The good and the bad when looking at Private Medical Insurance
Private medical insurance is not a necessity but a luxury.

There are three main reasons why to buy it.
1) You can skip the queue for non-urgent treatment.
2) You can choose when and who operates on you.
3) You get more comfort and convenience during treatment.

There are two main types of Private Medical Insurance policies: comprehensive and low cost/budget. In addition, there are middle ground or standard policies. The most popular plan taken out by both families and individuals is the budget option.

The comprehensive policy usually covers inpatient treatment, hotel and nursing costs, x-rays, home nursing and outpatient and day-care treatment linked to inpatient treatment. The budget policy does not normally cover outpatient treatment nor complementary therapy or physiotherapy. This guide is designed to show you the good side and the bad side of private medical insurance.

The plus side to Private Medical Insurance is the waiting lists, which is a strong incentive for people to take out this plan type, which is why nearly seven million people in the UK purchase it.

However, the biggest incentive in the UK for buying private health cover is that it provides a sense of security. If a patient becomes ill or needs an operation they can get treatment promptly and they can exercise choice. A private operation is usually performed at the patient’s convenience by a surgeon of their choice, and often at a hospital that they choose. Added luxuries include unrestricted visiting hours in a private room with a TV and a choice of food. Also an entourage of medical students will not accompany your consultant.

Whilst you will have to wait up to a year for what is termed a ‘non-urgent’ operation in the NHS, you can have it within a few days if you have private medical insurance. Traditionally, doctors have recommended the NHS for severe illnesses and the private sector for non-urgent surgery such as hernias, varicose veins and hip replacements. However, a rising number of patients are now going private because of the increased waiting lists in what is considered ‘urgent operations’ such as heart surgery.

On the other hand, do not assume that private insurance means better. The NHS provides comprehensive medical treatment to anyone in the UK who needs it, regardless of their ability to pay, although you may have to wait. Though, by being persistent you may be moved to the waiting lists especially if you are prepared to grab a cancelled appointment at anytime. Also, remember even if you go private, the doctors and specialists are not ‘private’ doctors and it is usually NHS specialists who are at the cutting edge of modern medicine.

Furthermore, some private hospitals only provide basic-post operative care, and medical cover is surprisingly limited at night. Though if its added comfort and speedier operations you are after, then private medical insurance is the one for you.

Having Private Medical Insurance does not provide cover for every medical eventuality. Generally, policies cover curable short-term illness or injury but some treatment and illnesses are not covered. What illnesses or conditions that will be covered all depends on the choice of policy. Accident and emergency is beyond the scope of most private medical insurance. Illness is always unexpected so you may be left without cover for your condition, although most common conditions are covered.

Overall, it comes down to the old saying of ‘you get what you pay for’. Although private medical insurance beats the NHS for comfort, it could be argued that the NHS wins due to expertise. The NHS provides a range of specialist experts in teams or ‘firms’. A firm is lead by a consultant and includes housemen, a senior house officer, a registrar, a senior registrar and specialist nurses and sisters. Whereas, private hospitals may not be able to provide the depth of expertise found within ‘firms’ and treatment depends solely upon an individual consultant.

What should appeal to you most when buying health insurance is if it suits your individual needs. If you do choose private medical insurance, there are ways to lower the cost. If you pay annually with a direct debit, you can reduce your bill typically by 5%. Also another method of reducing the cost is by purchasing PMI as part of a group. Some employers run employee/family schemes. Other bodies such as trade unions run schemes for members.