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What is a private medical insurance plan?
Private medical insurance policies pay for the cost of medical treatment both as an in
patient and out patient if you want private medical care.
The cover may include: consultants’ fees; surgeons’ and anaesthetists’ fees, nursing, private ambulance and room charges.
Types of private medical insurance policies.
There are many different types of private medical insurance policies
available.
Some private medical insurance policies will provide a cash payment if NHS treatment is received.
The cost is based on age, the number of family members requiring cover and the hospital band required.
Hospital bands depend on the area and the facilities available: for example central London hospitals are the most highly graded.
Policy exclusions.
Some private medical insurers are able to provide cheaper cover through policy exclusions such as no outpatient cover, and if the treatment can be received from the NHS within six weeks.
You can also choose to pay an excess in order to keep the costs down.
Private medical insurance premiums.
Premiums are reviewed annually and increase with age and overall claims experience.
Many private medical insurers do not seek medical evidence on new applicants. They simply impose a moratorium that they will not cover any treatment arising from a pre-existing condition for a certain time period.
Benefits from a private medical insurance policy.
Generally the benefits from a private medical insurance policy are not taxable.
A guide to private medical insurance can be found on
here
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