Insurance World

Private medical insurance is a very useful policy to take out, yet the range of policies available means that you should ensure the terms and conditions meet your specific requirements

The origin of private medical insurance goes back a long way – before the NHS was formed. In pre-NHS days, people contributed to “friendly societies”, which provided financial assistance to people in times of need. Some private medical insurance providers, such as BUPA, remain non-profit-distributing bodies, though there are also many commercial insurance companies providing private medical insurance these days. One of the best-known names in private medical insurance cover is AXA PPP healthcare ( http://www.axappphealthcare.co.uk/ ) – which was actually conceived in 1938 to provide a health insurance scheme for middle income earners in London.

The principal aim of private medical insurance is designed to cover treatment of “acute illness” – defined by Which? As “conditions which can be cured or substantially alleviated by treatment.” Treatment of chronic illnesses, such as multiple sclerosis or arthritis, may not be covered by private medical; so critical illness insurance might be more suitable. Critical insurance cover will be based on your individual requirements – so shop around for the right policy and always be completely open with your insurance provider, or you may invalidate a claim at a later date.

Other treatments generally excluded from private medical insurance include cosmetic surgery, treatment for alcohol or drug abuse and infertility treatment. The majority of standard policies exclude private consultations of a GP, routine check-ups and dental work – unless it is undertaken in a hospital. However, always check your private medical insurance policy – as some will be more comprehensive than others.

Private medical insurance can be an effective way of ensuring swift access to medical care for your family. Just remember that insurance policies reflect your exact circumstances – so don’t assume that one size fits all.

For additional information on private medical insurance and critical illness insurance:

“Be your own financial advisor”, Which? Consumer Guides, author Jonquil Lowe

http://www.axappphealthcare.co.uk/body/html/consumer/products/uk/pmi.jhtml (Private healthcare in the UK)

http://www.moneynet.co.uk/insurance/critical-illness/index.shtml (Critical illness insurance information)

…swiftcover.com reveals the ‘famous five’ excuses for travel without insurance
Last year, around 2.5 million Britons put themselves at risk, and travelled abroad without arranging travel insurance1. But, according to a study by swiftcover.com, the UK’s first and only 100% online insurer, it is merely false conceptions about the level of insurance cover provided by other sources, cost and a dash of ignorance that has led holidaymakers to take these risks when away from home2.

“I have cover elsewhere”
Over a fifth of people (21%) believe that the cover they have as either part of their home insurance or their bank’s current account deal is adequate to insure them when on holiday. However, this is rarely the case.

Home insurance policies do not always cover medical expenses whilst abroad, will not pay out for a cancelled trip and do not always cover personal possessions when away from home. Even with an ‘all risks’ level of cover on a household policy, where it is possible to claim for items that are lost, stolen or damaged abroad, this often impacts on the policy’s no claims discount and will discourage people from doing so.

Similarly, the travel insurance provided by banks can often be exclusive, covering medical expenses only and requiring their customers to pay an additional premium to upgrade their policy. swiftcover.com therefore urges the consumer to read the small print, and ensure they have sufficient cover for their needs.

“The European Health Information Card (EHIC) gives me sufficient cover”
Nearly 5.7 million (13%) deem this to be true – but it is not. Indeed, whilst the EHIC (formerly known as the E111 form), does cover admission to public hospitals and some medical costs, it will not stretch to repatriation costs or treatment costs in private clinics3.

“I don’t think I am likely to claim”
Almost 8.5 million (19%) people have adopted the ‘it’ll never happen to me attitude’ and choose not to purchase travel insurance as they simply don’t believe the worst will happen. Sadly, this is not the reality. Last year alone, over 850,000 travel insurance claims were made, spanning accidents, ill-health, curtailment or cancellation of a trip and the loss or damage of possessions4.

“It’s too expensive”
Over 6.6 million people (15%) refuse to travel with insurance as they believe the cost is too great. Travel insurance can be bought for just a few pounds - it’s just a case of shopping around. Whereas some tour operators and travel agents may offer overpriced premiums as part of a package deal, buying direct from a travel insurer almost always works out cheaper. swiftcover.com offers good value, comprehensive cover from as little as Ј5 – a two week holiday to Spain, for example, can cost as little as Ј10 per person.

“I sometimes forget”
The excuse for nearly one in ten (8%) Brits is that they simply forget. But this can be redressed with ease by purchasing an annual worldwide policy – covering you for all your holidays, short breaks and business trips wherever you go. swiftcover.com offers an Annual Worldwide policies starting at Ј43 for a Premier level of cover.

Robin Reames, Claims Director at swiftcover.com comments: “British holidaymakers should think twice before travelling without adequate insurance. The facts speak for themselves and shouldn’t be ignored. Travel insurance can be purchased quickly and with ease online. By cutting out the call centre, swiftcover.com is able to offer some of the cheapest premiums on the market”