PMI Costs

In United Kingdom where the universal health services are for free, private medical insurance is a luxury and not a necessity. There are mainly three reasons as to why a person would take up private medical insurance in UK. The first and foremost reason is that he wants to jump the long queue to get treated for any non-urgent treatment of a disease. Secondly, to choose who, when and where to get treated and last but not the least to enjoy the comfort and convenience in getting treated in a private hospital and in a private ward. The PMI allows you to get treated in a hospital of your choice and at a time convenient to you after a referral from your general physician but this comes with a high price tag. The PMI’s are very costly.

A comprehensive medical plan is very costly and considered a luxury and believed to be taken by only affluent people or those who are lucky enough to get through their companies. However, recently some of the leading insurers have come up with policies that are low costs and is within the reach of general people who would like to have PMI but without paying much price for it. However, most of these plans are designed as to complement the services provided by NHS rather than a total alternative of it.

The policies are of two types:

  • Comprehensive plans are designed so that it is affordable to many. However, the insurers cut on various cover options to cut down the premium. The policy holders or one looking for it should go through the terms and conditions carefully to know what is covered and what is not.
  • Standard plans are expensive and may cover all or most of your medical needs.
  • One should know before taking a PMI that they will not be covering emergency services and a few services of the sort.

There is a way one can cut the premium cost and this is by having an excess. Say for example if a 46 year old healthy person looks for PMI the premium would be say GBP 95.75 for an insurance company named AXA and its PPP’s Standard comprehensive plan. With an excess of GBP 100 your premium amount may decrease to GBP 88.32 and for GBP200 excess it will cut down to GBP 80.87 for a month. Such kind of offers are made by many insurance companies and you need to shop around to get the one which suits your needs the best.