The Benefits and Disadvantages of Private Medical Insurance
The Benefits and Disadvantages of Private Medical Insurance
While the costs for new medical procedures, diagnostic methods, drugs and technology continue to rise, the NHS is struggling to meet increasing public demand for treatment.
The reason for this is that the UK population is growing larger while living longer, which puts a strain on the NHS when it comes to both expenses and time. The Department of Health statistics on waiting lists in England demonstrate that approximately 544,000 people are waiting to be admitted to NHS hospitals, with a general waiting time of 4.5 weeks. The figure rises to around 890,000 people waiting for their first outpatient appointment, with an average wait of 2.9 weeks.
For this reason, many people are considering going private for their medical care - there are far less lengthy waiting times and more specialised, personalised health solutions available through this route. Private hospitals are becoming more popular over NHS care than in earlier times.
My previous article titled 'Your Guide to UK Medical Care through the Private Sector' talks about your options for self-financing. The following guide will now look at the pros and cons of taking out private medical insurance (PMI), which can go a long way in covering your costs when it comes to non-NHS treatment.
The Benefits of Private Medical Insurance
Beat the Waiting List Queue
While waiting times with the NHS have improved to a maximum of 18 weeks between your initial referral and the commencement of medical treatment, this is still rather a long time, especially for those who are suffering from discomfort and pain. The main benefit of choosing a private hospital is you won't have to wait that long for your treatment.
Reliability
The media have reported some shocking MRSA outbreaks in NHS hospitals in recent years, causing the UK public to become wary. There is less risk of this in private hospitals, and your treatment will progress as fast as possible with their personalised care.
Added Options
With private treatment, you will have extra freedom to choose your specialist consultant and where you prefer to be treated. Be aware however that some policies restrict treatment to a set list of hospitals, so be sure to read all the Terms and Conditions when taking out medical insurance.
Comfort
Many people feel uncomfortable in the mixed gender wards that some NHS hospitals offer. Depending on the provider and policy your opt for, private medical insurance can potentially ensure you have a room all to yourself during your recovery - sometimes it will even cover you for an ensuite bathroom.
Unlimited Visiting Hours
Many private hospitals allow unrestricted visiting hours, so your friends and family can drop by to cheer you up whenever their schedule allows for it.
Enhanced Care
Often on the NHS, you have to endure a host of medical students joining in on your appointment with the consultant. With privately paid care, you will have the specialist's undivided attention to fully discuss your condition. You will also generally be seen by the same consultant throughout your treatment.
Dedicated Claim Advice
Some private insurance companies offer a team that specifically handles a certain type of condition, such as cancer, meaning they can give you specialist help.
The Disadvantages of Private Medical Insurance
Biased Advice
When shopping around for a policy, know that advisers at insurance companies can only discuss their own products, they can't guide you on other companies who might offer a package that suits your needs better. For this reason it's a good idea to talk to an independent financial adviser - they will be able to help you understand the differences between various policies so you can make the right choice.
Cover Limitations
Not all medical conditions will be covered by your insurance - most policies only cover short-term illness or injury. The extent of your cover will depend on the policy package you choose as well as on any previous medical conditions you've had.
Some appointments and treatments are also not covered - once your GP gives you a referral to a specialist, you will need to call your chosen insurance company to check whether they will cover the related costs before you see the consultant.
It can be tricky to know how extensive your insurance needs to be, and there is the worry that you could suddenly develop a condition that isn't included in your cover.
Premiums
The more cover you have, the more your premium will cost. Medical treatment costs are also increasing by about 10% each year - when your insurer covers these rising costs, your premiums will rise too.
Treatment Logistics
Some private hospitals will not have the range of expertise found in teams within an NHS hospital. For example, if you have a problem with your mouth, it could be tricky to coordinate treatment between the Ear Nose & Throat unit and the dental department.
Treatment Constraints
Some consultants work both privately and for the NHS - this can cause frustration as you could have to wait for the days when they're not contracting for the NHS
Conclusion
Private Hospitals can in many cases offer the best care and treatment for medical conditions. While private medical insurance has the potential to reliably pay the costs for this, be sure to do your research and compare different policies so that you can get the most suitable cover possible.
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