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What is private medical insurance?
Private medical insurance, also known as health insurance, can provide an extra layer of protection to care accessible on the NHS.
Many modern health insurance providers offer additional perks and benefits to maintaining a healthy lifestyle, as well as covering you for a range of conditions and treatments.
How does private medical insurance work?
The majority of UK residents are entitled to care from the NHS. If you have private medical insurance, your insurer will pick up the cost of your treatment - assuming you are covered under your policy and treated privately.
Many prefer private medical healthcare as accessing treatment can be faster, and the cover can include more specialist treatments that aren't available on the NHS.
The level of cover will depend on your individual policy.
How much does private medical insurance cost?
The cost of private medical insurance varies significantly depending on your level of cover, health status and lifestyle. Typically for a family of two adults and two children, you can expect to pay in the region of £750 to £1,800 annually.
What isn't covered by private medical insurance?
Health insurance generally doesn't cover:
- Pre-existing conditions
- Pregnancy and childbirth
- War-related injuries
- Sport-related injuries
- Cosmetic surgery
- Chronic illnesses
You may be able to find a policy that includes mental health cover, but this is not guaranteed.
Is health insurance a good idea?
If you can comfortably afford to pay for health insurance and would enjoy the extra peace of mind, health insurance could be for you.
Be mindful that for severe illnesses including cancer or heart disease, you'll get priority NHS treatment, and you may not be able to find local treatment options under a private policy.
You should also consider that the price of private health insurance will increase as you age, and may become unaffordable in the future.
What are the alternatives to private medical insurance?
If you were keen for private treatments, you could consider paying privately from savings, rather than paying monthly private health insurance premiums. You could also just pay for a private consultation if you wanted a second opinion on your care, before being treated on the NHS.
Income protection insurance could be an option if you're concerned about covering your bills should you fall ill or suffer an accident, and life insurance or family income benefit are options to cover you in the event of a terminal diagnosis.
Get a quote for private medical insurance
Our team of experienced advisors can help you to get an insurance policy that is perfect for you. By working with an insurance expert, you ensure that your cover is precisely tailored to your needs while remaining cost-effective.
Get in touch today to get started!
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