A recently launched guide aims to make choosing private medical insurance (PMI) easier. The 16 page booklet, from the Association of British Insurers (ABI), aims to simplify the process of buying PMI.
Expat Health’s recent post about the complexity of insurance products showed that the majority of consumers don’t understand PMI products. These guidelines should make buying PMI less daunting for most consumers.
The booklet offers customers advice on how to choose a the best policy for them, what is typically covered, premiums and how to change providers. It also details key points you need to consider when choosing medical cover.
The guidelines include:
- compare the advantages of each insurer
- consider what suits your current health status
- ask about how the excess works – per claim or per policy year.
- ask if there is a no claims bonus – what happens to your premium if you make a claim?
The guide also covers various ways of buying PMI, such as, intermediaries, insurers or agents. It helps explain the differences between PMI and other types of health insurance.
For more information and to download a copy of the PMI booklet visit the Association of British Insurers website.