Private Medical Insurance
Inspire Insurance Services are a leading provider of Private Medical Insurance throughout the UK & Ireland.
Your health is your greatest asset. As a business owner, you cannot afford for your health to threaten the success of your business, which makes year-round, thorough healthcare a business necessity. Unfortunately, the overburdened NHS is often restricted from providing comprehensive patient care.
As healthcare needs have continued to grow and evolve, the NHS has been slow to adapt. This has created protracted waiting lists for vital procedures. For this reason, both individuals and businesses have turned to private medical insurance (PMI) to satisfy their health and wellness needs.
Inspire Insurance Services are a leading provider of Group Critical Illness Insurance throughout the UK & Ireland.
Designed to provide financial support for your employees when they are diagnosed with a critical illness or
undergo an operation covered by the policy.
By providing a Group Critical Illness benefit to your workforce, it can help show that you care about your
employees and their welfare. Group Critical Illness cover can provide employees with a lump sum to spend
on anything they need; paying bills, to complete any alterations to their home that need to be made as a
result of their illness, or that will help with their recovery. The last thing anyone wants when they are ill is
additional financial worries.
Inspire Insurance Services are a leading provider of Group Income Protection Insurance throughout the UK & Ireland.
Offering financial support for employees during injury or illness, including rehabilitation support to either keep
them in work or get them back into the workplace as quickly as possible.
Whenever one of your employees is absent due to long-term illness or injury, it’s a strain for them and for you.
That’s when a Group Income Protection policy can really help. A Group Income Protection provides financial
and practical support for your employees, and could help your business too.
With a Group Income Protection scheme in place, your employees can receive a regular income while
rehabilitation services could help speed up their return to work.
Inspire Insurance Services are a leading provider of Group Life Insurance throughout the UK & Ireland.
Financial and emotional support for your employees’ dependants, at a time when it’s needed most.
Group Life cover helps you deal with one of the most difficult situations to happen in your workplace. It can
be a time that’s highly charged with emotion and there are unexpected considerations for everyone involved.
With Group Life cover in place, financial support is provided to your employees’ loved ones as well as practical
bereavement support at a time when they need it the most.
Inspire Insurance Services are a leading provider of Group Personal Accident Insurance throughout the UK & Ireland.
This cover may include insured events which have occurred at any time and in any place in the world, during
activities performed by the Insured Persons both in their private and working lives. We can arrange cover for
events not only related to the workplace, but also the commute to and from work.
Inspire Insurance Services are a leading provider of Key Person Insurance Cover throughout the UK & Ireland.
The absence or loss of a key employee in your business could have a major impact. The business could suffer
badly, with sales and profits falling and increased amounts of work and pressure for the remaining staff.
Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the
length of the policy. It can significantly help the business to recover. The proceeds can be used to help replace
lost profit or finding and hiring a replacement.
What is PMI?
PMI provides individuals with a greater degree of flexibility in their care and treatment. With PMI, individuals have quicker access to treatments and a wider selection of care environments, specialists and treatment facilities. This type of insurance is capable of supplementing the services and care that the NHS provides, which can benefit both individuals and businesses. Depending on whether you are purchasing medical insurance as an individual or a business, there are three types of PMI schemes:
- Individual plans cover a single person but can extend to the entire family. Typically, premiums are paid annually, quarterly or monthly. Such plans help business owners ensure that any personal or family medical issues do not affect their businesses. If you are a sole trader, you cannot afford to miss work due to lengthy NHS wait times.
- Company-paid plans require employers to cover the cost of a policy, but they can designate their amounts of cover. For example, a business may choose to provide its employees with a major medical expenses policy that would cover only surgery. Company-paid plans can help reduce absenteeism costs and attract top performers.
- Group plans involve a collective of individuals that belong to a shared organisation, such as a trade union, that pool their resources and purchase a policy for everyone in the group.
Each PMI scheme eliminates risk, provides policyholders with peace of mind, and lets them choose their own cover limits from the following:
- Premier or comprehensive plans offer the broadest range of cover and have the fewest restrictions on how large of an amount can be claimed.
The policyholder has the option of including often-excluded items, such as:
- Dental, optical and mental health
- Traditional pregnancy and childbirth
- Home nursing
The policy can be further tailored to include private consultations with a GP and limited cover to receive treatment abroad.
- Standard plans are less expensive than the premier plan but impose limitations on what can be claimed. These limits can be placed on:
- The annual amount that can be claimed
- A predetermined amount of days that can be used for treatment
- The choice of hospital
- Budget or six-week plans are the cheapest and provide policyholders with limited cover dictated by exceptions. They typically restrict cover to the more important or expensive types of treatment. Additional limitations include:
- Not covering the cost of the initial consultation and diagnosis
- Only covering limited types of illnesses
- Restricting the insured from using a private hospital
What Does PMI Cover?
The purpose of PMI is to provide the policyholder with a method to pay for the customised treatment of short-term, curable conditions. In general, most policies cover neither chronic illnesses, such as diabetes and multiple sclerosis, nor medical expenses for routine pregnancy and childbirth. However, if complications should arise during either pregnancy or childbirth, those expenses should be covered.
In addition to complications with pregnancy or childbirth, PMI policies may also provide cover for:
- Inpatient hospital charges
- Inpatient specialists’ fees
- Outpatient charges
- Home-nursing charges
- Cash benefits, if the received treatment is free of charge under the NHS
- Minor surgery carried out by the policyholder’s GP
- Private ambulance
This list is not comprehensive, but highlights the most common treatments and services that are covered.
What Does PMI Exclude?
PMI was not designed to address all of a policyholder’s maladies. Instead, there is a specific structure to identify what is covered. Here are some exclusions that are typically present in all PMI policies:
- Pre-existing conditions
- Superfluous cosmetic surgery
- Long-term hospital or nursing care
- Treatment not recommended by the policyholder’s GP
- Palliative treatment
- Drug or alcohol abuse treatment
- Hormone replacement therapy and gender reassignment
- Elective termination of pregnancy and vasectomy/sterilisation
While this list is not reflective of all treatments and services that are generally covered, it does highlight the most commonly excluded.
You Cannot Have Too Much Protection
PMI provides policyholders with the freedom to choose when, where and how their maladies are addressed. Contact Inspire Insurance Services today to discuss how a PMI policy can benefit you and your dependents or employees.
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