Private Health Insurance

Hello Pol,
 

Thank you for your message.  It sounds like a very worrying time for you and your husband. We can’t recommend specific insurance companies to approach but I have included some information below which you may find helpful.

Private medical insurance policies can be taken out on an individual basis and some employers offer this as an additional benefit to their employees.

Depending on the level of cover, Private Medical Insurance (PMI) can pay all, or some, of the medical costs involved in being treated privately.

Many PMI policies cover the costs of tests, investigations and surgery in a private setting. Some policies pay a nightly allowance if the policy holder has to spend the night in an NHS hospital. Some providers may also pay an amount for daily short-term treatment (which may include chemotherapy) so it’s important to check the policy conditions.

Many people choose this type of insurance as they would prefer not to wait for NHS treatment or in your husband’s case not be eligible for NHS cover.

Insurers can underwrite the policy in two different ways. The way in which they are underwritten often determines whether or not pre-existing medical conditions are covered:

• Moratorium underwriting

This method often excludes claims relating to health conditions the member had, or recently suffered from, at the time the policy was taken out. The exclusion normally lasts for the first year or two of the policy (the ‘moratorium period’).

If a claim is made after that time, the health condition is usually covered, providing there are no further symptoms, medical advice or treatment during the moratorium period.

• Full medical underwriting

This is a process an insurer uses to assess the likelihood of the insured person making a claim against the insurance.

The insurer may ask for information about the person’s health, lifestyle and the health of their close relatives. They may do this through questions and medical reports. Based on the assessment, the insurer decides whether to offer cover, what premium they will charge and any other special terms or restrictions to include.

In addition, many PMI policies do not cover chronic illnesses which are incurable. This can include some cancers.

It’s also important to know that some insurers insist that policyholders seek approval for any course of treatment before it goes ahead. If you don’t get approval first, they may refuse to pay if you make a claim.

With your husband already being diagnosed it is likely that you would need to look at full medical underwriting. But just to prepare you, there may be a significant cost for a policy that offers cover for your husband or you may not find any that offer cover.

Shopping around

There are a wide range of PMI policies on the market which offer different levels of cover. It may help to seek independent financial advice to help you choose one.

A financial adviser will be able to recommend a PMI policy suitable for individual needs. If family or friends cannot recommend an independent financial adviser visit http://www.thepfs.org/yourmoney/find-an-adviser/ where you can find details of local advisers.

When choosing an independent financial adviser always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA) formerly known as the Financial Services Authority to provide financial advice.

Individuals and companies can be checked on the FCA register:

www.fsa.gov.uk/register/home.do

If you would rather speak to the FCA directly, they can be contacted on 0800 111 6768 from 8am to 6pm, Monday to Friday (except public holidays), and from 9am to 1pm Saturdays.

There is also further information on overseas visitors accessing NHS health care which can be found here - https://www.gov.uk/government/publications/how-the-nhs-charges-overseas-visitors-for-nhs-hospital-care/how-the-nhs-charges-overseas-visitors-for-nhs-hospital-care

Additionally, if you wish to discuss the NHS health care further the contact information can be found here - https://www.england.nhs.uk/contact-us/

If you have other concerns relating to your finances, like mortgage payments, claiming on an insurance policy, or worried about debts, please come back to the Financial Guides on here, or on webchat by selecting ‘Chat to us’, or by phoning us on 0808 808 0000.

Take care,


Chris
Financial Guide

Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.

The Financial Guidance Service will not advise you on the merits of buying, selling or cancelling or making a claim on a specific financial product from any company or otherwise provide you with any regulated services . As a guidance service, we do not provide financial advice or carry on other activities that are regulated and we are not authorised or regulated by the Financial Conduct Authority. No part of our service constitutes, nor is intended to constitute, a financial promotion within the meaning of the Financial Services and Markets Act 2000 nor an invitation or inducement to engage in investment activity. 

The aim of the Financial Guidance Service is to provide you with information to help you make informed decisions about your personal finances. For financial advice, including recommendations to buy, sell, cancel or make a claim on specific financial products or to obtain any other type of financial services, you should speak to a financial adviser or company who is permitted to provide you with those services. You can find a local financial advice firm or other type of firm who provides regulated services on the Financial Conduct Authority's website - https://register.fca.org.uk/directory/s/.

The information that we provide you is for general guidance on your rights and responsibilities and is not legal advice. We are not liable to you for any information or services obtained by you from, or given to you by, a third party.

If you need more details on your rights, please contact a financial, legal or other appropriate adviser.

Good Evening Chris.

This is extremely helpful. I am still going to check with the NHS but this information that you have provided will help to find us with contacting Private Medical Insurers and also explaining moratorium and full medical underwriting. The links and contact numbers will be useful. 

Thank you very much for the information Chris.

Take care

Pol