Private medical insurance aims to cover you so that if you require hospital treatment you’ll be treated as a private hospital in-patient, rather than as an NHS hospital in-patient. You pay monthly premiums to keep the cover in force and if you need to make a private medical insurance claim, the insurance company will usually settle the private hospital bill(s) direct with the private hospital.

The main reason for choosing private medical insurance is that treatment can usually be arranged more quickly than having to go on a NHS waiting list. However the main reason for not choosing private medical insurance is the often high, ongoing cost and sizeable levels of excess that can sometimes be payable. Some companies offer PMI plans that incorporate an excess of £1,500 for under 60s and £3,000 for the over 60s.1

In more recent years, some insurers have tried to make private medical insurance policies more affordable by introducing cheaper plans where you can choose to be treated via the NHS if the waiting list is below 6 weeks, therefore cutting the cost of annual premiums.

However, cheaper private medical insurance often means more restrictions are applied and more people tend to suffer in the long run as they are left without the cover they need. Some individuals with “low cost private medical insurance” have been known to wait for six weeks for treatment, including treatment for serious conditions such as cancer.

Specialist accident and health cover, such as that provided by Combined Insurance, bridges the gap between private medical insurance and “free” State Benefits such as the NHS and statutory sick pay, by providing either a monthly cash benefit or cash lump sum in the event of an accident or sickness.

The main advantage of this specialist type of insurance is that you are free to spend the cash benefits however you choose, and in some cases you may receive up to £90,000,2 which you can choose to use to pay for the very best private treatment, as well as having the freedom to pay household bills, enable loved ones to take time off work to care for you or even take a holiday to recuperate.

Accident and healthcare insurance is much more affordable than private medical insurance and cover starts from just a few pounds a month. Some specialist accident and healthcare insurers, such as Combined Insurance offer a full range of accident and healthcare insurance products, so you can pick and choose the cover that is right for your needs.

Sources: 1 www.Channel4.com 26/06/2006, 2 Combined Insurance Critical Five Plan 26/06/2006

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