Please note that with any new PMI (Private Medical Insurance) policy any pre-existing conditions will generally be excluded from cover. Any new conditions developed since the policy start date will be eligible. If you currently hold a PMI policy you may be able to transfer your policy (“switch”) to another provider and continue the same cover provided you meet the right criteria for the insurer.
As there is a wide range of policies available to suit individual needs and budgets you may be wondering what factors can affect the premiums, should you decide to invest in private health.
Firstly, the price of your premium will reflect the level of cover that you desire – for instance a basic plan with solely in-patient cover would be less expensive than a comprehensive plan covering both in and out-patient treatments.
There are a few health and lifestyle factors that will almost definitely affect the price of a premium to some degree. The first to mention is age; inevitably the older we become the higher the probability is that we need to seek medical advice and treatment for both ill-health and injury.
Another significant factor that influences premiums is smoking/ tobacco use. It is a scientifically proven fact that smokers have an increased risk of ill health, which will often reflect in an inflated insurance cost. The common definition of a ‘smoker’ is anyone who has used tobacco products in the past 12 months.
Certain lifestyle choices can also affect the amount paid for premiums; such as how many units of alcohol you consume, how regularly you exercise and whether or not your BMI (Body Mass Index) is significantly above average. When purchasing a health insurance policy you can expect to be asked about these lifestyle factors; as well as your sex, age, height and weight. The good news is that if you endeavor to make healthy lifestyle choices you should expect to benefit from lower premiums.
Lastly you will more than likely be asked to disclose any pre-existing, historic or family medical conditions when buying a policy. These factors could affect your premium price, although each case is unique and there are many available options to fit individual circumstances.
One handy tip to note if budgeting is an issue for you: health insurance premiums are often cheaper if you choose to pay for them annually, rather than on a monthly basis.
Our advisors can provide a quote based on your particular circumstances and will explain clearly what the policy covers.