Private Medical Insurance

Medical insurance has a very long and interesting history; it was originally created in 1694 by Hugh Chamberlen who came from a well-known family of doctors, his descendants were French and he and his brother Peter Chamberlen fled Paris in 1576 to start a new life in Britain. His brother Peter went on to become the obstetrician and surgeon for Queen Anne and he got the ball rolling on what would grow into a large sector of the personal insurance industry.

In the late 19th century medical insurance became quite popular and was known as ‘accident insurance’. In the US, from the year 1850 ‘accident insurance’ was offered by the Franklin Health Assurance Company to those who might suffer steamboat or railroad injuries. The industry grew enormously, was consolidated and is thriving to this day, although it is still more popular with those in risky occupations.

These days, private medical insurance is intended to pay for medical expenses should anything unfortunate happen. It could pay hospital bills if you have an accident and some policies even help to take care of you over a longer period if you become disabled. It can also be purchased to cover groups of people or individuals and your employer might even pay your private medical insurance for you.

In the UK, our National Health Service (NHS) is quite similar to private healthcare and insurance systems abroad. However, many British people who are either dissatisfied by the level of service given by the NHS or want additional protection take out private medical insurance to give them extra cover and peace of mind. Although, as it’s paid for through general taxation, the NHS still answers to the needs of those who also receive care through private medical insurance, too.

Why choose medical insurance? The benefits of having private medical insurance are that most of the costs incurred by someone who suffers serious illness or an accident are covered, though they would probably already be covered by the NHS. Many people believe that the level of service you get from medical professionals using private medical insurance is better than that which you would receive as an NHS patient, even though you will largely be treated by the same doctors and might even be in the same hospital you would be in were you simply an NHS patient.

Policies might include: Hospital fees and specialist referral fees, diagnostic scans, surgery, radio and chemotherapy for cancer patients, any necessary (approved) treatment drugs, hospital care at home, a cash ‘gift’ if free treatment is used via the NHS, free hotlines for medical advice and other policy specific perks.

What does it cover?All policies are different in some ways but there are some general guidelines which most companies follow. If you have any kind of typical accident, whether your fault or someone else’s, you’re normally covered for in-patient tests, surgery, hospital accommodation and nursing. You’re also covered for similar treatments in relation to any infections, diseases or illnesses you may have such as cancer, Alzheimer’s or arthritis.

There are a lot of common illnesses and medical issues which are not usually covered, however, and not many people realise this when purchasing cover. It’s especially important to be aware of what your policy won’t cover before you sign on the dotted line. Things which are not usually covered include some chronic long term problems, visits to your GP (which are free on the NHS anyway) and certain procedures, tests and other things which occur during accident and emergency admission.

It is also not possible to claim for certain medical needs such as help with drug addictions, infertility help, treatment or surgery for a person who has self-harmed, any preventative treatments and things such as a dialysis machine for a kidney patient. Organ transplant operations are also not included in most policies along with gender re-assignment surgeries, any cosmetic procedures and any injuries which have come from dangerous leisure activities.

Finally because all private medical insurance policies are different be sure to do an extensive amount of homework before you settle on any one policy. Never just jump at the cheapest you can find because you may find later on down the line that it doesn’t include something very important.

Often those who take out private medical insurance are people who perceive themselves to be in some kind of future danger, whether that’s because of a healthy and vigorous lifestyle, such as the lifestyle of a professional skier or expert mountain climber or the less healthy lifestyle of a couch potato! Whatever your reasons for taking out a policy, before you apply make sure you’ve found one with the right level of protection.

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