As a busy medical or dental professional, if you fall sick or suffer an injury, it’s essential that you obtain a swift and accurate diagnosis and that your care and treatment are filled with support and empathy. You have likely taken steps to prepare financially for such an event with wealth protection policies, but it’s equally as important to consider private medical insurance as part of your arsenal.
This does not constitute advice and advice should be sought in all instances before acting on it.
Freedom and flexibility
The health of yourself and your family is surely a top priority and if anyone in your family were to be in need of medical treatment, you’d want it addressed and handled swiftly. Private medical insurance can provide peace of mind and control during trying times. Private medical insurance (or health insurance) grants you access to private healthcare from the time your policy commences. Expedited access to healthcare and not having to deal with extensive wait lists is one of the primary advantages of private medical insurance.
Other key advantages of private medical insurance:
- Reduced waiting periods compared to NHS
- Enhanced medical facilities
- Expedited diagnostic procedures
- A variety of private facility options
- Flexibility in scheduling appointments and treatments
Even though most residents are entitled to complimentary healthcare from the NHS, health insurance offers you a little more control and flexibility in how and where you receive treatment. Along with quicker access to diagnosis, treatment, and aftercare, for hospital stays you can expect upgraded facilities, the latest medications, and treatments approved by the National Institute for Health and Care Excellence (NICE), which are not routinely available through the NHS. While you don’t necessarily need private insurance to access private treatment, it will likely be too expensive, especially for severe conditions.
What does private medical insurance cover?
As with all insurance policies, there are a variety of coverage options for private medical insurance. Most basic insurance will cover in-patient treatments like tests and surgeries along with day-care surgery and other procedures. Outpatient treatments such as consultations with specialists, mental health services, and sports injury coverage are also available depending on the policy you select.
Common coverage features include:
- Hospital admission expenses
- Diagnostic tests, like MRI and CT scans
- Surgical procedures
- Consultation fees for specialists
- Accommodation and nursing care during hospital stays
- Access to cancer drugs, including those not available through the NHS
Additional coverage options could also include outpatient consultations, mental health treatment alternatives, complementary therapies, and even physiotherapy and chiropody services.
Types of private medical insurance policies
There are two main types of private medical insurance policies: indemnity policies and cash plan policies. Indemnity policies cover short-term private medical treatment costs for acute illnesses or injuries. Cash plan policies offer a lump-sum benefit payment as long as specific circumstances are met.
You also have access to supplementary benefits such as coverage for spouses and/or children, on-call support for those with heart conditions, health assessments and assistance, patient hotlines, as well as access to alternative therapies and mental health treatments. Dental and vision care coverage may also be available. Plus, cancer patients have the ability to receive at-home treatment options for intravenous therapies like chemotherapy, and personalised phone support.
Focus on a speedy recovery
While the care provided by the NHS is often exceptional, long wait times for non-urgent ailments are simply par for the course, especially post-COVID. Having no barrier to quick healthcare is the biggest benefit of private medical insurance, so you can expect almost immediate diagnosis and treatment. This will help reduce the stress and uncertainty of recovery so you concentrate on recuperating faster.
If your employer doesn’t offer private medical insurance as part of your employee benefits package and you can afford the premiums, it’s certainly worth the investment. To learn more about incorporating a private medical policy into your financial plan, get in contact with the experts at Dental & Medical Financial Services today.