You have nothing to lose when it comes to Private Medical Insurance. Having this type of Insurance cover can supplement whatever that is available for you in the NHS. If you don’t already have the private insurance as part of your employee benefits package, but you can afford the monthly premium, then you may want to decide this insurance cover is worth paying extra for. The private medical cover comes with more choices than what the NHS can provide.
Private Medical Insurance- What is Covers and What It Doesn’t Cover
Perhaps, the best way to consider whether medical insurance is worth having or not is to consider what it covers and what it doesn’t. Just like all kinds of insurance cover, the type of coverage you will get from Private Medical Insurance will depend on the type of policy you buy. The basic private medical care will cover the costs of most in-patient diagnosis and treatments, including tests and surgery alongside daycare services.
Some private medical care does extend to out-patient treatments such as consultants and specialists. The cover might even pay you a small fixed amount for each night you spend in an NHS hospital.
A wide range of things is not covered by the Private Medical Insurance. Private treatments such as organ transplants, costs of pregnancy and childbirth and pre-existing medical conditions, are not covered under the private care insurance. Other treatments that are normally excluded from coverage include; cosmetic surgery to enhance appearance, Injuries caused by dangerous sports and hostilities, and chronic illnesses such as HIV/AIDS, hypertension, epilepsy, and diabetes.
You should be able to find a policy that can cover issues such as mental health, depression, and sports injuries that are not normally covered under the Private Medical Insurance.
Do You Need a Private Medical Insurance?
The decision to own a Private Medical Insurance is very much a personal choice. If you are getting free treatment through the NHS, then you will need a Private Medical Insurance if you don’t want to wait for too long to get treatment through the NHS. You need a private medical cover is you just don’t want to rely on the NHS and would prefer to stick with private hospitals where possible.
You will need a private medical cover if you want access to drugs and treatments you can’t get through the NHS and you want your insurer to pay for those. For instance, you may not get a specialist surgery for sports injuries. You need to check that such specialist drugs and treatments are covered in your policy before you buy it.
In addition to less waiting times and access to specialist medical staff, you should go for a private medical cover if you want access to the newest approved, advanced medical treatments. It takes a very long time for the NHS to adopt newly developed medical treatments and if they do, they may not even afford such advanced treatments. The private medical insurance service providers should be able to afford some of these newly acquired medical facilities, hence an insured person would have access to them.
Who Doesn’t need a Private Medical Insurance
You don’t need a Private Medical Insurance for several reasons, but this doesn’t mean that not having the insurance cover is better than having it.
If for instance, you are happy with what the NHS is offering you, then you don’t need private coverage. Similarly, if you have a medical insurance package through your employee, then you don’t need private insurance. If you are worried about your child becoming sick and the NHS ensures children get priority, then you don’t need private insurance coverage. If you are left with little or nothing after your monthly expenses, it can be extremely difficult to spare some cash for Private medical coverage. Many people barely have extra cash for basic insurance like home, car and life insurance, thus making it difficult to sign up for private medical insurance.
If you have huge debts to repay and have little or nothing in your savings, you may want to postpone your application for a Private Medical Insurance until you are financially stable to have it. Also, if you can afford your treatments for your specific illness, then you may not go for Private Medical Insurance. If you have sufficient money in your savings, it might be more cost-effective to pay for any treatment you might require privately, than paying a regular monthly insurance premium.
The NHS Waiting times is one of its greatest disadvantages, and sometimes it can be very dangerous to be waiting for NHS diagnosis and treatment, especially when your illness is a very dangerous one that requires urgent attention.
One of the myths of Private Medical Insurance is that it is typically very expensive. This is quite untrue because a typical family of four (2 adults in their 30’s or 40’s with 2 children), will only pay between £700 to £1,800 per annum. Though premiums will rise slightly annually with increasing age but the benefit of getting your insurer to pay for your medical treatments when you are older and can’t afford such treatments is a good reason to apply for private medical coverage. It also pays to sign up for private medical care when you are younger, as the amount of monthly premium is very low and affordable. The costs of private medical cover for teens and young adults is less than £500 a year.
Whatever your final decision is, you can rest assured that opting for Private Medical Insurance will always have a massive edge overpaying for your private treatment. With the private medical coverage, you will have access to specialist referrals where you can get a second opinion for your treatment. With private medical coverage, you will have quick access to physiotherapy treatments, you will also have access to your private room, during treatment which is quite better than staying in an open ward with lots of other people. Many patients often report that their rates of recoveries are faster when they are treated in private rooms.