The market for Private Medical Insurance (PMI) is expanding.
More and more people are choosing the advantages of private treatment. With a wide range of insurance companies offering PMI – and a complicated range of products, services and rates available.
How does PMI work?
It’s very simple. The insurers cover your medical requirements up to certain limits, in exchange for a monthly or annual premium. The benefits of health insurance are freedom of choice and peace of mind. Having a policy enables you to go where you want and when you want, and to a certain point, to be treated by who you want. This is what you pay for.
What will I get for my money?
You’ll enjoy the benefits of: no waiting times seeing an approved specialist a comfortable hospital access to certain drugs not freely available on the NHS. With PMI, decisions are made for the benefit of the patient.
I employ staff, why should I pay for their medical insurance?
By having a group policy you offer a benefit to your employees, giving you a considerable advantage for recruitment and retention of staff.
How do I decide which of these is best for me?
There is a range of cost saving measures that can be applied to any policy to make the premium affordable. These measures include excesses, co-payment and managed care. I like to spend plenty of time with my clients, going through the various ways in which they can limit their costs. There is no point in recommending a policy that doesn’t suit the individual or company. Together, we’ll sort out the policy that best meets your needs and your budget.
Key point: You can reduce your PMI costs by excluding some types of cover
What will you do for me that I can’t do for myself?
Private Medical Insurance is complicated. I can help you in three key ways: I’ll help you to pick your way though the maze of policies offered by different insurance companies, selecting the one that most suits your needs and your budget When you need to make a claim, I’ll be available to assist you Once a year, I’ll review your policy to ensure it is still suitable for your needs and that it is giving you value for money
Here’s how I source the best policy for you:
Ideally, I like to meet my clients, whether they are an individual looking for advice – or the finance director of a large company with existing PMI seeking help with a market review. If time and location mean we can’t meet face-to-face, we can stay in contact via phone and email until you are satisfied that we’ve come up with the policy that suits you. The discussions vary depending on whether you want individual, or company, PMI. In either case, to get the very best out of your policy we’d want to discuss questions like:
- Do you already have PMI?
- What is your medical history?
- Do you own your own business – and might consider a company scheme?
- Do you want to offer your staff cover for their partners and family?
- Do you travel abroad on business?
Can I switch between insurers?
Yes, it is sometimes possible to transfer from one insurer to another on a ‘no worse terms’ basis, but always subject to ongoing medical conditions and the insurer’s policy terms and conditions.
This is my first ever PMI policy, what are my options?
There is a range of options that could suit a new policy holder; these can be discussed in full when we meet.
How I can help you when you need to make a claim
This is the most rewarding part of my role – helping my clients to make a claim if they need to. My view is that if I have sold you a Private Medical Insurance product, then I should be available to help you make your claim. Consequently, you won’t have to deal with a faceless person in a call centre when you are unwell, scared or worried about your work.
Key point: I will be available to guide you through the claims process.
Why I like to carry out an annual review with my clients
This is an important part of my relationship with clients, together we’ll: Look at whether your circumstances have changed significantly over the last 12 months get comparative quotes, to guarantee you the most competitive price for your PMI over the next year Insurance providers release new products, or modify existing ones, all of the time. Part of my job is to keep up to date with changes in insurers’ policies.
Key point: By reviewing your policy together every year, my knowledge about prices and services across the PMI industry is available to you – free of charge.
I’ve heard about Cash Plans for companies, how do they work?
These work differently from Private Medical Insurance. Some do not exclude pre-existing conditions. They offer a broad range of benefits and can be a relatively cheap option for your staff. These plans can also be used to cover an agreed excess on a PMI plan.
My company staff do a lot of traveling, can I add travel insurance to my PMI policy?
Some providers have specific travel insurance available for companies. There are policies that can be bolted on to existing PMI policies. There are also stand-alone products that are ideal for companies that don’t have PMI, but need to have a travel policy for staff members.
For further information 0141 551 1238