Private Medical Insurance

What is Private Medical Insurance?

Private Medical Insurance gives individuals, families, and employees convenient and rapid access to high-quality private medical facilities, medical treatments, and procedures. It also helps fund the cost of early diagnosis and treatment of acute conditions.

For the most serious of conditions, you get the peace of mind knowing your treatment can begin quickly.

Why Private Medical Insurance?

For employers, the provision of Private Medical employee benefits is becoming more and more essential in order to both retain and attract the very best people. Often the health of your key employees can have a significant impact on your bottom line, making investment in healthcare and wellbeing services a smart choice.

For individuals and families, access to healthcare is becoming increasingly difficult, particularly primary care and onward referrals to specialist consultations.

What's Covered?

Private medical insurance in the UK typically covers the costs of diagnosis and treatment for acute medical conditions, offering policyholders access to private hospitals and specialists for prompt care.

• Acute conditions (conditions that can be fixed or treated successfully) characterised by sudden onset, are a primary focus of the cover.

• Accident and Emergency treatment are not covered but ongoing treatment can be.

• It's worth noting that although illnesses such as cancer and heart disease can be classed as chronic, they are usually covered by private medical insurance, providing fast access to specialists, diagnostics, and ultimate treatment.

What's Not Covered?

• Chronic conditions, which are ongoing and often require long-term management, are generally not covered or may have limited coverage.

• Pre-existing conditions may also be excluded.

• Elective treatments, cosmetic procedures, and experimental therapies are commonly not covered.

Benefits for Personal and Business Plans

1. Shorter Waiting Times

2. Online GP Consultations

3. Flexible Cover to Suit You

4. Access to a Wide Range of Hospitals

5. Comfort and Privacy

6. Drugs and Treatment

Do I Need To Disclose Medical Information?

When setting up your private medical insurance, you face a decision regarding how pre-existing conditions are handled. You can usually opt for either 'moratorium underwriting' or 'full medical underwriting'. It's important to understand the difference between the two so you can make an informed choice.

Tax Position on Business Healthcare

Contributions towards company healthcare premiums are classed as a P11D benefit in kind. This means the person covered will pay tax on the value of the premiums being paid on their behalf. The tax position for the business is that the cost is a tax-deductible business expense.

At Vantage Health and Life, our consultants are here to guide you through the entire process, ensuring absolute peace of mind. Committed to delivering exceptional service and advice, we cater to both businesses and individuals alike.