What is it?

Private Medical Insurance, also known as Health insurance is an insurance policy that covers the costs of private healthcare, from diagnosis to medical treatment.

You will pay a monthly fee which covers all or some of the cost of treatment for acute conditions that develop after your health insurance policy has begun. Some providers have the option for you to add on Travel insurance, dental and optical cover and cover for therapies. The level of cover you get will depend on the policy you take out.

Private medical insurance does not cover the cost of chronic or pre-existing conditions you may have prior to taking out the insurance.

Who is it for?

Even if you have access to free NHS care, you might want private medical insurance to feel more in control of when, how and where you’re treated. This can mean faster specialist treatment than NHS waiting lists, allowing access to the hospital and consultant of your choice, and a private, en suite room. You will not lose your entitlement to NHS treatment by buying a private medical insurance policy, instead this policy works alongside the NHS.

You can take private medical insurance as an individual, add on your family or if you are a business you may take out a group scheme to cover you and your employees. If you are leaving a company where you had Private Medical Insurance, you may also be able to receive continued cover by transferring your policy records.

Private Medical insurance allows you to be in control, it enables you to tailor your plan to your needs or budget. It allows you to choose when and where you have your treatment and who you want to be responsible for your treatment and care.

However, every private medical insurance policy varies in what it covers and includes, so it can be tricky to find a policy that gives the best value for your requirements. As financial advisers we are here to help you find the right solution.