Private Medical Insurance – Review Your Cover
Private Medical Insurance (PMI) is not an area of expertise – there are too many other things to master. Fortunately I do have a really good expert in this field that I refer work to. Private Medical Insurance can be very expensive – but so can the cost of private healthcare. We all know that some things are worth paying more for – in the case of PMI, this is particularly true, provided that you understand what you are covered for. This is one type of insurance that a comparison website is of little real value – because the key issue is whether the cover is any good.
Stephen Freedman is a Senior Account Manager with The Health Insurance Group, who specialize in both corporate and individual health insurance. Stephen, is a real expert in this field and is well worth speaking to about any PMI cover that you already have or if you are thinking of applying for cover.
This is an area of cover that is widely misunderstood. An FSA report from 2010 with data from 2008 reveals that the average PMI premium was £1,604 (which was an increase of 6.3% on the previous year, faster than inflation). In 2008 only 26% of all PMI was bought via an expert broker, the vast majority was bought online or direct. This probably explains the low average premium – which would be effected by the significant “direct sales”. My concern is that it is probable that most cover is not that good, being cost driven (cheapest) rather than quality driven – which is what this sort of cover is really all about. Obviously, if lower premiums for high quality cover can be achieved then this ought to be the goal, but this is where a thorough discussion of what is and what is not included is pretty vital.
If you would like Stephen’s details please send me an email and I can get him to contact you for a review of your cover