Are you considering private medical insurance? With so many options available, it can be difficult to know where to start. In this guide, we’ll walk you through the basics of private medical insurance in the UK.

What is private medical insurance?

Private medical insurance, also known as health insurance, is a type of insurance that covers the cost of private medical treatment. It allows you to bypass the long waiting times and limited options of the NHS and choose your own specialist and hospital.

How are private medical insurance premiums calculated?

Private medical insurance premiums are calculated based on a number of factors, including your age, health status, and the level of cover you choose. Generally, the older you are and the more cover you require, the higher your premiums will be.

What is an excess?

An excess is the amount you have to pay towards the cost of your treatment before your insurance kicks in. The higher the excess, the lower your premiums will be. It’s important to choose an excess that you can afford to pay if you need to make a claim.

What is outpatient cover?

Outpatient cover is cover for consultations, diagnostic tests, and treatments that don’t require a hospital stay. This may include things like physiotherapy, osteopathy, and acupuncture. Outpatient cover is typically an optional extra on a private medical insurance policy.

What is inpatient cover?

Inpatient cover is cover for treatment in a private hospital, including accommodation and nursing care. This may include things like surgery, diagnostic tests, and specialist consultations.

What is day-patient cover?

Day-patient cover is cover for treatment that requires a hospital stay but doesn’t involve an overnight stay. This may include things like minor surgery, diagnostic tests, and endoscopy.

Can I get private medical insurance if I have a pre-existing condition?

Yes, you can get private medical insurance if you have a pre-existing condition, but it may affect your premiums or your ability to make a claim for that condition. Some policies may exclude cover for pre-existing conditions altogether, while others may offer cover after a waiting period. This is comes down to choosing the right underwriting for the policy, full medical underwriting (FMU) or Moratorium.

Full Medical Underwriting vs Moratorium

Full medical underwriting (FMU) involves providing a detailed medical history to the insurance provider, who then decides whether to exclude pre-existing conditions or not. In contrast, moratorium underwriting does not require a detailed medical history, but any pre-existing conditions in the past few years may be excluded from coverage for a certain period of time.

What is a chronic condition?

A chronic condition is a long-term medical condition that requires ongoing treatment. Examples include diabetes, asthma, and arthritis. These wouldn't generally be covered under Private Medical Insurance

How much does private medical insurance cost?

The cost of private medical insurance varies depending on a range of factors, including your age, health, lifestyle, and the level of cover you choose. Generally, the more comprehensive the cover, the more expensive the policy will be. You can expect to pay anywhere from £20 to £200 per month for private medical insurance, although some policies may be more or less expensive.

Is private medical insurance worth it?

Whether private medical insurance is worth it for you depends on your individual circumstances and priorities. If you're someone who values quick access to specialist healthcare and wants to avoid NHS waiting lists, then private medical insurance may be.