Private medical insurance (PMI) can offer you cover that fills in the gaps left by the NHS. Private medical cover can get you around long NHS waiting lists and allow you greater flexibility in choosing your health care provider. When choosing a private medical insurance company, it’s important to understand the different types of plans offered. Below are the six most common types of private medical cover, and a brief description of each.

Package Policies
The most common form of private medical insurance is the package policy. It’s basically an all-in-one product that includes all the features that a specific company has decided are important for their average customer. It’s handy for the insurer, who saves costs by defining preset limits and benefits, and for the consumer who has the usual needs. On the other hand, it limits the amount of choice that you have in choosing the benefits that fit your family best. Some companies offer several insurance packages at different price ranges. What goes into each package is entirely up to the insurer, so it’s important to go through carefully to read about cover levels, limits, excesses and other factors that will affect your policy.

Choice of Cover
The direct opposite of package policies, choice of cover is more like a menu where you pick the options that you want and only pay for those you need. Most often, though not always, there will be “core cover” which is included in every plan and typically covers most costs of in hospital or day-patient treatment. Most insurers also offer access to a medical helpline which is included in the cost of your policy. For the rest, you pick and choose what makes sense for your family and situation. Working parents may choose to include parent accommodation cover, while an extreme athlete may look for cover that takes his risk of sports injury into account. The cost will be dependent on the cover that you choose, as well as the excess and other options you pick.

Limited Cover
What if you don’t want all the bells and whistles that come with the typical private medical insurance? Limited cover schemes are designed to cover costs for only a few specified illnesses or situations. They’re ideal for the person who believes that the NHS is fine for regular cover, but want to be protected in case of long term disease, or for the family that doesn’t want to pay for regular screenings, help lines and other extras. Cover varies with insurer, so be sure to shop around for the best plan for your family.

Shared Risk Policies
Shared risk policies are a compromise between the full cover offered by choice of cover and package policy schemes and the limitations imposed by limited cover plans. Typically, you agree to pay a percentage of your total medical costs, with the insurance company picking up the remainder. Even with a shared risk policy, there’s typically an upper limit on how much you can be expected to pay in each year.

Special Cover Policies
There are many situations where standard private medical insurance just doesn’t quite fit. There are a number of companies who provide specialized medical cover aimed at specific groups, including people over 50, families with children and people who engage in sports. There are also plans that are designed specifically to pick up only costs related to an in hospital stay, or to injuries received in a motor vehicle accident. It’s impossible to be covered for every eventuality, but it does make sense to check out what’s on offer to see if it makes sense for your health insurance needs.

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