Private Medical Insurance Flashcards
1
Q
What is private medical insurance?
A
Designed to cover the cost of medical or hospital expenses.
Taken out either by individual or by their company / employer
2
Q
Give 2 key features of PMI
A
1) Clearly defined what treatments are and aren’t covered (premium dependant)
2) Will be limits on claims as well as an excess to pay
3
Q
What is an excess? What does varying it do?
A
An excess requires a policy holder to pay the first £x amount of treatment
A higher excess means lower premium payments (therefore common in budget policies)
4
Q
What are the 3 main cost levels of PMI?
A
1) Budget (narrow coverage & high excess)
2) Mid-Range (wider cover & hospital choice)
3) Comprehensive (additional services, cash payments for stays)
