Best Private Medical Insurance 2024

Moneyfacts Star Ratings

For over 30 years, Moneyfacts Star Ratings have been the badge of quality for the retail financial industry. Every year, impartial Product Experts assess the features of financial products to identify the very best available in the market.

When looking at products a number of factors are taken into consideration. These include how many features a product has and whether it has any additional benefits, optional extras or add-ons that make it stand out from the rest of the products on the market.

The Moneyfacts Star Ratings for Private Medical Insurance are based on the weighting of specific product features, outside of premiums, that are likely to be the most relevant to those looking to take out a policy.

A considerable number of features will add to the final score, and some of this information includes:

Click the headings below to see the full list of star ratings awarded.

Private medical insurance explained

While most UK residents are entitled to free healthcare from the National Health Service (NHS), there are still many people who decide to pay for a private service. This could be to skip long waiting lists or simply to receive a treatment which is not available through the State.

No matter the reason, these bills can start adding up, which is why it could be wise to take out private medical insurance. Below we have explained what private medical insurance is, and what are the best forms of cover on the market.

Simply, private medical insurance is a form of cover which pays part of or all your private medical bills. Unlike the NHS, seeking the services of a private medical professional will rack up costs which can make a significant dent on your finances. As an indication of what you could be expected to pay, there are several major operations which can total over £10,000, according to insurance providers Aviva.

Therefore, a comprehensive private medical insurance policy can help mitigate the cost of a surprise surgery. Many policies can be tailor-made, meaning they can cover specific types of surgery and even multiple members of your family.

Private medical insurance works in much the same way as other forms of insurance, such as cover for your car. You will pay a monthly or yearly premium for your cover and in return, if you become sick or injured during this period and need hospital treatment, you can claim for your medical bills.

It is important to note that some insurers will place a cap on the amount of money they are willing to spend towards your medical bills.

As previously mentioned, many private medical plans can be tailor-made to your liking. Therefore, they can include cover for specific illnesses, injuries or operations. Chronic and long-term injuries are often excluded from these policies as a standard. Below we have listed some of the treatments that can be covered by private medical insurance:

• Consultations or check-ups
• Scans (such as an MRI or a CT scan)
• Surgery
• Medicine not available on the NHS
• Mental wellbeing

In addition to the aforementioned areas of cover, some insurance providers include dental care in their private medical insurance policies. The key to note here is that some providers do not provide this cover, so if this is a necessity it is always important you look for this on your policy document.

Since most UK residents have access to the NHS, this is a personal choice. Some people rarely seek medical help, and therefore the NHS will be sufficient for their needs. Other people might enjoy the options that come with private healthcare where they can choose their practitioner and appointment times.

If you are still undecided whether private medical insurance is for you, consider the price of a one-off consultation with your chosen practitioner. It could be more beneficial to pay this fee when you see fit instead of paying a monthly insurance premium.

Then again, if you are looking for private medical services to cover any future large-scale operations, then private medical insurance may seem worthwhile.

This will be of particular interest if private medical insurance is included as a benefit by your employer.

As a benefit in kind, employees will have to pay the tax on their policy. This means, if your employer manages your tax, they will change your tax code for you. Otherwise, you will have to inform HMRC.

In addition, directors of a limited company or sole traders can claim tax relief on a business health insurance policy. This type of cover provides health insurance for your employees and receives tax relief as a business expense.