Private Medical Insurance
Private Medical Insurance with Compare Life
In the UK, we’re fortunate to have access to the NHS, our free public healthcare system. However, the NHS is facing unprecedented pressure with long waiting times for diagnoses, tests, surgeries, and treatments.
With private medical insurance (PMI), you can access high-quality healthcare faster, get treatment from top consultants, and benefit from quicker recovery times for you and your family. Compare Life is here to help you find the best private health insurance policy to suit your needs.
UK-based experts can help explain how it all works
What is Private Medical Insurance?
Private medical insurance helps cover the cost of medical conditions that require prompt treatment, often referred to as "acute conditions." It typically covers the costs of diagnostic tests, scans, elective surgeries, hospital stays, consultant fees, treatment drugs, and nursing care.
PMI enables you to get timely access to high-quality healthcare, enhancing your chances of a speedy recovery. Most policies can be tailored to your needs and budget. You can choose your level of coverage, types of treatments included, and whether you want outpatient care, among other options.
Why Consider Private Medical Insurance?
While the NHS provides essential services, it may not always cover all treatments or medications. Private healthcare can be an alternative, but it can be costly if you’re paying out of pocket. If you’re employed, check if your company offers a health insurance plan that you and your family can benefit from.
Given that most people will face medical conditions requiring treatment at some point in their lives, private medical insurance offers an affordable route to accessing private healthcare when you need it most.
In fact, over 5.8 million people in the UK are covered by private health insurance, with 4.4 million through their employer and 1.4 million via individual plans (ABI statistics, 2023).
How Much Does Private Medical Insurance Cost?
The cost of private medical insurance varies based on several factors:
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Who is covered: Whether it’s just you, you and your partner, or your entire family.
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Level of cover: From basic to comprehensive plans and any additional benefits.
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Location: Where you live can impact the cost of private treatment and facilities.
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Age: The older you are, the higher the premiums.
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Medical history: Your and your family’s health conditions play a role in pricing.
Some policies have limits on the types of treatment covered, consultant fees, or choice of hospitals. They may also include an excess, meaning you’ll contribute a portion of the treatment cost.
At Compare Life, we provide illustrative price ranges for various age groups, based on comprehensive and basic plans. Keep in mind that your premium will vary depending on your specific requirements, age, and medical history.
How Private Medical Insurance Works
If you have private medical insurance, it helps cover the cost of private healthcare when you choose not to use the NHS or pay for care yourself.
Steps to Making a Claim:
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GP Referral: Start with your GP. If you suspect a health issue, inform your GP you have private cover, and they’ll refer you to a specialist if necessary.
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Contact Your Insurer: With your referral in hand, notify your insurance provider to begin the claim. Provide your policy number, GP diagnosis, and referral details.
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Claim Approval: Your insurer will review the claim and approve treatment coverage if it’s within your policy. You may need to pay an excess or meet any applicable limits.
What Does Private Medical Insurance Cover?
Private medical insurance typically covers the costs of treating acute conditions that arise after your policy starts. The level of cover depends on the type of policy you choose. Core benefits often include:
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Hospital admissions and surgeries
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Diagnostic tests, including MRI and CT scans
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Consultant fees and treatment drugs
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Hospital accommodation and nursing care
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Certain cancer treatments, including drugs not available on the NHS
Options such as outpatient care, mental health services, and complementary therapies can be added for more comprehensive cover.
What Isn’t Covered?
Most policies won’t cover chronic conditions that require long-term treatment or ongoing monitoring. These are conditions with no known cure, such as asthma, arthritis, or diabetes. Additionally, private medical insurance typically doesn’t cover pre-existing conditions or conditions that existed before the policy began.
Benefits of Private Medical Insurance
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Faster Treatment: Enjoy quicker access to specialists and treatments without long waiting times.
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Choice of Providers: Choose from a wider range of healthcare professionals, treatments, and medications, including some that aren’t available through the NHS.
Comfort and Convenience: Benefit from private rooms, higher standards of care, and more flexible visiting arrangements, contributing to your overall recovery experience
Why Choose Compare Life?
At Compare Life, we understand the complexities of choosing the right private medical insurance policy. With so many plans and options available, it can be overwhelming to make the best decision for you and your family.
Our experts provide independent advice tailored to your unique situation, helping you compare policies, understand the cover you need, and find the best value for your money.