Guide

Think IFA guide ‘Private Medical Insurance’

Private medical insurance from thinkifa.comWhilst there is no doubting the excellence of the NHS, there are times when private healthcare offers a level of care that the NHS simply cannot match.

Private medical insurance is designed to ensure that you don’t have to worry about treatment delays, waiting lists or huge bills. Instead you can benefit from prompt diagnosis, treatment and even a choice of hospitals.

The costs of private healthcare may seem unaffordable to some, but there are private health insurance policies which can cover the costs of some private medical treatments.

Benefits of Private Medical Insurance

There are many benefits to private health insurance of which these are just the main ones (dependent upon your specific policy):

  • Prompt Diagnosis
  • Specialist Consultants
  • Fast-track Consultations
  • Speedy Treatment
  • Convenient Appointments and Choice of Clinics/Hospitals
  • Superior Hospital Facilities

Having your private medical expenses taken care of can be a huge weight off your mind and it may even aid a speedier recovery.

What Type of Private Health Cover Should I Choose?

There are two main types of private medical insurance:

  • Moratorium Underwriting

    This is where you are only insured for conditions which you have not previously suffered from. So if you have been taking medicine for, or consulted a GP about, an underlying condition then this may not be covered by your policy.

    However, if such conditions do not resurface after a number of years, your insurer might be willing to include them.

    Moratoriums are usually cheaper, but you would need to read the small print carefully because some won’t cover an illness or disorder which was discovered during this moratorium period.

  • Full Medical Underwriting

    Fully underwritten health insurance policies will require a more thorough application, including disclose of your full medical history and possibly a check-up. Only when your medical history has been scrutinised will the insurers inform you what conditions which be included in the policy and which won’t.


How Much Does Private Medical Cover Cost?

The costs of health insurance depends on the type and level of cover you purchase, along with other relevant health factors such as if you are a smoker, your age and general fitness level.

Cheaper deals can be negotiated by agreeing to pay a large excess or by comparing private medical insurance quotes.

Obtaining professional advice can help you to negotiate a good deal and ensure that you still benefit from good, all-round cover.

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