What is Private Medical Insurance?
Insurance (PMI) cover provides you with the option
of private medical care in addition to the care
provided by the National Health Service.
You (or your employers) pay monthly
or annual premiums, the cost of which is determined
by your personal circumstances (e.g. sex, age, previous
medical history) and the type of cover you choose.
Premiums are reviewed each year.
Note that private medical care does
not offer the same range of treatments that the
NHS does. It does not provide emergency treatment,
or care for a long term condition. Its aim is to
provide care for straightforward, treatable conditions.
You can change PMI provider as you
wish, but bear in mind that you will need to complete
a medical questionnaire each time, and possibly
attend a medical examination.
If your employer is paying your
premiums, note that this is counted as a benefit
in kind (P11D), and you will be taxed on the value
of this benefit at your highest marginal rate.