Many UKers are interested in private medical insurance. The decision to take out a private medical insurance policy can be a big one, as there are hundreds of companies, each offering different options and packages. First of all, there are both pros and con to taking out a private policy.
The biggest pro is that you have faster service. Most Britts are aware of the long wait times with the NHS. A private policy can drastically reduce that wait time. When your medical services are private, you have the freedom to choose which doctors or specialists you would like to have take care of you. Often you will have the same doctor care for you through your full treatment. You also get more personalized care. Your physician will be able to spend more time with you, educating you on your symptoms, the procedures you are undergoing, cures, etc.
You also receive help from your insurer. For example, they often have a claims team that deals in “specialist” areas, such as cancer, or other illnesses and conditions that require a specialist. They will be able to advise you, and help you select the best caregiver for your condition.
In short, with a private medical insurance policy you get more personalized, catered care. In some cases, this can mean the difference between life and death. Prompt care can also mean that you experience much faster relief from symptoms that were uncomfortable, or even debilitating.
On the other hand, the down side of private medical insurance begins with the fact that it may come at a high cost to you. Not all conditions are covered with every policy, and it can be difficult to know which policy to choose. Premiums are based on your medical history, age and physical health. You can find policies that cover specific long term illnesses and conditions, but for the most part the policies cover only short term illness and injuries.
Some people rush too quickly into selecting a policy, without reading the fine print, only to find that they did not understand the terms correctly. This can be frustrating; as you are paying for a service you thought you had, only to learn that you did not have it. Those considering private medical insurance should consult with a third party financial consultant, who can offer unbiased presentation of the differences in insurance companies and policies.
Also, within a private insurance company network, doctors and specialist may not be as tightly networked as they are in the NHS. This can mean that coordinating appointments between different offices and specialists can be more difficult.
Explore the options thoroughly in order to decide what is right for you.