Tuesday, 20 September 2016

Personal medical insurance

Some weeks ago I put together and posted a blog post here about corporate wellness, positing the question as to whether companies really need to bother about the health of employees in terms of putting in place medical insurance and other health related schemes.

This has been the most popular post I've ever put up at this blog and I have picked up several corporate enquiries on the back of it.

This has gotten me wondering if the same issues hold true in the personal market. Pondering this I think a different approach intellectual approach is required. In essence these products when bought for an individual  or family are not really a financial purchase (except insofar as they cost money to buy) but rather a purchase born out of sometimes quite selfish personal needs.  The exact reason will vary from person to person - perhaps a bad experience with the NHS or a relative who needed care and didn't receive it. A worry about hospital acquired infections. Any number of factors can come into play.

So imagine one is considering buying a new private medical insurance plan. What does one get ? Well instant access to (depending on the cover purchased and underwriting) pretty much any medical treatment or procedure that you might need with the doctor and private hospital of your choice. This access can have a large impact on how one sources medical treatment and the knock on effect that being ill has for you and your family.

So for private treatment generally there is no NHS waiting list, nor long waits in an out-patient clinic waiting room rather instant access to the top doctor when you need it in nice surroundings.

For personal purchasers of medical insurance this type of plan then is a personal choice that can have enormous positive impact on the ability to plan necessary treatment around your work and family life and know that the best treatment is there as and when you need it - so all in all a different scenario to a corporate sale.

The other thing to bear in mind with regards to personal PMI is the cost - often it costs a lot less than people imagine. I've just done a report for a client today aged 27 and for him, prices (for a mid-range plan) vary from £ 30 to 45 per month - most people over-estimate the costs of medical insurance and it can be a lot less than you imagine especially if we look at decent cover but with a higher excess.

For more information contact : Phil Knight, Independent Healthcare Consultant - 07792 075748 or philknight@pch.uk.com

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