As members of the healthcare field, doctors and dentists know just how important the health of you and your family is. Even though the NHS does an amazing job, waiting for treatment isn’t always an option. While we’re still waging a war against the coronavirus, many have put off seeking, or are waiting longer for treatment. A private medical insurance policy might be the answer.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.
What is the point of private medical insurance?
Private medical insurance, also known as health insurance, can be a light during a particularly dark time, offering you reassurance and power when things seem to be out of your control.
Health insurance gives you access to private healthcare for illnesses or injuries that are treatable or curable (acute conditions) that develop after you have secured your policy. For a monthly premium, which will cover all or most of the cost of treatment, you can have quicker access to medical treatment and more choices in treatment facilities.
Remove the worry, so you can concentrate on recovery
With private health insurance, you are more likely to be diagnosed and treated quickly, eliminating the need to worry about being seen in a timely manner, which will allow you to concentrate on getting better.
Many health experts are predicting that patients will experience longer waiting times, especially as the NHS is still busy dealing with the coronavirus and the effects from it – such as delayed procedures and treatment while they prioritise emergency medical care. If health insurance isn’t already part of your employee benefits package and you can afford it, it might just be worth paying the premium to have more control over your care.
What is covered?
Like all insurance, coverage depends on the policy you buy. Basic private medical insurance will usually cover the costs of in-patient treatments like tests and surgery. Some policies also cover out-patient treatments, such as specialists and consultants, and only a small fixed amount for each NHS hospital stay. There are also options for policies that cover mental health, depression, or even sports injuries, which aren’t always covered.
Two main types of private medical insurance policies
Indemnity policies cover the costs of having private medical treatment for an acute illness or injury on a short-term basis. Costs associated with these types of conditions could be a private room in a hospital or surgeons’ or other specialists’ fees. Often, outpatient treatment like physiotherapy and daycare treatment, including surgical and diagnostic procedures are also covered as well.
Cash plan policies provide a lump-sum benefit payment in eligible situations. You pay monthly premiums for coverage of up to 100% of costs for treatment that might not be included under an indemnity policy.
Both policies can have additional benefits, such as cover for partners and/or children, patient health checks and helplines, or even access to complementary therapies and psychiatric treatment. You could also have access to dental and optical treatment, international private insurance policies, and special treatment and resources for cancer patients.
Expert advice
When it comes to advising on products such as health insurance, Dental & Medical Financial Services offers a service to the medical and dental professions that is based on years of experience and high-quality training. If you’re interested in including private medical insurance in your protection toolkit, get in touch with us today.
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Need advice on what products are right for you?Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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