Private Medical Insurance or Health Insurance provides access to private healthcare so you can get ahead of NHS waiting lists. It enables you to receive treatment at a time convienient to you. It is designed primarily to cover medical conditions that are in an acute phase. Policies are often able to offer you the choice to how much cover you buy in a specific area, for example, it is possible to buy a policy that will provide no time limits on cancer treatment whereas others will limit this to 12 months or less.
It is also possible to limit out-patient treatment or include it as a complete package. Alternatively there are the more traditional policies which tend to be more generous in all cover areas as standard but can be slightly more expensive. There are many options available in the market today and we have access to a number of providers that can offer different options or cover levels.
The rising, year on year, costs for Private Medical Insurance are a great concern for many companies. At Alpha Healthcare our purchasing power from being one of the leading independent consultancies, together with key relationships with all the major insurers, means that we can often negotiate outstanding preferential terms to ensure that you see the most competitive proposals available.
For larger schemes, our own model for projecting future claim costs means we can provide an accurate, meaningful analysis of market proposals and provide a robust basis for detailed negotiations with insurers.
How Do I Reduce My Premium?
There are several ways to do this, you could consider implementing an excess or using a six-week wait option that will only provide cover if the NHS cannot perform the treatment within 6 weeks. On larger schemes we are often able to negotiate per member limits; to help keep the overall scheme claim spend under control.
There is also the option of implementing a separate cash plan scheme which offers you the option to re-claim the excess for the medical insurance, and sometimes this can be cheaper as the excess discounts offered are greater than the small cost of a separate cash plan. Some insurers will also allow you to change your hospital listing if treatment in certain high charging areas (such as London) are not needed.