Private Medical Insurance

Private Medical Insurance (PMI) cover provides you with the option of private medical care in addition to the care provided by the National Health Service.

You (or your employers) pay monthly or annual premiums, the cost of which is determined by your personal circumstances (e.g. sex, age, previous medical history) and the type of cover you choose. Premiums are reviewed each year. 

Note that private medical care does not offer the same range of treatments that the NHS does. It does not provide emergency treatment, or care for a long term condition. Its aim is to provide care for straightforward treatable conditions.

There are many different policies to choose from but they all roughly fall into three categories:
 

In addition, policies vary in demanding to know in detail your previous medical history. Very few policies will agree to cover pre-existing conditions, but you can opt for a 'moratorium' type policy, which means that if you remain free of symptoms for two years then a pre-existing condition can be added to the policy after that time.

Some policies also offer an excess, so that by paying the first £100 (for example) of any claim, your premiums are reduced.

Unlike Life Assurance, Critical Illness or Income Protection Insurance, Private Medical Insurance is not essential and if budget is a consideration priority should be given to the protection insurances.