Private Medical Insurance (PMI)
Private medical insurance (PMI) provides cover to enable individuals to seek private medical treatment outside the NHS when they are ill.
Many of us cannot be sure of receiving a consistently high level of service from the public health services, hence the creation of a market for PMI.
This means that for a regular monthly premium the policyholder gains the opportunity to:
- choose specialist, hospital and accommodation,
- reduce the time spent waiting for treatment, which is particularly important for the self-employed, families with young children and the aged.
- receive in-patient or out-patient treatment whilst covering hospital charges, specialist fees and related additional costs.
- renew their contract on an annual basis (Note- premiums increase with age).
PMI contracts are available on single, joint life, family or on a group/company basis.
It should however be noted that pre-existing conditions receiving treatment within 5 years of application are rarely covered; and pre-existing conditions for which treatment has not been received within 5 years of application will only be covered once no claim has been made for a minimum of two years – this is very important to note when changing provider.