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- What Exactly Is Private Medical Insurance (PMI)?
- Private Medical Insurance (or Private Health Insurance as it is sometimes known) insures you against the costs of private medical treatment for curable short-term or ‘acute' medical conditions.
- What Is Not Covered By Private Medical Insurance?
- Private Medical Insurance plans do not cover chronic or critical illnesses which cannot be cured, for example multiple sclerosis, asthma or diabetes.
- Do Insurers Have a Money-Back Guarantee?
- If you decide that you don't want to take out your private medical insurance policy, most insurers offer a money-back guarantee.
- What Happens If I Want To Move To Another Insurer?
- If you have a current private medical insurance plan but wish to change to another insurer then it is possible to ensure that you receive a plan on "no worse terms.” This is known in the trade as a CPME plan.
- Is Private Medical Insurance Regulated?
- Yes. The Financial Services Authority (FSA) now regulates the sale of Private Medical Insurance.
What Is a 'moratorium' Cover?
Moratorium cover means to take a private medical insurance policy without providing any medical history.
This is the most common and cost effective way of obtaining PMI, especially if you (and your family) are fit and well, and have no pre-existing conditions.
If you do have pre-existing conditions - they will not be covered for a stipulated period. This could be 2-5 years depending on the insurer.
After the stipulated period the Moratorium will be allowed to include the pre-existing condition, as long as you have not had medical treatment or advice relating to the complaint during the stipulated period.
The advantage to a Moratorium plan is that they are very quick and easy to set up - however you need to carefully consider what medical treatment you have had in the last 2-5 years and whether or not such conditions may re-occur.
Make sure before you take out your policy that you are clear on the terms of the Moratorium, and how far back your insurer considers pre-existing conditions.
- What details do i need to give to prove my health ?
- Does it make any difference if i buy my medical insurance through a broker ?
- How do i buy private medical insurance ?
- Will my premiums increase as I get older ?
- What is medical history declaration cover ?
- Can I get private medical insurance if i am disabled ?
- How does private medical insurance work ?
- Where would i get treatment ?
- What happens if i have a medical emergency ?
- Who do I ask for advice on where to buy medical insurance ?
- What is covered by private medical insurance ?
- What are the different levels of cover available ?