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Private Medical Insurance (often referred to as PMI) is a policy paid monthly or annually which provides you (or your staff) with access to private treatment. 

Following the effect of COVID-19 and budget cuts on the NHS and the resultant increase in waiting times and treatment delays, Private Health Cover has never been more popular.   

Like all protection, there are a number of different options available when building your Private Health Cover Package.

From basic options like choosing your excess, to reducing your costs by limiting your outpatient cover or whether to include benefits such as physiotherapy. Some providers also offer additional packages such as Dental & Optical treatment and gym discounts.  

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We recommend speaking to a specialist to understand exactly which options would benefit you, and which may just cost you money. 

Haven Financial Solutions Ltd work with major UK insurers such as Aviva, AXA, BUPA and Vitality. 

We believe that is important to have access to multiple insurers as each insurer offers different benefits, and each are competitive for different types of people (e.g. Different locations or age groups etc.) 

Our experience has also taught us that by having access to other insurers means that we can sanity-check the main insurers within the market ahead of your annual policy renewal to make sure your renewal price.

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Alongside the options of which benefits to include within your policy, there are options on how your cover is underwritten. 

The most common option is Moratorium

This allows cover to start immediately and means that any new conditions which begin after the start of the policy are covered. In regard to existing conditions, insurers operate a 5yr rule, meaning any conditions that you have suffered from or been consulted on within the past 5yrs are automatically excluded, until you have had your policy for 2yrs with no further treatment required on that condition.  

Like any insurance, it is always better to put cover in place before you need it!

An alternative to this is "Full Medical Underwriting" often referred to as "FMU". This involves completing a full health questionnaire (similar to that of a life cover application) and submitting this to an underwriting at the chosen insurer. In our experience, this often results in any conditions within the past 5yrs being excluded, and so provides a very similar outcome to the Moratorium application. However, we have seen occasions where this has provided a favourable outcome for an application. Our advice would be to discuss your individual circumstances with a specialist to understand what would be the most suitable way to apply.

The options above apply to new Private Health Cover schemes, however if you are currently covered on an existing policy and want to move provider, perhaps for reduced costs or improved customer service, then most people will move on what is known as "Continued Personal Medical Exclusions" or "CPME". 

"So impressed with the advice from Matthew. He is so well informed and highly experienced, he took the time to listen to what I required for my business cover, before suggesting the best options for me. Would highly recommend Matthew and his team. Friendly, professional, highly skilled and always go the extra mile to ensure you are looked after as a client. Thank you."

Anegla Beeston

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Haven Financial Solutions Limited

Head Office
41 Seldown Lane
Poole
Dorset
BH15 1UA

01202 082 380

info@havenfs.co.uk

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