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Save private medical insurance

Private medical insurance, or private healthcare as it's sometimes called, is designed to cover the costs of private medical treatment for what are commonly known as acute conditions. Most private medical insurers define an acute condition as a disease, illness or injury that is likely to respond quickly to treatment designed to return you to the state of health you were in before suffering the disease, illness or injury. They may also be able to cover you up to the point of diagnosis of other conditions not covered by the policy.

Most people buy private medical insurance to gain the reassurance of knowing that treatment is available promptly. As a private medical patient you can often choose when treatment will take place, the specialist and the hospital. However, private medical insurance doesn't come cheap and some people regard private medical insurance as a luxury, not a necessity. Our money saving tips will help you understand whether private medical insurance is right for you and how to save on the cost.

• Private doesn't replace the NHS. It's important to remember that private medical insurance isn't designed to replace all the services offered by the NHS and things like accident and emergency are beyond the scope of most private hospitals. The NHS also provides comprehensive medical treatment for everyone, regardless of ability to pay.
• Does your employer offer private medical insurance? Before spending money on private medical insurance it's worth checking to see if you're already covered by your employer (or your partner's employer) through a company private medical scheme. If you are, then great, but it's also worth checking that the levels of cover are adequate for you and your family's needs.
• Do you need private medical insurance cover? This will depend on your own individual circumstances, but you should consider what the risks are. For example, is the peace of mind that you can get treated more quickly than waiting on the NHS worth the cost of private medical insurance? How much would it cost you if you were off work waiting to be treated on the NHS? Or are you a keen sportsperson who wouldn't want to be unable to play sport whilst sitting on an NHS waiting list?
• Will your savings cover you? If you're concerned about the risk of not being able to work and the associated loss of income, then it's worth considering whether you have sufficient savings to cover this. The general rule of thumb is that you should have 6 month's salary saved up in an emergency fund. However, it's worth bearing in mind that whilst you can ‘pay as you go' for private medical treatment, it's likely to be very expensive e.g. a hip replacement would set you back around £10,000. If you're concerned about the potential loss of income by being unable to work, then it's worth considering income protection insurance.
• Do you only need cover when abroad? If you are mostly concerned about having medical insurance to cover any illness, accident or injury whilst travelling abroad, then it's worth looking at your travel insurance needs first.
• Choose the right cover. There are a large variety of private medical insurance schemes, from low cost private medical schemes that offer limited cover, to those which offer a wide-range of cover. To decide which private medical insurance scheme is right for you, there are a couple of key questions to ask yourself:

1. Do you want cover that includes seeing a specialist as an out-patient?
2. Do you want a choice of hospitals, or would you be happy to receive any treatment in a hospital from a limited range chosen by the private medical insurance company?

• Other ways to reduce your premium. It's worth checking to see if the cost of private medical insurance can be reduced by you paying an excess, not choosing to receive treatment at a specified hospital, receiving treatment under the NHS when it's available within 6 to 12 weeks, paying for part of your treatment, or choosing a different grade of hospital accommodation.
• Shop around for the best private medical insurance deal. The cost of private medical insurance can vary considerably so it's important to shop around for the best private medical insurance deal to suit your individual needs.
• Read the small print. Make sure that your private medical insurance policy covers you for what you actually need. For example, out-patient diagnostic tests and consultations, treatment with a specialist, overseas cover and cash payment for treatment as an NHS patient aren't always included.
• Make sure you know what cover isn't included. There are a number of illness and treatments that aren't included, so make sure you know exactly what cover you're paying for. The following are normally outside of your private medical insurance cover: conditions you had before taking out the insurance, GP services, long-term illnesses which can't be cured, accident or emergency admission, self-inflicted injuries, out-patient drugs, HIV/AIDS, infertility, normal pregnancy, cosmetic surgery, preventive treatment, kidney dialysis, organ transplant and injuries arising from dangerous hobbies.

• Compare Private Medical Insurance