Unlike some countries, private medical health insurance is not a requirement in the UK, given that the NHS provides free healthcare to all residents. However, an increasing number of people are opting for an extra layer of protection via private health insurance.
What is private health insurance?
Much like any other insurance policy, PMI is accessed through a private health insurance provider, each of which provides a wide variety of policies for a monthly fee. This policy can then be claimed upon to pay your private medical bills for anything from consultations and diagnostic tests to treatment and after care, depending on your level of cover.
Private medical care in the UK is incredibly costly if you don’t have insurance cover, so most people opting for this type of health care do so through a private medical insurance policy.
How this type of insurance works
Private health insurance is assessed through a claims process, much like any other insurance policy. How you access treatment will depend on the type of policy you have. With basic policies you’ll usually need to be referred for treatment by your GP before making a claim, whereas with more comprehensive cover the insurer usually arranges diagnostic treatment for you.
In most cases you’ll need to pay an excess when you claim. The cost of your excess will vary depending on the policy.
What it covers
Private medical insurance offers a broad variety of cover levels depending on the policy you choose. It’s mainly designed for acute, short-term illnesses, rather than long-term issues. This means that any pre-existing health issues, injuries and cosmetic procedures won’t typically be covered.
Most policies provide access to the following elements of care to some degree, but be sure to check your policy for exclusions:
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Private consultation, diagnosis and treatment (*with basic cover options diagnostic testing may be unavailable or limited)
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Private Hospital accommodation or outpatient care
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Nursing care
Add-ons may include any of the following, depending on the policy:
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Psychiatric treatment
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Complementary therapies
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Additional drugs and treatment not available on the NHS
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Dental
Top tip - You can still access NHS care if you have private medical insurance, so even illnesses or treatments not covered by your policy should be accessible to you, even if you have to wait.
How to find the best private health insurance in the UK
There are over 500 private health insurance companies in the UK, which can make it very difficult to find the best policy for you.
Many of the providers are well-known insurance companies who also provide other types of policy, such as Axa, Saga and Aviva. Then there are companies who are best known as private health insurance providers, such as Bupa and Spire, who also offer their own hospitals and healthcare.
However, it's important to understand that what might be the best health insurance policy or provider for one person won’t necessarily be for the next. With something as important as your health, it’s vital to review all of the options available before making a decision.
Here are some top tips for seeking out the best PMI for your distinct circumstances:
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Go tailor made - Aim to find a bespoke cover that is suitable for your individual health needs. Health insurance policies are often in a modular format, meaning you can choose multiple add-ons, but equally, you can remove elements of cover that are not useful to you
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Cheapest won’t equal best - When it comes to medical insurance, don’t focus wholly on the price of the policy. As with any insurance cover, the more comprehensive it is, the more costly the monthly payments tend to be. While it’s sensible to remove options that you don’t need, a bare bones policy may not provide the help you need, making it a wasted expense
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Speak to a specialist broker - With so many providers and policies, it can be difficult to ensure you’ve considered every option available to you. A broker with experience in sourcing bespoke PMI, like ourselves, can quickly search through every provider for you, and only recommend those which most closely match your needs
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Who provides the best cover for pre-existing conditions?
Finding private health insurance that accepts pre-existing conditions can be much more difficult, as most private health insurance policies don't cover them. If you’re looking for immediate treatment for a pre-existing condition outside of the NHS, it’s unlikely that PMI will be right for you.
However, some providers will consider pre-existing conditions that haven’t been treated for four years or more. If you have conditions such as asthma, arthritis, diabetes or epilepsy, it’s a good idea to speak to a broker with knowledge of securing PMI for pre-existing conditions.
How much does it cost?
As private healthcare is tailored to your individual needs, the monthly cost can vary significantly. The more comprehensive your policy, the higher the monthly cost. However, policies with a lower monthly payment also tend to have a higher excess - which is payable when you make a claim.
Alongside the level of cover, another major influential factor in your policy price will be your age. For example the average cost of private health insurance in the UK for an applicant in their mid thirties may get basic cover from around £17 per month, whereas comprehensive cover could be as much as £65 per month. On the other hand, a 70 year old may pay between £80 - £205 per month, depending on the level of their cover.
How to cut the cost of medical insurance
It certainly makes sense to get a broad range of private health insurance quotes, but keep in mind that the cheapest private health insurance won’t usually be the best. Although it’s always prudent to cut costs where possible, be careful not to reduce your policy to the point where it’s unusable.
With that in mind, you could try the following tips to reduce your monthly PMI premiums:
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Be willing to pay a higher excess, this usually affords you lower monthly payments
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Get quotes from a wide range of providers - a broker can help with this and may even have access to specialist deals
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Don’t pay for options you’ll never use - most policies are presented in modules that can easily be removed in not needed
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Be sure you’re not already covered through an employer or partner health insurance policy
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Partner with family members as a combined policy may be cheaper than multiple individual policies
Get a quote for private medical insurance
Our team of experienced advisors can help you to get an insurance policy that is perfect for you. By working with an insurance expert, you ensure that your cover is precisely tailored to your needs while remaining cost-effective.
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FAQs
If it’s affordable to you, health insurance can be a great way to access certain treatments more quickly than you would otherwise be able to on the NHS. You may also have access to a broader range of specialists, treatment options and complimentary therapies, helping you to recover more quickly from acute illnesses.
In many cases you would also have access to more comfortable hospital stays, and in some cases private rooms. However, it’s important to understand that many serious illnesses such as cancer and heart disease are not covered by most policies. Neither are most chronic health conditions and the majority of elective treatments.
Private medical insurance can be incredibly worthwhile for some people, but not much use to others, depending on their individual circumstances. If you’re unsure whether this is the right cover for you, speak to an adviser about its suitability today.