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Personal Protection -> Private Health Cover

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

Private Health Cover has always been popular among businesses who want to take care of their staff, but in recent months we have seen a huge increase in demand for Private Health Cover, following the effect of COVID-19 and budget cuts on the NHS and the resultant increase in waiting times and treatment delays.

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

Basic options like choosing your excess to reduce your costs by limiting your outpatient cover or whether to include benefits such as physiotherapy.

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 works 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 competing for different types of people (e.g. Different locations or age groups, etc.)

Our experience has also taught us that 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.

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

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The most common option is Moratorium:

This allows the 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 5-year 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 2 years 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 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 to what is known as "Continued Personal Medical Exclusions" or "CPME".

"Haven were really helpful in making sense of what otherwise feels like a real minefield to understand. It's so refreshing to get a personal service where someone takes the time to understand your specific needs and circumstances. They even came out to visit me personally on a number of occasions, and the service didn't stop at the point I took out the cover, Haven organised all the paperwork and form filling and it's reassuring to know that in the event we needed to call upon our cover, we have Haven just a phone call away to help guide us through it."

L. Heap

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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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