should be chosen carefully, as the benefits offered by policies differ considerably.
How much you will have to pay must also be considered.
.
It is important to look at the limitations before committing yourself The following are the principle things to consider: · Do not forget that PMI does not replace all of the services offered by the NHS.
Emergency and accident treatment are just two examples of services which are not provided by PMI.
· Grave illnesses may not be treated quicker when you have PMI.
Surveys have shown that the NHS may be quicker for the treatment of serious conditions.
· Treatment will not necessarily be carried out in a private hospital.
You maybe sent to a private patient facility in an NHS hospital.
You may also be placed in a ward in an NHS hospital instead of a private room.
Hospital Cash Plans Hospital cash plans are designed to pay the policyholder a lump sum for each day he or she needs treatment as in patient in either an NHS or private hospital.
This sum is tax-free.
Depending on the type of policy and the level of cover, hospital cash plans can also include dental cover and other benefits.
The benefits and limitations of a cash plan will depend on the cost and the provider.
