With the NHS Available, Why Bother with Private Medical Insurance

It’s a blunt title, but we get this blunt question delivered to our email boxes quite often. A lot of UK consumers wonder whether or not it would even make sense to pursue private medical insurance. In a world where every single cost is going sky high, it’s a valid question. We sought to answer it the best way we could.

And the answer is mixed: it depends. It really does depend on where you are in life. If you’re someone that’s really thinking about branching out, getting things done, and protecting yourself from every angle then PMI might be for you. However, the cost seems to be the highest when you’re advanced in years. If you’re much older and in retirement, then PMI doesn’t make sense. You’ll have the same services that PMI would expose you to, but you might have to wait longer for them.

Private Medical Insurance

PMI is essentially about trying to get a better place in line than what everyone else is going to have to deal with, but it’s so much more than that. It’s about the quality of care that you wish to receive. If you know that you’re going to need medical tests that the NHS just won’t cover, you might want to look into PMI more than other people. However, you also get a consultant of your choice. If doctor choice is something that’s important to you, going into the private sector is definitely where it’s at.

We’re not knocking the NHS at all. There is a time and a place to look at the NHS, and it would be a bad idea to ignore it merely because you don’t feel that it’s necessary. The truth is that it’s very much a necessary part of our society. Even though UK consumers have two options, they have to go with the option that works for their unique situation. If you’re already stretching to make ends meet every month, you might have to just deal with the NHS coverage. However, if you know that you have the extra money, PMI could be the best thing you’ve had.

Here’s a few more tips to connect everything together. First and foremost, you really want to make sure that you’re looking at a policy that has a modest excess. The policy will be no good if you can never make a claim, as you already know. From here, you might want to look at any discounts that could come from paying multiple months at a time. Annually or semi-annually could lock in big savings.

You also want to look at any exclusions with the policy that might be a deal breaker for you down the line. The more information that you can get about your policy, the easier it will be to make good decisions. The ball is really in your court here with this, so don’t give up. Good luck!