How do I buy private medical insurance? - Buying Private Medical Insurance

Private medical insurance is attainable from Insurance companies, Independent Advisors and Bank or Building Societies. Some will offer only medical insurance while others will offer a range of insurance covers. Finding a company is relatively easy as most advertise on the internet and in the media. You can get in contact with a private medical insurance by phone, face to face, email or by post.

You will need to disclose your medical history in order to be proven acceptable for private medical insurance.

Assessing your application

The insurance company will assess your application in one of two ways:

  • Moratorium underwriting – This is a simpler process than below but is not offered by all private medical insurance companies. This process involves no need for a physical examination or the filling in of a medical questionnaire. However, the insurance company will exclude any pre-existing condition for which medical attention has been required in the last 5 years. An insurance company may choose to cover a pre-existing injury or illness but this will only begin two years into the start of the policy and only if there has been no further treatment required for the pre-existing condition.

  • Full medical underwriting – A medical questionnaire will need to be completed and it is essential to be truthful or the policy can be refused or cancelled. Any pre-existing condition will result in your application not being accepted, but some may offer to review such conditions two years into the cover. The insurance company will check medical details with your GP.

When the insurance company receives your filled-in application form, the insurance company sends details of the policy back to you. Make sure to read through all the policy, and to sign and return it only when you are 100% sure it is the right policy for you. Some companies will require you to pay in full for the cover while others will allow you to pay by way of monthly instalments.

Be thorough in your investigation of how payment for treatment works as some companies may expect you to pay for treatment and then they will reimburse you. This could have a serious dent in your wallet for some time.

Face-to-face 'Cooling-off period':

If you do not receive full details of the terms of your cover at the time you decide to buy the policy, you will be given enough time in which to change your mind. If you decide not to go ahead you will usually receive a full refund of premiums you have already paid, unless you have made a claim. However once the cooling-off period is over, you will not usually be entitled to receive a refund of premiums already paid.

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