Private Medical Insurance (PMI) was worth it for one of the Directors at Hallcroft…..
Thankfully Andy now works in the private medical insurance arena. He is fully qualified to provide advice. He can navigate you and your family through all that is available in the market. Giving you peace of mind that should something unforeseen happen you have cover to help.
Here is his story…..
One day during lockdown, Andy woke up and had lost hearing in his left ear.
Allie (Andy’s wife) phoned their local GP surgery. However, Allie was told that a GP at the local surgery was not the right person to help, and therefore Andy needed to see a specialist. Wait for it…..for access to treatment there was a 2-year waiting list to see such a specialist!
Allie worked for a Bank and was aware of her employee benefit of private medical insurance. A phone call was made to the health insurance broker and thankfully this covered the entire family. Within 2 days Andy had seen a specialist, rather than 2 years via the more traditional route.
At the consultation pre-existing conditions were examined, diagnostic tests were carried out and the medical treatment administered was exemplary.
However, further discomfort was to come. At the consultation, Andy was told that it could be a tumour or a result of a virus (such as covid). As you would imagine this caused huge worry, especially with a 3-year-old daughter and an 8-month pregnant wife.
However, the results of the private healthcare were with the family within 3 days. Can you imagine having a waiting time of 2 years for these results! Andy is still without hearing in that ear, but he knew within a week that he had nothing more serious to worry about and could get on with life.
Following a change of direction in Andy and Allies careers toward a self-employed structure private medical insurance became a key consideration for the family.
Private medical insurance is a type of insurance policy that offers individuals or families with financial protection from the costs associated with receiving private medical care. It typically covers the cost of private healthcare including doctor visits, hospital stays, diagnostic tests, and treatments.
Some of the key considerations for the family were:
How much would it cost
Is Private Medical Insurance a taxable benefit
How does PMI work if you are not employed
Would pre-existing conditions affect the policy
Would a small business be viable for PMI
How do you deal with Benefit in Kind as a business owner
Are the insurance premiums different for small businesses
Will there be access to a wider range of treatments and faster diagnosis and treatment
High premiums and co-payments.
What treatments are not covered or what is the level of cover
Private medical insurance can be a valuable way to access a wider range of treatments and faster diagnosis and treatment than the public health system.
However, expense needs to be considered carefully, and not all treatments are covered. It is important to weigh the pros and cons of private medical insurance before deciding if it is the right option for you.
Private medical insurance is a type of insurance policy that offers individuals or families financial protection from the costs associated with receiving private medical care. It typically covers the cost of private healthcare including doctor visits, hospital stays, diagnostic tests, and treatments.
Get in touch with Andy for a confidential initial conversation. He is there to help and he will give you clear unbiased advice.
Lastly, here is a page to visit for further information and your research. https://www.usaycompare.co.uk/guides/health-insurance-guide
reviewing your PMI position inline with your mortgage situation is something we often find helps. Here is a reminder the importance of reviewing your mortgage in good time. https://www.hallcroftfinance.co.uk/review-your-mortgage-review-your-mortgage-expiry/