PMI: not so healthy for your wallet

Article Abstract:

United Kingdom private medical insurance (PMI) was previously mainly paid by employers, but individuals are increasingly paying for this product, and account for some 40% of people with PMI. The number of providers has increased, and the Office of Fair Trading notes that it is difficult to compare products due to variations in policies. Comprehensive policies allow choice of hospital and surgeon, standard policies have payout limits and little choice, and budget plans only offer payment if there are waiting lists in the public system. The cost of PMI is increasing faster than incomes.

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In sickness and in wealth

Article Abstract:

There is confusion surrounding the different types of private health insurance available in the UK. Private medical insurance pays for medical bills and employers may help with costs. Permanent health insurance pays a replacement income but this may not be paid if the insured person can do some sort of work, rather than being unable to carry out their usual occupation. Critical illness insurance pays in cases of serious illness, but may not be needed in addition to permanent health insurance. Insurance is also available for long term care.

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Critical decisions

Article Abstract:

Critical illness insurance is often taken out by mortgage holders seeking to cover their debts in the event they are too ill to work. Prices are higher for older people but cover may be attractive for older people who have dependents. Permanent health insurance provides an income to retirement age, but is not available to all occupations. Critical illness insurance tends to cover core sicknesses such as cancer and heart attack andmay also cover any other permanent disability.

Personal Financial Mgmt

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