1. If you claim, you lose your no claims discount
Not all healthcare plans will have a no claims discount; there are many products on the market that feel you should not be penalized for making a claim. If you do have a plan that has a no claims discount, this may only reduce slightly if you claim, or not at all. You should make sure that you fully understand what implications claiming will have to your plan, but also to never be put off from claiming if you feel you need to.
2. Pre- existing conditions won't be covered
When you apply for a PMI plan your provider will make you fully aware of what is and isn’t covered. There are three ways of applying for healthcare, a CPME or switch form will allow you to switch from your current provider and carry over existing terms on exclusions.
A moratorium form is the easiest way of applying for healthcare for the first time. You do not need to give any details of your medical history but if you have had signs of illness, or experienced any symptoms in the past five years (whether or not diagnosed), the condition they relate to will not be covered for at least the first two years of your policy.
Finally the full medical underwriting (FMU) form will allow you to give your full medical history, so you know for sure what is and what isn’t covered. If necessary, your PMI provider may need to ask your doctor for more information. If there is any exclusion on your plan these will be reviewed after in the future. If you have any queries about any exclusion on your plan you should ask your provider to clarify their reasoning.
3. Operations cost a fortune
If you’ve never had cover before or never needed to make a claim, it can be difficult to know how much cover you might need. Private treatments can vary considerable depending on what needs to be done, for example an ultrasound can costs £102, a hip replacement £9,000 and a varicose vein surgery (one leg) £1,650. For more information on treatment costs please see the below website from Spire Healthcare. http://www.spirehealthcare.com/Patient-Information/Paying-for-treatment/Guide-prices-for-Spire-treatments/
4. It’s too expensive, only affordable to the wealthy
Healthcare products can vary considerably and many providers will tailor a product to suit your needs. A more comprehensive plan will of course have a higher premium, but there are ways to have healthcare at a cost you can afford. A traditional cost saving initiative would be a choose an excess on any claims you may have, or there are plans that have a shared responsibility (co-payment) scheme, you can choose a lower hospital band, or even paying your premiums by direct debit may bring down the cost. You should always make sure you have appropriate cover for your needs, but this doesn’t have to mean your premiums will break the bank.
5. Limited choice of treatment locations
Some healthcare providers do have affiliations with private hospitals and prefer you to use their network. This may be restricting when it comes to getting treatment and awkward for your family when it comes to visiting. If having an unrestricted choose of treatment locations is important to you, you should check whether your provider has this flexibility.
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