Why you need Private Medical Insurance
Your health is your greatest asset which makes year-round, thorough healthcare a business necessity. Protracted NHS waiting lists for vital procedures have made many business people turn to private medical insurance (PMI) to meet their health and wellness needs. Missing work because your waiting for treatment can be particularly damaging if you’re a sole trader.
What is PMI?
PMI (Private Medical Insurance) gives you greater flexibility in your care and treatment. With PMI, you have quicker access to treatments and a wider selection of care environments, specialists and treatment facilities. Individual plans cover a single person but can extend to the entire family.
- Premier or comprehensive plans offer the broadest range of cover with the fewest restrictions on how much can be claimed. Such policies can also include often-excluded items, such as dental, optical and mental health.
- Standard plans are less expensive but impose limitations such as the annual amount that can be claimed or the choice of hospital.
- Budget or six-week plans are the cheapest and provide policyholders with limited cover dictated by exceptions. They typically restrict cover to the more important or expensive types of treatment. Additional limitations can include not covering the cost of the initial consultation and diagnosis.
What Does PMI Cover?
PMI is intended to pay for the customised treatment of short-term, curable conditions. In general, most policies do not cover chronic illnesses. It may also provide cover for:
- Inpatient hospital charges
- Inpatient specialists’ fees
- Outpatient charges
- Home-nursing charges
- Cash benefits, if the received treatment is free of charge under the NHS
- Minor surgery carried out by the policyholder’s GP
- Private ambulance
This list is not comprehensive, but highlights the most common treatments and services covered.
You Cannot Have Too Much Protection
PMI provides policyholders with the freedom to choose when, where and how their maladies are addressed.
Contact Paragon Protect today to discuss how a PMI policy can benefit you and your dependents.