Private Medical Insurance

Private Medical Insurance. Fact! If you don't compare private medical insurance quotes you will not get the best deal.

How to Get a Great Deal on Private Medical Insurance

The National Health Service (NHS) is facing acute shortage of funds, due to the budgetary cuts in health care spending. With long queues as well as delays in specialist consultation and referrals adding to this situation, the number of persons in the UK looking at private medical insurance has increased substantially.

Comparing the various products being offered is a great place to start off. Smaller operators offer great medical plans at lower costs that can be considered. Interesting plans include options like availing NHS and keeping 50 percent of the cost as tax-free benefits, plans that cover certain pre-existing conditions, traveling overseas along with a companion for treatment at a low cost, and so on. The key is keeping all options open and looking at innovative products with strong recommendations, that also meet individual requirements. Health cash plans are another option wherein cash payments need to be made when availing the services of the doctor.

Other options include no-claim discounts, excesses on health insurance, shared responsibility schemes and delayed treatment. An innovative method for reducing the cost of medical insurance, the insured is entitled to a discount on the cost of treatment that is equivalent to the points accumulated against no claims or claims lower than premium value. Under the excesses option, the insured bears the cost of minor treatments and is covered against major illnesses. The shared responsibility scheme is slightly different. Here, the insured and the insuring company share the cost of treatment. The final option is slightly risky and requires a short waiting period before commencing treatment, thus lowering cost.

Here is a good YouTube video from AXA PPP Healthcare. It's 6 minutes long and well worth watching.

Alternatives to Private Medical Insurance

The current situation does not mean that private insurance is the best option or that a higher premium will ensure peace of mind. Rather, it is best to explore the options available, before finalising on the best possible medical insurance in each circumstance. Alternatives to private medical insurance include NHS, medical insurance through employee benefit packages and use of personal savings fro medical treatments.

Main Benefits of Private Medical Insurance

While private medical insurance is costlier than National Health Services, a complete dependence on the NHS is not advised without considering the individual circumstances. Private medical insurance ensures speedy treatment, including quick referrals, specialist consultations and treatment in the hospital of choice as well as unlimited visiting hours during recuperation.

Main Draw-Backs of Private Medical Insurance

Private insurance does not come cheap, and a careful consideration of all present and potential liabilities, as well as income, needs to be considered before deciding to shortlist a private medical insurance. For instance, the delayed treatment option by certain service providers may be highly risky and the least recommended course of action.