Sunday, 5 May 2013

Now is a good time to review your medical insurance

It's actually always a good time to review your personal or group medical insurance.

If you don't have cover in place already what PMI (private medical insurance) does is enable you hould you or anyone covered become ill, to receive quick effective diagnostic and treatment support at a time that suits you with the treatment provider you want to see in a nice, local, clean, modern private hospital.

In short, there are no waiting lists, you have total choice about who treats you, where and when. Plus you know that you and your loved ones are protected against the nasties : heart problems, cancer, major orthopaedic problems and of course all the small niggling problems that might not be life threatening but are annoying and for which the NHS when it does get round to treating you will take an age to establish what the problem is and make you wait for the privilege.

In a company paid context having medical insurance cover for your employees means two things - first of all it is a great perk to ensure a bit of staff loyalty, making your employees feel appreciated - and of course helping with recruitment and retention. Plus, secondly and vitally if your staff are ill (and by definition off work) they can be treated quickly and effectively - this means less inconvenient time off work, staff downtime generally and all associated costs such as : locum staff to cover absence, re-training temporarily deployed staff, lost sales or client, sick pay and so the list goes on. I would argue that compared to the costs of having one or two key staff members off sick the annual cost for PMI of around £ 300 to £ 600 per person (on group cover) makes company paid PMI a 'no brainer' at least for key staff, managers and directors.

Fora those with current plans in place you need to ask yourself the following key questions :

1) When was the cover last reviewed
2) Do the plan benefits and structure still suit your requirements
3) Has the insurer dealt with you fairly and offered a good service
4) Who deals with your PMI cover - do they know what they are talking about and are they available when you need to discuss your cover. In particular, is there an on-going service or have they moved on to the next sale ?

You see I would view medical insurance as vital for my clients and making sure everything about the plan works properly is important - medical insurance plans go out of date, insurers inevitably charge more to existing clients than new purchasers and frankly, things go wrong in terms of admin and sometimes claims and this may need to be put right or altered.

So it is always a good time to look at your medical insurance cover - contact me for a full review of either a new plan for you, your family or your company. Alternatively, if your plan is coming up for renewal in the next two or three months get in touch - it's likely I can help save you money or enhance benefits or indeed often both !


If you're interested in a free review of your medical insurance cover (family or company paid) please get in touch :
Tel - 07792 075748 or 0113 3474395

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Phil Knight
Independent Healthcare Consultant

I'm a totally independent healthcare intermediary with 20 years market experience, not tied to any insurer, fully FCA regulated and part of the Premier Choice Healthcare Group. FCA Number 312878

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